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Monday, 11 July 2016

NUCA to compete with private sector in real estate investments?

Is NUCA looking to compete with the private sector? The New Urban Communities Authority has completed a feasibility study on forming a real estate investment company, Al Borsa reports. The company’s capital has yet to be determined, but should be in the EGP 500 mn to EGP 2 bn range, the newspaper says. Housing Ministry sources state that the company has already picked out prime real estate which will it will develop for profit at its launch in early 2017. These are predicted to be in 6th of October and Madinaty New Cairo. The company, which was announced in late May, was formed as a revenue generator for the state, according to Housing Minister Moustafa Madbouly, who apparently fails to grasp the conflict of interest when a regulator competes with private companies in the market it is regulating.

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