A screenshot of Egypt's portal for investments in new cities
Through the portal, investors can gain access to a comprehensive set of resources, granting them access to monthly investment prospects in new cities, El-Gazzar said Monday in a statement on Facebook.
The Arabic-language platform also offers land plots larger or smaller than five acres, as well as options for usufruct rights and shares-in-kind.
“Investors can submit online applications through the portal to reserve these opportunities from the first to the 15th of each month,” he said.
The ministry developed an instructive video to outline the portal launch and investment prospects available.
"Once the offer period comes to a close, the applications will undergo a thorough review and evaluation," Deputy Housing Minister Walid Abbas said.
Abbas explained that in cases where additional documents or information are required to complete an application, the concerned applicants will receive an email within two business days outlining the specific requirements. Applicants will then be given two business days to fulfil these requirements and provide the necessary information.
“If the company is successful in securing the investment opportunity, it is obliged to complete the reservation formalities in accordance with the price submitted in the financial bid. Conversely, if a company is not successful, the reservation fee will be promptly refunded to the same account from which it was originally paid," he added.
Highlighting the commitment of the New Urban Communities Authority to promote investment in new cities, Abbas concluded by informing investors that any request to withdraw a reservation can only be demanded until the 16th day of the month. After this date, withdrawals will no longer be permitted, encouraging a stable investment environment and supporting the authority's efforts to attract long-term investments in these new urban areas.