Al-Sisi asks for 100 billion pounds from an Egyptian billionaire and jokes with him: “I didn’t think so hard about you.”

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Egyptian President Abdel Fattah El-Sisi called on businessman Hisham Talaat Mostafa, Chairman of Talaat Mostafa Group, to contribute to a housing project that aims to provide between 100,000 and 200,000 housing units on a rental basis, within the framework of social responsibility for major investment projects, before joking with him, saying: “I am not satisfied with you.”

This came during the urban development session within the activities of the Egypt 2026 Forum, yesterday, Tuesday, following the announcement of an agreement between the state and Talaat Mostafa Group to develop, construct and operate four major mixed-use projects, with a total announced investments amounting to 11 trillion pounds (201 billion US dollars).

During his conversation with Hisham Talaat Mostafa, President Sisi said that major investment projects should be accompanied by a clear role in community service, adding: “You don’t do projects with this number and then you don’t do community service. Where is the community service?”

He pointed out the possibility of providing 100,000 or 200,000 housing units under the rental system, with a contribution from the group within the framework of social responsibility, which contributes to meeting the housing needs of citizens.

The president added, jokingly: "I'm just talking to you," stressing at the same time that his talk was related to an actual community contribution commensurate with the size of projects and investments.

Businessman Hisham Talaat Mostafa responded to the president’s request, saying: “You are being ordered, regret,” referring to the private sector’s contributions to social initiatives, including “A Decent Life” and the “Long Live Egypt” Fund.

Al-Sisi explained that the required contribution within the framework of community service for major projects is separate from contributions to these initiatives, saying: “No, no, this is a need and this is a need.”

During the dialogue, the president indicated that 1% of the volume of investments offered is equivalent to 100 billion pounds (1.8 billion US dollars), saying: “If I took 1% from you, I would take 100 billion from you,” in the context of clarifying the size of the societal contribution he spoke about.

Sisi stressed the importance of major investment projects having a positive impact on society, in addition to their economic and investment returns, calling on businessmen and investors to participate in development efforts and meet the needs of citizens.

The Egypt 2026 Forum witnessed the announcement of an agreement between the state and Talaat Moustafa Group to develop, construct and operate four major multi-use projects, with a total announced investments amounting to 11 trillion pounds (201 billion US dollars).

The projects include North Madinaty, a project in Alexandria on an area of ​​11.3 million square metres, and an integrated project that includes industrial, logistical and real estate activities in the Abu Qir area, in addition to a coastal destination on the North Coast similar to the “South Med” project.