Egypt's New Nasser City in West Assiut governorate has completed 65 percent of its infrastructure and is scheduled to open for development in December 2020.

The new city's head Yasser Ramadan told Zawya Projects that Cairo for Investment and Real Estate Development (CIRA) is planning to build a university spread over an area of about 81 acres in the new city. He said construction would start in August 2020 and complete by 2027.

He said Madinat Nasr Housing & Development (MNHD) has been allocated 105 acres to build a residential project while the Porto Group is developing mixed-use Porto Assuit project at a total investment of about 4.5 billion Egyptian pounds ($281.8 million). The project would include a 100-key hotel, 1,900 apartment units and 525 villas, and would be developed in four phases.

Ramadan said the new city would also host a 40-acre medical city, and a 350-acre industrial zone for medium and heavy units. Ongoing projects include the Sakan Misr middle income housing project with 1,440 units scheduled to be delivered by end-2020 and an additional 1,200 units scheduled for mid-2021 completion. The 1584 Social Housing Project would be handed over by end-2020, he noted.

(1 US Dollar = 15.98 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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