The New Urban Communities Authority (NUCA) has agreed to extend dealing with recent prices of industrial lands in new cities until year-end, which was in effect between January and June, targeting no hikes during this period, Invest-Gate reports.

The offer only applies to full payments; but in case of installments, charges will be added based on the Central Bank of Egypt’s (CBE) lending and deposit rates at settlement time, plus an additional 2% interest, Minister of Housing, Utilities, and Urban Communities Assem El Gazzar said in an official statement on June 28.

This came during a video conference, held in the attendance of ministerial officials, where NUCA also approved the allocation of almost 12 acres in New Cairo to build a number of housing units, with areas ranging from 80 to 120 square meters, according to the statement.

Work will self-financed by the Economic Housing Fund, provided that design, offering activities, and implementation overseeing are carried out by the Construction General Bureau, El Gazzar further noted.