Housing Ministry signs agreements totalling $12bn
- Housing Ministry signs three MoUs
- Total cost of projects estimated at $12bn
- Minister confirms profit-sharing scheme instead of explicit land sales
At a press conference held on the sidelines of the Egypt Economic Development Conference in Sharm el-Sheikh on 15 March, Housing Minister Mostafa Madbouli signed memorandums of understanding (MoUs) with local and Saudi developers for three major mixed-use and residential projects on the outskirts of Cairo.
The first agreement involves a scheme proposed by a consortium of local developer Mountain View and Saudi Arabias Sisban Holding. Details of the project were not revealed, but Madbouli said it will be a major residential project costing $3bn and situated in 6th October city.
The second agreement signed with the minister is for a $3bn residential project in New Cairo proposed by local developer Palm Hills.
The final MoU was signed with the local United Arab Company for a major mixed-use development on the outskirts of Giza near the Pyramids area, called Shams City. The 300,000-square-metre scheme will include residential areas, two hotels, a museum, a theme park and retail amenities.
Madbouli also revealed that the ministry will form partnerships of profit-sharing regarding land sales rather than explicitly selling land to developers.
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