Chairperson of the New Cairo City Development Authority Mustafa Fahmy said the total value of financial allocations directed to the implementation of housing projects in the city during the fiscal year (FY) 2018/2019 amounted to EGP 10bn.
He pointed out that the value allocated for these projects during the current FY is about EGP 4bn.
Fahmy added that these residential projects include the implementation of a project comprising 27,000 housing units in Dar Misr and Sakan Misr. He added that about 35% of the Dar Misr project’s third phase was completed. The phase is being implemented and includes about 365 completed buildings and about 721 buildings under construction.
He revealed that the total value of the authority’s budget for the coming fiscal year is EGP 16.5bn compared to EGP 6bn for the current fiscal year. These increases reflect the huge size of the projects that the city aims to implement during the new fiscal year, which vary between infrastructure projects, utilities, roads, and residential units.
The New Urban Communities Authority announced a budget of EGP 85bn during the next fiscal year to implement a package of utilities and development projects, including 450,000 units as part of the social housing project in new cities, and completing the implementation of 6,264 housing units in the first phase of Dar Misr, in addition to 25,032 housing units in the second phase and 34,992 housing unit in the third phase, as well as starting the implementation of 15,000 units in the fourth phase of Dar Misr project.