Khaled Abbas, Chairman of the Administrative Capital for Urban Development (ACUD), holds a meeting with several members of the New Cairo and Administrative Capital Developers Association, to discuss issues facing real estate investment companies, Invest-Gate reports.

Mohamed Al-Bostany, Chairperson of the New Cairo and NAC Developers Association, says that several requests were submitted to ACUD, adding that Abbas was very cooperative during the meeting, and promised to solve all the problems facing developers within the capital.

Al-Bostany reveals that several requests were submitted during the meeting, on top of which was the need to cancel garage fees that amount to EGP 900 per meter.

He maintains that Abbas promised to cancel those fees as long as the number of garages meets the required specifications.

The second request, Al-Bostany unveils, includes granting a grace period for investment and real estate development companies to complete the implementation of projects, noting that the NAC has already been given 6 months, with additional 6 months under consideration.

Finally, Al-Bostany notes that there was another request to give a grace period for the payment of instalments related to the land, which NAC approved.