Urban planning authority now competes in sector it is supposed to regulate: The New Urban Communities Authority (NUCA) and the Housing and Development Bank (HDB) have joined forces to launch a EGP 1.3 bn real estate development outfit, Housing Minister Mostafa Madbouly announced yesterday, Al Shorouk reports NUCA holds 60% of City Edge, while HDB holds 38%, and the Holding Company for Development holds 2%. The company will launch operations with two developments in Six October City and neighboring Sheikh Zayed worth a combined EGP 5.5 bn. Construction is set to start in the first or second quarters of 2018. No conflict of interest to see here, folks. Move along.

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