Urban Development Fund: Reshaping Egypt’s Urban Landscape for a Better Future
Since its beginning, the Urban Development Fund evolved into a driving force in bringing significant change, reshaping Egypt’s urban landscape. With a focus on affordable housing, community development, and sustainable practices, the UDF is making a significant impact on the lives of Egyptians across different social classes.
We had an insightful interview with Dr. Khaled Siddik, CEO of the UDF, where we delved deeper into the UDF’s relentless efforts and commitment to reshaping Egyptian cities.
What makes the New Alamein Festival a valuable sponsorship opportunity?
We did not find an event stronger than the Alamein Festival, which the Arab world follows to introduce people to what “The Urban Development Fund affiliated with the Prime Minister's Office” is and what it offers, especially since the city of Alamein was a key reason for the success of the Ras Al-Hikma deal; this has increased the Egyptian and Arab interest in the town to learn more about the services offered, from entertainment areas to major restaurants, residential apartments, and international universities.
When was this fund established and what is its purpose?
The fund was launched in 2021. It evolved from a previous initiative linked to the Council of Ministers known as the "Slum Areas Fund." After successfully addressing slum conditions, we rebranded the fund to focus on housing projects aimed at constructing 500,000 units. To date, we have completed 100,000 units across 14 governorates. The Urban Development Fund is dedicated to projects in Egypt's capital cities and governorates, with the goal of preserving areas with unique characteristics. You can secure a unit from a pool of 60,000 options located in distinctive areas throughout all capital cities and governorates in Egypt. Your new home is available with a 15% down payment, payable in equal installments over 7 years. Additionally, a range of services and amenities will be offered to enhance your living experience.
What is the size of the fund's investments?
1 trillion and 160 billion pounds
What are the special and unique features of the project?
We fulfill the desires of Egyptians of different social classes at prices very close to the project's initial cost. We also build compounds within the existing old cities where it is hard to find these opportunities.
Speaking of those types of compounds, has the Fustat project started with UDF?
Yes, it started with the beginning of the Urban Development Fund. We have been studying this project since 2017, and we initially defined our tasks and changed our name to match our vision.
Could you please elaborate on the challenges encountered in this project?
We initially identified the problems and challenges, and we found in the area old neighborhoods such as Abu Qarn neighborhood, areas with garbage collection issues, Lake Ain Al-Sira, and Lake Al-Hayat; about 500 acres in one of the worst conditions in the country. We are currently transforming it into one of the most fascinating areas in Egypt and the world.