Assem El-Gazzar, the Minister of Housing, Utilities, and Urban Communities, announced that the New Urban Communities Authority’s (NUCA) board of directors approved extending the decision No. 174 on December 20, 2022 for six months, Invest-Gate reports.

This decision handles foreign investors’ requests for land plots in new cities, used for multiple activities (service, urban, industrial, warehouses, and others) and paid in US dollars through foreign transfers.

The minister added that the number of land allocation requests in 2022 submitted to the NUCA’s board of directors reached 106 requests, with a total area of 247 acres. Meanwhile, in 2023, the number of requests reached 113, with a total area of 679 acres.

El-Gazzar explained that this mechanism had achieved significant success and witnessed a noticeable demand by foreign investors. This helps transfer more foreign currency and increases foreign direct investments in new cities. This contributes to the development of these cities, creates more job opportunities, and consequently attracts more residents.