Arab Finance: The Egyptian government has executed projects in partnership with the private sector – 67 developers – at the fourth generation (4G) cities with EGP 1.1 trillion in investments, Minister of Housing, Utilities and Urban Communities Assem El-Gazzar said in his speech during the Egyptian Economic Conference on October 24th.
The state’s share in these projects amounted to EGP 311 billion, El-Gazzar noted, adding that the projects were constructed on an area of 13,000 feddans at the 4G cities and offered about 200,000 jobs.
The total number of handed-over residential units from 2014 to 2022 reached 2.8 million, of which the government offered 1.2 million units and the private sector delivered 1.6 million units, he unveiled.
Additionally, the minister noted that the government targets implementing 950,000 units over the upcoming three years with total investments worth EGP 450 billion.
The new units will be built in collaboration with 1,500 companies and will offer 1.2 million direct jobs and 2.2 million indirect jobs, he added.
El-Gazzar also said that the Ministry of Housing has invested a total of EGP 1.2 trillion to implement more than 17,000 projects through 2,000 companies in the past seven years.