At its meeting, headed by Assem El Gazzar, Minister of Housing, Utilities and Urban Communities, the board of directors of the New Urban Communities Authority (NUCA) approves the establishment of the New Suez City Development Authority at the organizational level (A), Invest-Gate reports.
The New Suez City Development Authority will develop an area of 65494.38 acres to create a new urban community under republican decree No. 316 of 2021, a ministerial statement reveals.
Additionally, El Gazzar indicates that the Ministry of Housing has approved exemption of 90% of the late fines in the case of full payment of the overdue dues for all types of units established by NUCA in new cities, for three months from the date of the announcement in the daily newspapers.
The ministerial statement elaborates that these facilities shall apply in the following cases:
- The cases whose allocation is valid.
- The cases for which cancellation decisions were issued because of non-payment of financial dues, but are still in the client’s possession.
Furthermore, these facilitations shall be applied under the following conditions;
- Commitment to the specified implementation timings.
- Waiver of all claims against the authority or agencies.
It’s noteworthy that these facilities do not apply to lands designated by the partnership system as well as the lands that have been cancelled and become in the authority’s possession.