The board of directors of the New Urban Communities Authority (NUCA) approves an EGP 145.455 bn budget for the fiscal year 2023/2024, Invest-Gate reports.

Minister of Housing and Chairperson of the NUCA, Assem El-Gazzar, notes that the new budget is 139% higher than the budget approved for FY 2019/2020.

He adds that NUCA develops 56 new urban communities, including 8 first-generation cities, 9 second-generation cities, 8 third-generation cities, and 31 new urban communities containing fourth-generation cities.

Since 2014, NUCA launched a series of mega fourth-generation cities including the New Administrative Capital, New Alamein, and New Mansoura.

Yesterday, NUCA’s board approved the allocation of around 12 mn sqm of land in four new cities for industrial developers.