Egypt’s housing minister reviews investment opportunities in new cities

Egypt’s Minister of Housing, Utilities, and Urban Communities, Sherif El Sherbiny, convened a meeting to review strategies for offering land and attracting investments across the country’s new urban developments.

El Sherbiny underscored the ministry’s commitment to aligning land allocation with its strategic goals to maximise value and promote investment.

He highlighted efforts by the New Urban Communities Authority (NUCA) to introduce diverse mechanisms, particularly in Fourth-Generation Cities, to attract a wide array of investors. The minister emphasised the importance of providing competitive, varied real estate products and utilising the incentives available to investors.

The meeting focused on current frameworks for offering service and urban plots in new cities and evaluated the outcomes of recent land allocations. It also addressed opportunities for investment in Egyptian pounds, which are available monthly from the 1st to the 15th through NUCA’s investor services portal. Eligible Egyptian companies can submit applications with the required documentation via the portal.

Additionally, the discussion explored investment allocations in foreign currencies, which are offered from the 1st to the 7th of each month, and included an overview of the application process for these opportunities.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama