By: Abdullah Bedeir
Cairo – Mubasher: The Egyptian Ministry of Housing’s New Urban Communities Authority (NUCA) plans to allocate EGP 17.5 billion for the initial phase of Al-Warraq Island development, according to the initial master plan.
The investments include EGP 1.1 billion for green and open spaces, EGP 4 billion for utilities, EGP 400 million for road construction, EGP 5 billion for establishing 10,000 residential units, and EGP 7 billion as compensation for the island’s residents.
The development project is expected to generate total revenues of EGP 112.54 billion, in addition to annual revenues of EGP 20.422 billion over 25 years.
The master plan revealed that the project is planned to be implemented over four phases at costs of EGP 2 billion, EGP 2.5 billion, EGP 1.5 billion, and EGP 4.5 billion, respectively.
Al Warraq Island covers an area of 1,516 feddans (6.36 million square metres) and is planned to include eight investment zones, a luxury residential area, a commercial area, and a central park.
In June 2018, Egypt’s then prime minister Sherif Ismail ordered the establishment of a new urban community in Al-Warraq island.