The New Urban Communities Authority (NUCA) has approved a number of facilitations for investors, including reducing administrative fees for land plots, reported Al Mal.

Additionally, for investors paying in installments, they are exempted from penalties and interests if they complete the payments within three months of accreditation.

NUCA has also agreed to fix the prices provided for lands located in New Fayoum City, New Beni Suef City, New Sohag City, New Tiba City, Sadat City, and Borg El Arab City, starting next year, in efforts to encourage investors to participate in development in Upper Egypt.

Minister of Housing, Utilities, and Urban Communities Mostafa Madbouly stated that NUCA will also be offering land plots for companies and factories without ownership, for the construction of residential units for factory workers in the area.

The units however cannot be used for purposes other than residential, and all factories should abide by a certain building design.

A 25% down-payment is expected to be provided for each land offered for each factory, while the remaining cost is expected to be paid over three years from the date of purchase, added Madbouly.