EGP 8-10 bn invested in first phase of New Alamein city

Phase one of the government’s New Alamein City in Matrouh governorate will cost EGP 8-10 bn Al Mal quotes Housing Minister Mostafa Madbouly as saying. That compares with a pre-float estimate of about EGP 3 bn suggested last summer. The first phase of the project, with the exception of the residential tower blocks, is slated for completion within two years. The government will tender land plots of 50-400 feddans to private investors by year-end, Madbouli said.