Egypt’s NUCA announced it will extend the mechanism for allocating new land for foreigners in new cities for six months.
The mechanism is allowing foreign investors to get plots of land with mixed-use purposes in the new cities in dollars, allowing transfers from abroad.
The extension came after the current mechanism has attracted high demand from foreign investors, according to the Ministry of Housing.
About 219 plots of land with a total area of 926 feddan were allocated since the beginning of 2022.
The housing minister explained that the mechanism increases direct foreign investments in new cities, contributes to the development of these cities, and creates more job opportunities.
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