2,500 Acres of Lands Offered to Investors in New Cities

2,500 Acres of Lands Offered to Investors in New Cities

The Ministry of Housing, Utilities, and Urban Communities will be offering 2,500 acres of land in new cities in January, according to Mostafa Madbouly, the Minister of Housing, Utilities, and Urban Communities, reported Daily News Egypt.

The minister further highlighted the role of the development of new cities and the New Administrative Capital in boosting Egypt’s development sector.

He noted that the new capital city is being funded by the New Urban Communities Authority (NUCA).

He also stated that the government seeks to increase the number of inhabited land in the country to 12%, rather than the current 6.5%, through adding 5,000 to 8,000 acres of lands dedicated to housing projects. By 2027, developments are expected to have taken place in Suez Canal Area Development Project, New El Alamein, and East Port Said, according to Amwal Al Ghad.

Joana Saba 38 Posts

Joana Saba is the Editor-in-Chief of Invest-Gate. She has a background in journalism, literature, and the arts, with an interest in politics and philosophy.

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