Minister of Housing, Utilities, and Urban Communities Assem El Gazzar has announced a significant rise in applications from investors and companies for investment opportunities in dollar-denominated sectors in various Upper Egypt and fourth generation cities, Invest-Gate reports.
This surge in demand is attributed to the Foreign Investment Portal.
El-Gazzar noted a remarkable interest from investors and companies in utilizing the Foreign Investment Portal, launched by the New Urban Communities Authority on February 4th. This initiative aligns with the country’s digital transformation plan, aiming to support investment and streamline procedures for investors. It is consistent with the authority’s ongoing commitment to digital transformation to facilitate all its services and drive investment in new cities.
Moreover, since the launch of the Foreign Investment Portal, approximately 11,300 electronic accounts have been registered, along with data from about 1,600 companies. The portal has received 4,347 applications across 36 new cities, including 3,625 inquiries about investment opportunities and 722 requests to provide investment opportunities.
Furthermore, assistant Minister of Housing, Utilities, and Urban Communities Walid Abbas highlighted that the portal allows investors to apply for inquiries about investment opportunities or to request the provision of investment opportunities for all service activities in new cities in dollar denominations from abroad.
Also, Ahmed Samir, Assistant Deputy Chairman of the New Urban Communities Authority for the Planning and Projects Sector, explained the process for investors, involving registration on the portal, entering required data, registering company details, and submitting necessary documents.
It is noteworthy that applications are accepted from the 1st to the 7th of each month, responses are provided from the 8th to the 14th, and procedures and documents are finalized from the 15th to the 30th, pending land availability. The authority’s board then allocates the applications.