Minister of Housing, Utilities, and Urban Communities Assem El-Gazzar has reported a significant surge in investor and company registrations on the Foreign Investment Portal launched by the New Urban Communities Authority (NUCA) on February 4th, Invest-Gate reports.

This initiative is part of the country’s digital transformation plan to support investment and streamline procedures for investors, in line with NUCA’s commitment to digital transformation.

Moreover, El-Gazzar explained that the portal allows investors to inquire about or apply for investment opportunities in new urban communities, with transactions conducted in foreign currency. He emphasized NUCA’s efforts to facilitate investment, citing the success of the dollar-denominated allocation mechanism and the trust it has built between investors and the state.

Furthermore, Waleed Abbas, Assistant Minister of Housing for NUCA, disclosed that around 1,500 electronic accounts and data from approximately 700 companies have been registered since the launch.
Also, over 1,800 requests have been received, including 636 within the first three days of March.

In February, 672 requests were submitted for various services across 25 new cities, with prompt responses provided regarding land availability and required documentation for interested investors.

Notably, the portal’s success reflects confidence in NUCA’s ability to provide diverse services in new cities, stimulating employment opportunities and investment prospects.