Egypt to invest $10.3bn into housing over the next three years

Country plans to build 765,000 including 60,000 middle-income housing units as part of One Million Housing Initiative

The Egyptian government has announced plans to invest $10.3 billion over the next three years to build 765,000 houses across the country. The move is part of the One Million Housing Initiative.

According to a report by Amwal Al Ghad which cited the Minister of Finance Mohamed Maait, 100,000 homes will be completed during the 2020/2021 fiscal year, while 210,000 houses will be completed during the fiscal year 2022/2023.

Maait also noted that the Sisi government is planning to build a total of 310,000 social housing units during the period, including 60,000 middle-income housing units.

Egyptian construction firm Al Abd also said it was on track to complete the final handover of 1,440 housing units in the country’s new capital by the end of next year. The buildings are being built at a cost of $47 million according to Said Fattouh, managing director of Al Abd.

He noted, “We are current developing 36 fully-fledged buildings in the new capital’s sixth residential district.”

He stated that the buildings are to be handed over next December.

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