9 - 15 December 1999
Issue No. 459
|Published in Cairo by AL-AHRAM established in 1875|
Egypt Region International Economy Opinion Culture Debate Features Profile Living Travel Sports People Time Out Chronicles Cartoons Letters
A DREAM COME TRUE: Mrs Suzanne Mubarak presented new home-owners with allotment certificates for 100 housing units -- part of 5,000 units whose construction was completed -- representing the first phase of the Future Foundation project in a ceremony at Al-Obour City last week. The foundation was established in 1998 under the auspices of Mrs Mubarak, with a mission to provide affordable housing for low-income groups through government land grants, private donations and the proceeds of fund-raising events.
During a short speech at the ceremony, Mrs Mubarak underlined the government's awareness of the social dimension of development. "This project was once a beautiful dream. Now it has become a reality thanks to the cooperation between the nation's three pillars: the government; the business sector; and civil society... This project is testament to what cooperation between partners in development can achieve for the good of society as a whole," Mrs Mubarak said.
Future Foundation -- presided over by Gamal Mubarak -- aims to build 70,000 housing units over three phases during a six-year period in satellite cities across the country. The foundation will cover half the cost of the apartments and, more importantly, will provide financing arrangements under which the new home-owners will pay the balance over an extended period of time.
In a statement on Sunday, President Hosni Mubarak appealed to all those who are financially able to provide donations to low-income housing projects, saying this achieves a lofty Islamic goal, which is social solidarity.
In an immediate response to President Mubarak's plea, the National Bank of Egypt reported receiving numerous contributions to an account designated to receive donations to the project, including LE1 million each donated by Ali El-Safdi, head of the Arab Brothers Industrial Group, and Raouf Ghabbour, head of the Ghabbour Group.