The Egyptian Ministry of Housing, Utilities, and Urban Communities has announced a new round of land investment opportunities in its new cities, aiming to attract foreign investment. The latest offering includes an integrated urban land with an area of 141,379 square meters in the New City of El Tenth, priced at 4,960 Egyptian pounds per square meter. This move is part of the ministry's efforts to boost investment and development in the country's new urban areas.
The Ministry has introduced a new mechanism called "allocation with priority of reservation," which will be effective starting from November. This new system allows qualified Egyptian and foreign companies to book investment lands through the Foreign Investment Portal of the New Urban Communities Authority. The new mechanism requires companies to pay the full value of the land in US dollars, transferred from abroad.
The Minister of Housing, Utilities, and Urban Communities, Engineer Randa El Minshawi, stated that the new mechanism aims to facilitate procedures for investors to obtain lands, diversify offering and allocation systems, and accelerate the pace of investment and development in new cities. This move supports the state's goal of exporting Egyptian real estate.
According to Minister El Minshawi, the application procedures include registering the company on the electronic portal and making a bank transfer from abroad via the SWIFT system, with a minimum of $100,000. Additionally, companies must pay $5,500, of which $5,000 will be added to the company's electronic wallet, and $500 will be collected as a non-refundable study fee.
The Ministry's efforts to attract foreign investment come as part of its strategy to boost the country's economy. The new urban communities are being developed to provide integrated services and infrastructure, making them attractive to investors. The Ministry's announcement is expected to generate significant interest from foreign investors looking to capitalize on Egypt's growing real estate market.
The lands on offer are part of the Ministry's plan to develop new cities and provide modern infrastructure. The integrated urban land in El Tenth is expected to be used for various purposes, including residential, commercial, and recreational. The Ministry's goal is to create sustainable and environmentally friendly urban communities that provide a high quality of life for residents.
The new investment opportunities are expected to contribute to the growth of the real estate sector, which is a significant contributor to Egypt's economy. The Ministry's efforts to attract foreign investment and boost the sector are seen as crucial to achieving the country's economic goals. The announcement is also expected to create new job opportunities and stimulate economic growth.
Key points
- The Egyptian Ministry of Housing, Utilities, and Urban Communities has introduced a new mechanism for allocating lands to investors, allowing them to book lands through the Foreign Investment Portal.
- The new offering includes an integrated urban land with an area of 141,379 square meters in the New City of El Tenth, priced at 4,960 Egyptian pounds per square meter.
- The Ministry's efforts aim to facilitate procedures for investors, diversify offering and allocation systems, and accelerate the pace of investment and development in new cities.
