The development of the first phase of the 10,500 acre New Administrative Capital City is commencing as onsite infrastructure is complete, allowing the New Urban Communities Authority (NUCA) to build several residential units alongside other potential developers, stated Ayman Ismail chairman of Administrative Capital for Urban Development Co. at Cityscape’s Business Breakfast today, Invest-Gate reports.
“The first buyers and investors who will invest in lands in the new capital city will get a 25% discount based on a previously issued presidential decree,” he added.
He mentioned that other ways to attract investors to the New Administrative Capital City and other projects include the government’s role in avoiding bureaucratic procedures through developing offices that are specialized in easily providing licenses to developers.
Ismail spoke about the several benefits of the new capital city development, which includes preserving Cairo’s historical sites and buildings by moving occupied offices to the new ones in the city. “Any company that will operate the capital city needs to be aware of smart technology,” he added.