The New Urban Communities Authority (NUCA) is to offer 500 acres of lands dedicated for partnership projects with the private sector in New Cairo, Al Borsa reports.

According to the article, the lands are part of the second phase of the Partnership Project in New Cairo, which includes land plots that spread on 2,855 acres.

The offering comes following NUCA’s request to Egyptian and Arab investors and companies made earlier last month in the Arab Housing Ministers Council Conference, held in Saudi Arabia.

NUCA is currently finalizing the offering of eight land plots, spreading on 2,855 acres in four cities and carrying an investment target of EGP 230 bn. Lands are located in 6th of October City, Sheik Zayed, New Aswan, and New Damietta; and the projects are expected to vary between residential, touristic, and commercial, according to unnamed sources, Al Borsa reports.

Companies, providing a down payment in dollars, have a priority in the reservation than others. Also, tenders are given to NUCA partnering companies, providing they give NUCA a greater share in the project executed.