Egypt’s Red Sea Governorate housing directorate in Hurghada has issued seven tenders for the construction of 1,000 housing units in the municipality of Ras Ghareb.

The housing units are split into eight contracts that are to be completed in 12 months. Bidders need to be registered at the Contractors Federation with valid membership and classified for the required works at a suitable grade.

The deadline for bids for the seven tenders are 5 March, 6 March, 9 March, 10 March, 11 March, 12 March and 13 March.

The announcement is the latest in several tenders issued for residential projects in the country, In December, Egypt’s Housing Cooperative for Employees at Hotels & Tourist Villages in Hurghada issued a tender for the construction of a residential compound in Al-Ahyaa District in Hurghada. The scope of work entails the construction of 2,453 single-storey housing units.

Earlier in December, Egypt’s General Authority for New Urban Societies issued five tenders for the construction of 51 residential buildings as part of a social housing project in New Minya City. A total of 1,224 housing units will be built in the city as part of the development.

In late October, Egypt’s Housing Cooperative Society for Employees at the Customs Authority tendered the construction of 14 residential buildings under the first phase of a project in the eighth district of New Borg el-Arab city.

In September, the Housing Cooperative Society for the staff of Cairo University issued a tender for a residential project at the northern extension of 6 October City comprising 28 residential buildings.

Last week, Egypt’s central bank said it would allocate $1.44bn for low-cost housing projects. The money will be deposited to banks for 20 years at a low interest rate to lend it to citizens who qualify to buy houses at a yearly interest rate of 7-8 per cent. 

In December, Dubai-based Arabtec Holding announced the launch of a new subsidiary to develop real estate projects in the Middle East. The new company will look to tap the growing demand for affordable housing in the region, with a particular emphasis on key markets such as Egypt.