NUCA introduce streamlined mechanisms for handling land investment requests in new cities

The New Urban Communities Authority (NUCA) has approved new and improved mechanisms for processing land investment requests in Egypt’s rapidly developing new cities. During a recent board meeting chaired by Minister of Housing, Utilities, and Urban Communities Sherif El-Sherbini, these updates were introduced to streamline the process for foreign investors and align with NUCA’s resolutions from 2023 and 2024.

One of the key updates involves foreign investments. All investment opportunities in new cities, denominated in USD, will now be handled through the Foreign Investment Gateway. This exclusive portal is open to foreign companies, foreign-owned Egyptian companies, and Egyptian companies with at least 60% foreign ownership. These companies must have been established for over a year and operate via overseas branches.

The portal provides an efficient way for investors to apply for opportunities outside of the industrial sector. Applications are accepted during the first week of each month, with responses provided by the 20th based on availability. Investors are required to pay 5% of the land value in USD, transferred from abroad, within a specific window to secure their opportunity.

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Additionally, NUCA has introduced strict guidelines to ensure the financial viability of applicants. These include requirements for companies to maintain proof of dollar reserves for six months and submit a non-refundable application fee of $500 per opportunity. Payments must be made in USD from overseas, ensuring that foreign investments contribute directly to Egypt’s economy.

Minister El-Sherbini emphasized that the updated procedures reflect NUCA’s commitment to enhancing the investment environment and attracting foreign capital. New measures also restrict newer companies from acquiring multiple plots of land, ensuring that progress is demonstrated before further investments are approved. This guarantees that projects proceed at a meaningful pace, supporting Egypt’s development goals.

NUCA’s new mechanisms promote transparency and efficiency, ensuring timely processing and approvals. The updates reinforce Egypt’s position as a prime destination for international investors seeking opportunities in emerging urban areas, paving the way for sustainable growth and economic progress.