Arab Finance: Egypt's Urban Development Fund is targeting to invest over EGP 1.1 trillion in the development of real estate projects as well as unplanned and historical areas, the fund’s Chairman Khaled Siddik told Al Arabiya Business. 

The fund is currently implementing 500,000 residential units across the governorates’ capitals with targeted investments of EGP 700 billion within five years, Esmat noted. 

This is in addition to investments of EGP 70 billion directed toward the development of Cairo Historic area, which is set to be concluded in 2025.  

The fund is also seeking to direct around EGP 400 billion in investments toward the renovation of a total of 160,00 feddans of unplanned areas, representing 40% of 224 cities across the country, Esmat said, adding that this renovation is expected to be completed by 2030.

Moreover, Esmat highlighted that the fund would invest up to EGP 10 billion in the Fustat Hills Park project.

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