Wednesday, 20 April 2011
Poverty-stricken neighborhoods in Egypt show that the country has severe housing needs. (File photo)
A Saudi developer plans to build a $7 billion residential project for low and middle-income Egyptian buyers, according to reports from the Egyptian state news agency.
The Alsharif group plans to build 200,000 residential units in Egypt, after businessmen from the group met with Egyptian Prime Minister Essam Sharaf to seek his approval.
Mr. Sharaf gave his approval for the project, the report said. It did not state when the project would be launched.
The Alsharif group plans to build 200,000 residential units in Egypt, after businessmen from the group met with Egyptian Prime Minister Essam Sharaf to seek his approval.
Mr. Sharaf gave his approval for the project, the report said. It did not state when the project would be launched.
The recent mass protests in the country underscored, among other things, how many Egyptians have been struggling to meet high living costs, including expensive housing.
Nadia Ibraheem, a single mother of two from Cairo welcomed the news. “There is not enough affordable housing in Egypt at the moment that meets acceptable living standards,” she said. “I am barely able to pay the rent and I know so many people in the same situation that wish to have a clean and inexpensive place to live.”
Other countries have also unveiled plans to support Egypt after its crisis.
Last week, the Kuwait Investment Authority said it launched a company with capital of $168 million to invest in Egypt’s economy.
Australia is also set to make a multimillion-dollar contribution which will like give it a frontline role in the international effort to rebuild Egypt.
According to the Australian newspaper, The Age, the aid to Egypt will help support Egypt’s September elections, and will also be directed towards food security and broad economic needs.
Egypt, with an estimated population of 82 million, has an annual GDP of $500 billion and a GDP per capita of $6,200. Estimates in 2005 suggest that 20 percent of the country’s population is below the poverty line, although this is believed to have significantly increased since.
(Eman El Shenawi of Al Arabiya can be reached at: eman.elshenawi@mbc.net)
Nadia Ibraheem, a single mother of two from Cairo welcomed the news. “There is not enough affordable housing in Egypt at the moment that meets acceptable living standards,” she said. “I am barely able to pay the rent and I know so many people in the same situation that wish to have a clean and inexpensive place to live.”
Other countries have also unveiled plans to support Egypt after its crisis.
Last week, the Kuwait Investment Authority said it launched a company with capital of $168 million to invest in Egypt’s economy.
Australia is also set to make a multimillion-dollar contribution which will like give it a frontline role in the international effort to rebuild Egypt.
According to the Australian newspaper, The Age, the aid to Egypt will help support Egypt’s September elections, and will also be directed towards food security and broad economic needs.
Egypt, with an estimated population of 82 million, has an annual GDP of $500 billion and a GDP per capita of $6,200. Estimates in 2005 suggest that 20 percent of the country’s population is below the poverty line, although this is believed to have significantly increased since.
(Eman El Shenawi of Al Arabiya can be reached at: eman.elshenawi@mbc.net)
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