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REA to put up small plots on bidding basis

Thursday 07 February 2019 02:46 PM


By Essam Emaira & Sahar Nassr:
Egypt’s Religious Endowments Authority (REA) is planning to offer land plots with area less than 1000 sq. meter per each for sale on bidding basis in the mid-2019 as part of a plan to optimally exploit assets and expand partnership with the private sector, according to statements by REA Head Sayed Mahrous.
Mahrous held a meeting entitled ‘REA’s plan for investing in its plots and properties and the role of business community’ yesterday with Egyptian Businessmen's Association.
During the meeting, Mahrous said that 95% of REA’s atlas has been completed. The atlas includes a comprehensive inventory and e-map of all assets, in collaboration with telecommunications ministry and Land Survey Authority in preparation for offering this land.
Investment committee affiliated to the authority is currently is setting out requirements for offering small land plots whose investing is useless, he explained, adding that the requirements will be similar to those of urban communities authority.