The board of the New Urban Communities Authority (NUCA) approves the allocation of around 12 mn sqm of land in four new cities for industrial developers, Invest-Gate reports.

The allocated land is situated in New October, New Fayoum, New Alamein, and New Aswan cities and will be used for the development of industrial projects.

The Egyptian Minister of Housing, Assem El-Gazzar, mentions some rules for the allocation of the said lands including allocating land in two phases to serve a project that could last up to 5 years, at maximum.

He adds that the first phase of the projects shall be deemed completed after the implementation of 35% of the buildings and 100% of the utilities therein.

Developers shall also pay a 10% down payment of the total value of the allocated land within 30 days of the approval of the allocation and pay 15% upon the signature of contracts, El-Gazzar reveals.

The minister notes that developers shall pay the remaining 75% of the land value in instalments over five years.