The Cabinet reviewed a decision issued by the Board of Directors of the New Urban Communities Authority in its session No. (208), which includes approval of the measures taken regarding the signing of a set of protocols and contracts with 49 diverse companies and entities.
These agreements aim to implement external and internal underground network works for connecting natural gas to several areas, in addition to establishing other networks and implementing cooperation protocols with a number of banks to support mortgage financing for the Authority’s units.
The works also include digital transformation, employing artificial intelligence, data security, and digitizing documents at the Ministry of Housing, as well as offering lands for real estate investment, in addition to providing the Authority’s needs for petroleum materials, and managing, operating, and maintaining some new housing projects.
In a separate context, the Cabinet approved a draft law granting the Minister of Petroleum and Mineral Resources the authority to contract with the Egyptian General Petroleum Corporation for the purpose of petroleum research, development, and exploitation in the Ras Badran and Zait Bay development areas in the Gulf of Suez region.
This step falls within the state’s strategic directions to maximize the benefit from natural resources and enhance the pioneering role of national entities in the petroleum and natural gas sector. These efforts aim to support national capabilities and increase their contribution to research, exploration, and development projects, achieving the optimal use of resources.
This agreement is expected to contribute to achieving greater economic returns for the state and the General Petroleum Corporation by boosting production rates and reducing operational costs, in addition to enhancing the local component percentage, which supports the sector in achieving sustainable long-term growth.
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