Minister of Housing, Utilities, and Urban Communities Assem El-Gazzar witnessed the signing of an agreement contract to authorise the Arab Company for Projects and Urban Development to sell housing units owned by the New Urban Communities Authority (NUCA) in Rehab and Madinaty in New Cairo City on Wednesday.
The agreement was signed by Ahmed Saeed — Assistant Minister of Housing and Supervisor of the Financial and Administrative Affairs Sector at NUCA — and Hisham Talaat Mostafa — CEO and Managing Director of the Arab Company for Projects and Urban Development.
El-Gazzar explained that the agreement with the Arab Company for Projects and Urban Development stipulates that the company will sell the housing units owned by NUCA and handed over to it until the end of 2021, which is its in-kind share in Rehab and Madinaty, according to the partnership agreement between the Authority and the company.
The sale should take place in accordance with the conditions of the Central Bank of Egypt’s initiative for real estate financing.
The minister also pointed out that this agreement embodies the fruitful cooperation between the state — represented by the housing ministry through the New Urban Communities Authority — and the private sector in order to devote efforts and energies to providing various types of housing units that meet the demands of all segments of society and suit their capabilities.
Furthermore, El-Gazzar explained that the Egyptian state provides different housing patterns, which suit different segments of society, as the state — represented by the housing ministry — works to provide a housing unit for every citizen in proportion to their income level in implementation of the mandates of President Abdel Fattah Al-Sisi.
Moreover, he pointed out that the policies of the ministry are working to achieve adequate housing for all segments of society through three methods — namely support for the low-income segment, support for the middle-income segment, and availability of units for the higher-income segment.
