Offering 2nd stage of 1.5m-feddan project to be done in Q2 – Official

By: Heba El-Kordi and Noha El-Nahhas

Cairo – Mubasher: Al-Reef Al-Masry plans to offer the second phase of the 1.5-million-feddan project in the second quarter of 2017, the company’s chairman Ater Hannoura said.

Speaking on the sidelines of the ICT Chamber press conference on Tuesday, the top official told Mubasher that the three-stage project will be finalised by the end of the year.

The first phase which was done for small farmers was well-received particularly for plots averaging 230 feddans, Hannoura revealed, adding that a total of 7,225 books of specifications were taken, compared to estimates of 2,000 to 2,500 books.

In February 2016, Egypt’s Cabinet announced that Al-Reef Al-Masry for Development was to be the main developer in the project for reclaiming 1.5 million feddans with an issued capital of EGP 8 billion.

Prime minister Sherif Ismail said in October that the government was offering 500,000 feddans in the first stage of the project to investment companies, smaller farmers and the youth.

A total 48 companies applied for the first stage, of which there were Egyptian and gulf firms as well as one Greek and one Singaporean companies, the top official highlighted.