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Monday, 28 November 2016

First Administrative Capital land goes to auction in January, Housing Ministry says

The Housing Ministry intends to put its first land in the new Administrative Capital to auction by early January, according to Minister Moustafa Madbouly, who in previous statements had told Al Ahram that 2,500 feddans would be auctioned off to the private sector before the end of this year. The government is also planning on offering part of the Company for the Urban Development of the Administrative Capital to the public, with the remaining shares held by the New Urban Communities Authority and the military. In other industry news, Madbouly said he expects Egyptian real estate investments during FY2016-17 to reach EGP 50 bn compared to EGP 37 bn in the last fiscal year.

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