NUCA offers land to foreign investors for purchases in US dollars: Egypt

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The Minister of Housing, Utilities, and Urban Communities, Assem El-Gazzar, announced the details of new measures allowing companies outside Egypt to buy land in new cities and pay in US dollars, according to an official statement on December 29th.

The new measures allow companies co-founded by a foreign partner to apply for the allocation of land offered by the New Urban Communities Authorities (NUCA) based on a set of regulations.

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

Applications shall include the location and space of the land, in addition to the city it is located in and the activity of the planned project, Abbas added.

He noted 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 submission date.

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