The Egyptian Housing Ministry is expected to finalize the contracts of two of the memoranda of understanding (MOU) signed during the Egypt Economic Development Conference (EEDC) with Egypt’s Mountain View and Saudi Arabia’s Sisaban Holding consortium, according to newspaper Al-Masry Al-Youm.
"Revenues of these projects are estimated at LE61 billion, where the state’s share is LE22 billion," Housing Minister Mustafa Madbouli told Al-Masry Al-Youm.
Madbouli said the first project will be located in New Cairo and cover an area of 500 acres with total estimated revenue of LE35 billion. The state’s share stands at LE14 billion (40 percent), LE10 billion of which will be in the form of cash and the rest via an in-kind share.
The second project in 6th of October is on an area of 470 acres with total estimated revenue of LE26 billion, the state’s share is set at 30 percent (LE7.5 billion), Madbouli addeed.
