Minister of Housing, Utilities, and Urban Communities Assem El-Gazzar has announced a series of facilitations and amendments related to service, investment, urban, and industrial lands in new cities, Invest-Gate reports.
These measures are aimed at supporting and encouraging investors and have been approved by the Board of Directors of the New Urban Communities Authority.
The granted facilities are as follows:
- No fees will be imposed for external service connections in the case of establishing hotels and universities within integrated urban projects.
- Industrial developers are allowed to plan and divide industrial land plots up to 75% of the total project area. However, it is required that the percentage of roads, open spaces, green areas, and services does not fall below 25% of the total land area of the project.
El-Gazzar emphasized that the following regulations and conditions must be adhered to:
- The integrity of the entire parking lot of the land plots.
- Compliance with the contracts already concluded with customers, if applicable.
- Provision of parking spaces in accordance with the Egyptian Code for Garages and its amendments within the boundaries of the land plot.
- Resolving any existing lawsuits before granting these facilities.
- Obtaining the necessary approvals from the competent authorities, as required.
These measures aim to streamline processes and provide incentives for investors in new cities, promoting further development and investment opportunities in these areas.