Egypt To Build Integrated Urban Project On State-Owned Lands: MinisterSource: www.export-egypt.com 12/18/2023, Location: Africa |
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The Egyptian government will build a comprehensive urban project on 2,000 acres in southern Cairo previously belonging to the state-run Iron and Steel Company, Minister of Public Sector, Mahmoud Esmat, said on Monday.
Esmat highlighted the project's objective of harnessing the cultural and economic potential of state-owned lands, as part of the country's commitment to sustainable development and the creation of vibrant urban communities. His remarks came during a meeting with experts in various disciplines including urban development, planning, marketing, and environmental studies. The discussions revolved around the identification of suitable land plots, construction and marketing proposals, as well as transportation and service studies. Additionally, proposals were considered to expand the project's scope, funding methods, and implementation strategies in line with the overarching master plan. Esmat emphasized the importance of close coordination with all relevant authorities involved in the field to ensure the successful realization of this project. This initiative comes on the heels of the liquidation of Egypt's Iron and Steel Company (EISC) in 2021 due to losses amounting to EGP 9 billion, with EGP 982.8 million incurred between July 2019 and June 2020. Egypt is planning a range of new urban projects, similar to the New Administrative Capital, to alleviate residential density and mitigate congestion in Cairo. The construction of the New Administrative Capital, situated 35km southeast of Cairo and spanning a vast area of 170,000 feddans, began in 2015. Once completed, this new city will accommodate approximately 6.5 million residents. Total investments in Egypt's new cities have already reached EGP 705 billion ($22.82 billion), Walid Abbas, Deputy Chairman of the New Urban Communities Authority (NUCA), said in September. |
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