Egypt’s Prime Minister Moustafa Madbouli has witnessed the signing of an investment and shareholders’ agreement at the Government Headquarters in New Alamein City to establish Egypt Cities Transportation, a new company that will operate and manage smart and sustainable transport systems across Egypt’s new urban communities.
The agreement was signed between Egypt Cities for Asset and Utilities Management, affiliated with the New Urban Communities Authority and the Future of Egypt for Sustainable Development Authority, and Mwasalat Misr, in which the National Bank of Egypt is a shareholder.
Minister of Housing, Utilities and Urban Communities Engineer Randa el-Menshawy, Executive Director of the Future of Egypt for Sustainable Development Authority Colonel Bahaa El-Ghannam, Deputy Minister of Housing for Urban Communities Walid Abbas, and Chief Executive Officer of the National Bank of Egypt Mohamed El-Etreby attended the signing ceremony.
As per the agreement, the company will operate an initial fleet of 200 modern vehicles supported by integrated fleet management systems, central and branch control rooms, smart technologies, electronic equipment for vehicles, stations and garages, and an electronic payment system in co-operation with the National Bank of Egypt.
The project also includes comprehensive insurance for vehicles and passengers, specialised training programmes for drivers and technical and administrative personnel, and the adoption of international operational standards to ensure efficiency and service sustainability.
The agreement builds on co-operation between the Ministry of Housing and the Future of Egypt for Sustainable Development Authority to establish a modern transport system that supports Egypt’s urban expansion, enhances quality of life and contributes to Egypt Vision 2030.
The operational model provides for gradual expansion to additional new cities, strengthening integration with national transport networks and infrastructure projects while maximising asset utilisation and generating sustainable economic returns.
Minister el-Menshawy, for her part, described the company as an important step towards providing safe, efficient and sustainable transport services that support comprehensive urban development and improve the user experience.
Colonel El-Ghannam, meanwhile, said the company reflects the authority’s commitment to developing sustainable investment models in partnership with the private sector, adding that the model will be expanded through co-operation with national institutions to enhance service efficiency, maximise investment opportunities and support urban development goals.
