Egypt’s Minister of Public Enterprise Sector Hisham Tawfik has witnessed his Ministry’s signing of cooperation protocols with the Armed Forces relating to housing and investment projects, Daily News Egypt reported.

The protocols aim to utilize unused plots of land owned by subsidiary companies to implement a number of national and development projects in the residential and investment fields. This comes as part of the wider Mahmoudeya Axis development project.

The protocols were signed by: Ahmed El-Azzazy, Vice President of the Armed Forces Engineering Authority for the Northern Military Region; Ahmed Mostafa, Chairperson of the Holding Company for Cotton, Spinning, Weaving and Clothes; and Emad El Din Moustafa, Chairperson of the Chemical Industries Holding Company.

According to the protocols, an area of ​​143.4 feddan (602,280 m2), belonging to the Holding Company for Cotton, Spinning, Weaving and Clothes, will be used for the Bashayer El-Kheir housing project.

This provides alternative housing for informal housing areas, and comes as part of the implementation of the Mahmoudeya Axis development project in Beheira Governorate. Moreover, an area of ​​9.7 feddan (40,740 m2) will be used to implement an investment project for commercial, residential, and administrative units.

This comes as part of the Holding Company for Cotton, Spinning, Weaving and Clothes’ plan to develop the Misr Rayon Company in Kafr El-Dawar. It forms part of the state’s comprehensive plan to develop the spinning and weaving industry, as well as implement the state’s comprehensive plan to develop Mahmoudeya Axis and provide alternative housing for informal settlement residents.

Furthermore, according to the protocols, an area of ​​about 85 feddan belonging to the Pigment Materials and Chemicals Company in Kafr El Dawar will be used for implementing a residential, commercial, and administrative project.

This helps implement the state’s plan in light of the Ministry of Public Enterprise Sector’s plan to ensure the proper use of the lands owned by companies. This also seeks to utilize them in the best way possible, whether in terms of providing liquidity or taking part in national and investment projects.