Upper Egypt encompasses 10 governorates, including Aswan, Qena, Luxor, Sohag, the Red Sea, Assuit, the New Valley, Minya, Beni Soueif and Fayyoum. The total number of achieved investments represents only 17.1 percent of the total budget set for projects in Upper Egypt, according to the ministry.Furthermore, NUCA has implemented LE 7.8 billion worth of projects in Upper Egypt during fiscal year 2017-2018 by offering 66,000 housing units with 40,000 more units under construction.“We are trying to offer various residential options, including 90-square-meter units, and Sakan Misr’s units with floor-plans ranging from 115 to 150 square meters, which consequently increased citizens’ demands for NUCA’s residential projects,” Abdel Aziz explained.Although NUCA representatives, like Abdel Aziz, remain optimistic about launching new residential projects in Upper Egypt amid their claims of rising demand, Qorqor doesn’t believe that real estate projects will help to develop Upper Egypt. According to a statement from The General Authority for Investment (GAFI), the authority offers investors unregulated access to land in Upper Egypt, protection against expropriation, the right to repatriate profits, and access to resolutions to any disputes administered by GAFI committees.The new investment law released in 2016-2017 has added more incentives to attract foreign investors to all areas of the country, including Upper Egypt. Tatweer Masr CEO, Ahmed Shalaby, had previously mentioned that Upper Egypt lacks development in the medical sector, as it requires the availability of 5,700 beds to cater to resident’s health needs.Hussenein mentions that infrastructure is lacking in many cities in Upper Egypt, which is a vital trigger for investor interest. This is in attempt to create fully serviced communities featuring schools and hospitals, thus filling the void of integrated communities in Upper Egypt,” Abdel Aziz said.

Source: Egypt Today April 02, 2018 12:56 UTC