Egypt approves sale of land plots in USD in eight cities to 34 foreign companies

Doaa A.Moneim , Thursday 23 May 2024

Egypt’s New Urban Communities Authority (NUCA) has given the green light for the sale of land plots in eight cities to 34 foreign companies, all priced in US dollars, read a cabinet statement on Wednesday.

NUCA
Photo: NUCA

 

At its weekly meeting held at its headquarters in the New Administrative Capital, the cabinet was briefed on the approval granted by the NUCA Board of Directors on 1 April, regarding requests for the allocation of land plots to several companies. The allocations are to be conducted under the system of selling land in US dollars to entities outside the country.

The land plots are in New Cairo, New Damietta, New October, Badr, Obour, 10th of Ramadan, New Suez, and Sheikh Zayed.

The companies are anticipated to implement various activities in their projects, ranging from commercial residential, commercial, administrative commercial, integrated urban, commercial recreational, hotel residential, residential administrative commercial, medical administrative commercial, investment urban, food industries, industrial, warehouses except for food and pharmaceutical, workshops complex, and ready-made garments.

In January, the cabinet approved the sale of specific land plots to foreign companies in US dollars, as one of several actions it has taken to replenish the US dollar liquidity in the local market to address an over two-year US dollar crunch.

To establish a wide range of projects, the land plots are located in the cities of New Borg El-Arab, New Cairo, October Gardens, New Damietta, Badr, New Sphinx, New October, 10th of Ramadan, New Sohag, 6th of October, Sheikh Zayed, Obour, Sadat, New Aswan, and Shorouk.

This action also came in response to a request by a group of foreign companies to the NUCA to buy the lands in greenback.

Egypt is engaged in an IMF-backed $8 billion loan programme until 2026. The programme is designed to address the Egyptian economy’s imbalances, help the country attract more foreign direct investments, unleash the potential of the private sector to play a greater role in the country’s economy, and reduce the government footprint in economic activity.

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