The Minister of Housing, Utilities, and Urban Communities, Assem El-Gazzar, announces the details of new measures allowing companies abroad to purchase lands in new cities and pay in US dollars, Invest-Gate reports.

The new measures allow companies co-founded by a foreign partner to apply for the allocation of lands offered by the New Urban Communities Authorities (NUCA), according to a set of conditions.

Assistant Minister of Housing for the Affairs of the NUCA, Waleed Abbas, states that companies could only apply for the new land allocation mechanism.

Applications shall include land location and space, as well as the city in which it is located and the activity of the planned project, Abbas adds.

He says that applications should also include a SWIFT transfer document with a value of at least 5% of the price of the offered investment opportunity, to be presented within no more than a month of the application’s submission date.

Applications will not be considered until the confirmation of the transfer of the required amount in US dollars, Abbas notes.

He stresses that applications should be only submitted at the headquarters of the NUCA and that financial documents required to assess companies’ solvency should be presented within 30 days of the date of submission.