Housing projects in the New Administrative Capital. (NUCA).
The NUCA raised the built-up area (BUA) for integrated urban activities by 10 percent and also increased the BUA from 12 percent to 15 percent, depending on the terms of contracts between clients and investors, according to a statement realeased by the Ministry of Housing on Wednesday.
The BUA for investment urban activities (mixed-use) and service projects were both raised by five percent, according to the statement.
Minister of Housing Assem El-Gazzar, who is also the chairman of the Board of directors of the NUCA, explained that the updated incentives included a 20 percent extension of the implementation period for urban, investment, and services projects based on the terms specified in the allocation contracts, exclusively for ongoing projects.
The NUCA is exploring the possibility of categorizing 80 percent of services, investments, or urban projects as fully completed, provided that all utilities and landscaping tasks are finished, El-Gazzar said.
He emphasized the importance of investors following the building's height limits and constructing parking spaces within their projects.
The benefits are valid for one year and require the prime minister's approval, El-Gazzar added.
The Egyptian government has recently created a new portal that provides investors with a comprehensive range of resources, including monthly listings of investment opportunities, in new cities.
Better investment atmosphere
In mid-May, the restructured Supreme Council for Investment authorized 22 decisions aimed at promoting foreign direct investments (FDIs) and private investments in Egypt.
These decisions involve numerous proposals for legislative amendments, which the government intends to present to Parliament for voting in the near future.
Prime Minister Mostafa Madbouly has recently announced that foreigners will be permitted to own property in Egypt without restrictions, subject to specific regulations.