Arab Finance: The construction and infrastructure works of the Ras El-Hekma project will kick off before the end of 2024, Minister of Housing, Utilities, and Urban Communities, Assem Al-Gazzar told Asharq Business.

Al-Gazzar revealed that the project's main developer has finalized plans and already obtained the necessary ministerial approvals and licenses.

Moreover, Al-Gazzar disclosed a significant boost in Egypt's real estate sector, reporting a substantial annual increase of $200 million in proceeds from land sales in foreign currency for both Egyptians and foreigners during the first quarter (Q1) of the year.

Hence, proceeds from land sales stood at $2.1 billion in Q1 2024, he added.

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