UAE provides EGP11bn to finance 50,000 residential properties

The UAE has signed a cooperation protocol with Egypt’s Ministry of Housing, agreeing to finance the construction of 50,000 in 17 governorates at a value of EGP 11bn.

The protocol entails that the constructed properties will belong to the Social Housing Fund. It further stipulates that revenues from these properties will be used to finance new residential units in the social housing project.

The Egyptian Armed Forces Engineering Corps, accompanied by Egyptian contractors, have been supervising the implantation process which started mid-October 2013.

The head of the Executive Body for Social Housing told Daily News Egypt that the project is expected to be finalised by July.

According to a statement issued by the Egyptian cabinet, the involvement of the Armed Forces Engineering Corps has helped “accelerate the implementation process in all sites”.