Egypt's UDF launches $24bln national mega housing project

Egypt's Urban Development Fund (UDF) has launched nation-wide mega urban housing project at a total investment 600 billion Egyptian pounds, the Fund’s chairman said.

Khalid Sedeek said the project involves the development of 230 urban sites in the capitals of the governorates and major cities of the country with a combined area of more than 14,422 acres.

He said 35 sites representing a total area of 1,750 acres would be developed on urgent basis, 60 sites with a combined area of 2,600 acres on priority basis and the remaining 135 sites with a total area of 10,149 acres would be accorded second priority.

He added that the whole project would be completed in five years.

Sedeek said the Urgent Project comprises of 61,000 units housing units in 13 governorates (Cairo-Suez-Damietta- Kafr El Sheikh- Gharbia-Qalyubia-Fayoum-Sharqia-Menoufia-Qena-Minya-Sohag-Dakahlia) at a cost of 120 billion pounds ($4.9 billion).