The Board of the New Urban Communities Authority (NUCA) has agreed in a meeting chaired by Moustafa Madbouly, the Minister of Housing, Utilities, and Urban Communities, on establishing a company dedicated to handling matters in relation to land allocation and investment throughout the country, reported Invest Gate.

The authority is to prepare integrated studies on proposed projects that are expected to commence when the company officially launches.

The decision came during the board meeting, which was also attended by Ashraf El Araby the Minister of Planning, Ahmed Zaki Badr the Minister of Local Development, Tarek Kabil the Minister of Trade and Industry, Jalal Saeed the Minister of Transport, and Dalia Khurshid the Minister of Investment.

“This company will be the arm of the state for property investment and development,” commented Madbouly, adding that the establishment of the company will generate significant profit to the state; this is besides the profit the ministry is expecting to generate from its recent direction towards private-public partnerships.