Egypt has reached an EGP 11trn agreement with the Talaat Moustafa Group to develop four major multi-use projects, announced as President Abdel Fattah Al-Sisi directed the construction of hundreds of thousands of new rental units during the second day of the Egypt Forum 2026 on Tuesday.
The mega-agreement, announced on the sidelines of the forum’s “Urban Development” session, includes a project north of Madinaty, an 11.3m square metre development in central Alexandria, a comprehensive industrial, logistics, and real estate unit in Abu Qir, and a North Coast destination modelled after South Med.
Congratulating the parties, Sisi stressed the importance of community service in investment projects and requested that the government cooperate with the Talaat Moustafa Group to build 200,000 housing units specifically for rent. Additionally, the president directed the government and the Tahya Misr Fund to equally split the cost of constructing a further 200,000 rental units.
Commenting on the country’s old rent law, Sisi stated that the goal is to break the exclusive mindset of ownership and reintroduce a renting approach to housing. He noted that the state’s past inability to substitute for the private sector and civil society in meeting housing demands led to the country’s massive slum and unplanned housing crisis over previous decades.
During the session, attended by Prime Minister Mostafa Madbouly, Presidential Spokesman Ambassador Mohamed El-Shennawy detailed Egypt’s urban expansion and transport overhauls since 2014. The presentation covered the construction of 61 new cities, the delivery of 1.96m new housing units, the eradication of slums, the development of Khedivial Cairo, and the upgrading of major cities and provincial capitals across 13 governorates. It also highlighted the execution of 522 drinking water projects, alongside broader sanitation and rural development efforts.
The session reviewed the state of the transport sector prior to 2014 and subsequent achievements across roads, bridges, the metro, electric traction, railways, maritime transport, and ports. The government outlined targets for governance, reducing accidents, promoting green public transport across all governorates, and localising industry, including the domestic manufacturing of railway carriages and other transport means. The economic, social, and environmental impacts of both completed and ongoing transport projects were also assessed.
In his intervention, Sisi argued that proposing “ideal” solutions to complex challenges is often unrealistic and self-defeating. He cited Egypt’s historical concentration on just 7% of its 60,000 to 70,000 square kilometre landmass—an “unnatural and inhumane” situation that generated adverse social, security, cultural, and investment repercussions.
Highlighting the need for practical approaches, Sisi noted that current road tolls do not cover investment or maintenance costs. He also pointed to the state’s success in resolving the electricity crisis to stabilise the country and support development.
Addressing the removal of certain cemeteries, Sisi explained that groundwater issues necessitated the intervention for religious and humanitarian reasons. While the “ideal” solution was to leave them untouched, the practical reality required action out of respect for citizens. The state is fully funding the construction of 70,000 new graves across three phases in the Helwan area and the 10th of Ramadan City.
Sisi also praised Wafaei Makadi, the mayor of Al-Sarariyah village in Minya governorate, describing his efforts to address village challenges as a replicable model capable of creating positive transformation and alleviating state burdens. The president called on the media to raise public awareness of factual realities to counter efforts aimed at inciting citizens.
Concluding his remarks, Sisi stated that while national development typically takes 50 to 100 years, it is unreasonable to expect completion in 10 to 12 years. He noted that achieving desired progress within 20 to 30 years would be an optimal outcome, stressing that the state intends to complete ongoing development plans and the “Decent Life” initiative by a maximum of 2030, supported by private sector partnerships. Sisi added that the achievements realised in Egypt recently would normally take more than three decades, expressing hope to place the state on the threshold of true progress for future leaders.