Warraq Island Development Costs EGP 17.5 Bn- Housing

The Egyptian Ministry of Housing, represented in the New Urban Communities Authority, proposed a plan for the development of Warraq Island at the cost of EGP 17.5 billion.

Investments include EGP 1.1 billion for landscape, EGP 4 billion for utilities, EGP 400 million for road network construction, EGP 5 billion for 10,000 housing units, and EGP 7 billion Compensation for former residents.

Data pointed out that it is expected to achieve EGP 112.54 billion of total revenues from the project, in addition to EGP 20.422 billion annual revenues for 25 years.

According to the implementation strategy, the project will be implemented on four stages, of which the first phase will cost of EGP 2 billion, the second  EGP 2.5 billion, the third  EGP 1.5 billion, and the fourth EGP 4.5 billion.

The island is located on an area of ​​6.36 million square meters, which will include 8 investment areas, a commercial area and a distinctive housing, a central park, a green area, two Marinas, a tourist riverfront, a cultural area, as well as a tourist Corniche and an investment housing area.

In June 2018 , former Egyptian Prime Minister Sherif Ismail directed the establishment of a new urban community on the territory of the island.

In September 2018, the board of directors of the authority approved a memorandum on the establishment under the name of the "New Warraq".

Last April, the cabinet approved the issuance of a presidential decree to transfer the dependency of the Island to the New Urban Communities Authority, in preparation for the implementation of the development plan, in cooperation with the Armed Forces Engineering Authority.