Egyptian Housing Ministry Announces 6 Lotteries and EGP 10 Billion Financing to Acquire Assets
The Egyptian Ministry of Housing announced six public lotteries on October 19 and 20, along with EGP 10 billion in financing from Banque Misr to purchase and market assets of the New Urban Communities Authority.
The Egyptian Ministry of Housing, Utilities, and Urban Communities announced, in a weekly summary for the period from October 10 to 15, the organization of six public lotteries on October 19 and 20 in New Al-Obour City, as reported by the "El-Aqaria" platform.
The 17th lottery allocates 385 land plots to beneficiaries of "Al-Rabia" neighborhood in Al-Shorouk City.
The ministry also announced reorganizing the procedures for allocating housing units offered under the second phase (supplementary offering) for employees relocating to the New Administrative Capital, in the Third (R3) and Fifth (R5) Residential Districts, by adopting a public lottery system on Sunday, November 15, instead of the online first-come, first-served reservation system.
In the same context, EGP 10 billion in financing over eight years was signed with Banque Misr for "Founders," a subsidiary of "Hyde Park," to purchase and market assets of the New Urban Communities Authority.
What do these terms mean?
Public Lottery: A method for allocating units or land plots among eligible applicants through a drawing.
New Urban Communities Authority: The Egyptian authority responsible for establishing new cities and managing their lands.
New Administrative Capital: A new city east of Cairo to which state institutions have relocated.
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