Egyptian minister opens real estate development conference

Minister of Housing, Utilities and Urban Communities Mostafa Madbouli inaugurated on Sunday a real estate development conference, held under the theme "Protecting the Real Estate Sector."

Addressing the opening ceremony of the conference, Madbouli said the state should shoulder the responsibility of establishing the new administrative capital.

The capital will alleviate burdens of people in Cairo and will also offer a genuine chance for current and future generations to go to new urban cities, he added.

Chairman of the Egyptian Financial Supervisory Authority Sherif Samy and Chairwoman of the Mortgage Finance Fund Mai Abdel Hamid attended the conference. 

The mega project's first phase will include several ministries and a number of other government institutions, a residential area with over 25,000 housing units and the world's biggest park.

The new capital, which is part of President Abdel Fattah El Sisi’s plan to boost the economy through a series of mega projects, is estimated to cost $45 billion.

In January, Egypt and China signed financial deals including loans, grants and memorandums of understanding worth around $15 billion of which a part is expected to be invested in the infrastructure of the planned new administrative capital.

Source:  MENA