Egypt’s leading real estate developer,Talaat Moustafa Group has finished the development of 44% of the total space of Madinaty project in New Cairo, project manager and executive chairman Ahmed Afify said on Sunday.
Afify stated that the development plan varies between housing units and services areas; the project would take around 25 years to be fully implemented.
Furthermore, the official added during “Government & Developer: A Partnership for Development” conference held today in Cairo, that the conflict between the government- represented in the New Urban Communities Authority (NUCA) and the group erupted due to misinterpreting one of the legal articles in two different ways.
Afify further affirmed that Egypt had many privileges through Madinaty project partnership, mainly owning housing units in return for the land value, especially the company in charge of facilitating the project, as the country get 32,000 units resembling 1 million cupped meters of the total project space.
