Mahlab witnesses signing 2 pacts of housing worth EGP 60bn

Prime Minister Ibrahim Mahlab witnessed Thursday the signing of two pacts to activate memorandums of understanding signed with Mountain View and Seiseban companies during Egypt Economic Development Conference in Sharm el Sheikh in March.

The two companies will implement housing projects in New Cairo on a total area of 500 feddans and in the Sixth of October on area of 470 feddans.

The total investment cost of the projects stands at 60 billion pounds.

Housing Minister Mostafa Madbouli, who signed the two pacts, said Egypt is developing partnership with the investors to optimize state assets.

Four similar agreements will be signed within the upcoming months, he added.

Investment Minister Ashraf Salamn, meanwhile, said what was signed during the EEDC are either legal binding contracts or memorandums of understanding which are not legally binding and means that the investor gives attention to a certain project.

He further said that the final drawings of the two projects in New Cairo and the Sixth of October will be finalized within seven months and will provide 25,000 jobs.