Minister of Housing, Utilities, and Urban Communities Mostafa Madbouly met with Minister of Investment Dalia Khorshid to discuss the newly drafted investment law that is currently being prepared by the Cabinet and is expected to be submitted for parliamentary approval.
The law includes incentives, exemptions, and measures to facilitate investment in land belonging to the New Urban Communities Authority (NUCA). Madbouly highlighted the importance of developing an efficient technique for offering land plots in new cities to better serve new developments and realize the government’s economic plan, as well as to facilitate investment procedures for potential investors to save time.
Khorshid also confirmed the law will not come into effect until it is sufficiently well-drafted to ensure attractive investment opportunities and resolve existing issues with the current law.
Madbouly and Khorshid agreed to form a team from both ministries to draft the articles that concern the role of the housing ministry in development, encouraging investment, economic recovery, facilitating permits, and resolving investors’ issues.