Cabinet Approves Offering 5,000 Housing Units Under the Rent-to-Own Scheme
Cairo - Ahmed Sabri
The Cabinet, during its meeting chaired by Prime Minister Mostafa Madbouly, approved several decisions, the most important of which include: a draft resolution authorizing Suez University to establish a new Egyptian joint-stock company named “Suez University for Integrated Services.” The company’s main objective is to provide technical consulting in engineering, financial, and commercial fields; produce computer software and systems; offer training in all fields of applied and industrial sciences; and support and incubate student and research projects, transforming their outputs into practical applications through business incubators and startups. This is in accordance with the provisions of the laws governing joint-stock companies, partnerships limited by shares, limited liability companies, and single-owner companies, as well as the Investment Law, provided that such activities do not conflict with the university’s objectives.
The Cabinet also approved, based on a recommendation from the State-Owned Enterprises Unit, the establishment of an investment fund for the restructuring and financing of struggling factories, in the form of an Egyptian joint-stock company, in light of the provisions of the Capital Market Law issued by Law No. 95 of 1992 and its executive regulations.
The Council also approved the Ministry of Health and Population’s contracting, in accordance with Article 78 of the Law Regulating Contracts Concluded by Public Entities issued by Law No. 182 of 2018, to complete the development project of the emergency department and morgue at El-Haram Specialized Hospital, aiming to expedite the required work within the stipulated timelines.
The Cabinet approved the Ministry of Housing, Utilities, and Urban Communities, represented by the New Urban Communities Authority, to offer 5,000 completed residential units under the “Rent-to-Own” system, in accordance with the conditions proposed by the New Urban Communities Authority.
The proposed conditions included general requirements, such as eligibility criteria for applicants in the Rent-to-Own system, income guidelines for applicants, and real estate conditions regulating aspects related to unit payment, maintenance deposits, cancellation of allocation, or death of the allocated individual. Additionally, financial conditions were included regarding the payment of the reservation seriousness fee, rental values for units, maintenance costs for the unit, and the costs of installing various service meters, all in a manner that ensures the optimal organization of this important initiative.
The Cabinet also approved a draft resolution regarding the issuance of a work system for the committee responsible for estimating compensation for the prohibition of permits for demolition or additions to buildings and structures with distinguished architectural styles, along with the principles for estimating such compensation and the relevant authority responsible for its payment.
The draft resolution stipulated that the work system for the committee estimating compensation for the prohibition of permits for demolition or additions to buildings and structures with distinguished architectural styles, established in accordance with the provisions of Law No. 144 of 2006 concerning the regulation of demolishing non-collapsing buildings and structures and preserving architectural heritage, as well as the principles for estimating compensation and the relevant authority responsible for its payment, shall be applied according to the prescribed rules.
