The New Urban Communities Authority (NUCA) has allocated 113 plots, with a total area of 2,530 acres, in 24 new cities during 2018, in a bid to meet the country’s investment demands and accelerate the development of new cities, Invest-Gate reports.
In a statement released on April 21, Minister of Housing, Utilities, and Urban Communities Assem El Gazzar added that the land plots will be used to establish a number of development and service projects, which amount to roughly EGP 500 bn and are set to offer 450,000 job opportunities.
El Gazzar also stated that the new developments would also grant Social Return on Investment (SROI) by offering locals various learning and development opportunities within their residential areas.
Walid Abbas, assistant minister for community affairs of NUCA, added that the lands allocated consist of 35 plots comprising educational activities (schools and higher education), with a total area of 502 acres in 20 new cities. In addition, 20 1,553-acre land plots are allocated for the establishment of integrated residential projects in 15 new cities.
Abbas noted that 16 land plots, with a total area of 278 acres, were set aside in 12 new cities for logistics projects, besides 25 plots, covering 34 acres, were assigned for commercial and administrative projects in 20 new cities.