Sherif El Sherbini, the Minister of Housing, Utilities, and Urban Communities, has convened an extensive meeting with Hassan El-Shorbagi, Vice President of the New Urban Communities Authority (NUCA) for the Real Estate and Commercial Affairs Sector, alongside sector officials, Invest-Gate reports.

The purpose of this meeting was to review the sector’s progress and discuss plans for offering housing units and investment prospects in the upcoming period.

El Sherbini emphasized the necessity of optimizing the financial resources of NUCA and its affiliated bodies by exploring innovative approaches, enhancing procedural governance and controls, refining operational systems within the sector, and implementing strategies to expedite the collection of financial obligations, particularly outstanding dues. He underscored the importance of devising a financial framework for each city to inform the development of project plans in alignment with this vision.

In discussions with officials from the Real Estate and Commercial Affairs Sector at NUCA, El Sherbini explored plans for introducing residential, commercial, and administrative units, diverse land parcels, retail spaces, and various investment opportunities across different new cities.

Additionally, he delved into strategies for utilizing revenues from the legalization of lands in several new cities and proposed investment opportunities with equity shares for NUCA.

El Sherbini instructed the formulation of a comprehensive plan extending up to 2030, including defined financial targets to be met, with monthly objectives set for the next two years.

Furthermore, El Sherbini tasked the Real Estate and Commercial Affairs Sector with establishing committees to survey all new cities, collaborate with local agencies to catalog available residential, commercial, and administrative units, land parcels, retail spaces, and other investment openings within these locales. The swift completion of these committees’ tasks is imperative to develop a coherent offering plan based on a comprehensive inventory of available opportunities.

El Sherbini also urged a study into expanding the direct provision of housing units through the agencies of new cities to expedite citizens’ access to housing. This approach, previously successful in implemented cities, should prioritize procedural governance and control.

Moreover, he proposed an expansion of digital platforms to enhance service provision to NUCA and its affiliates’ stakeholders, aligning with the state’s focus on governance, digital transformation, and streamlining procedures for citizens’ convenience.