Alwaleed Philanthropies, the primary charitable vehicle for Saudi Prince Alwaleed Bin Talal Bin Abdulaziz AlSaud, has announced an investment totaling EGP 1.5 billion (more than $191.5 million) to support the construction of ten thousand single-family homes in Egypt over the next ten years.
The investment includes a cash grant of EGP 850 million and ten thousand acres of land in the country's Toshka region worth an estimated EGP 700 million. Through the project, an estimated one thousand housing units will be built and distributed annually over the next decade to Egyptian families in need. The units will be built in all governorates except Cairo, North Sena, and South Sena.
The country's Council of Ministers will coordinate and manage the work with individual ministries and related public entities, while the Misr El Kheir Foundation will handle technical administration, community, and finance management for the project.
This is the second collaboration between Alwaleed Philanthropies and the Misr El Kheir Foundation. The previous initiative, in 2014, consisted of the two philanthropies paying the debts of one thousand men and women in Egyptian prisons to enable their release during the holy month of Ramadan — an effort consistent with Alwaleed Philanthropies' core objective of promoting community development.