The New Urban Communities Authority (NUCA), affiliated to the Ministry of Housing, Utilities, and Urban Communities, has decided to extend the mechanism for allocating lands in new cities to foreign investors for six more months. The mechanism allows foreign investors to obtain plots of land with mixed-use purposes in new cities, priced in dollars and transferred from abroad.
The Minister of Housing, Utilities, and Urban Communities, Assem El-Gazzar, said that the mechanism has achieved great success and attracted significant demand from foreign investors. He said that 219 plots of land, with a total area of 926 feddan, were allocated under this mechanism since the beginning of 2022.
The minister added that the mechanism saves hard currency transferred from abroad and increases direct foreign investments in new cities. He said that this contributes to the development of these cities and creates more job opportunities, as well as attracting more residents to them.
The minister explained that the NUCA’s board had previously agreed to establish the mechanism for six months only, after which it would be reviewed by the board. He said that the board has now agreed to extend the mechanism for another six months.