Cairo – Engineer Sheref El-Sherbiny, Minister of Housing, Utilities, and Urban Communities, and Chairman of the New Urban Communities Authority (NUCA), held a meeting yesterday with NUCA officials to review the progress of work across the authority and new city projects, including financial flows and expenditures.
During the meeting, the minister reviewed the outcomes of various mechanisms used to offer land and investment opportunities in new cities, catering to both local and foreign investors. He also discussed proposals to enhance these mechanisms to maximize the benefits for NUCA and accelerate the development of new urban areas. The meeting also touched on the status of public-private partnership projects.
Minister El-Sherbiny emphasized the need to continue efforts to provide more investment opportunities and optimize the use of land banks and housing units under NUCA’s control. This will help drive the growth of new cities, improve service provision, increase appeal, and raise occupancy rates.
He further announced plans to hold regular meetings to monitor the progress of work at NUCA and its affiliated cities. The goal is to boost development, create a favorable environment for both local and foreign investments, and contribute to the growth of Egypt’s economy. The minister highlighted NUCA’s critical role in the country’s urban expansion and the establishment of new cities.
Dr. Waleed Abbas, Vice Chairman of NUCA for Planning and Projects, also presented details and proposals for enhancing investment mechanisms, including opportunities for both domestic investors and foreign investments in foreign currency transferred from abroad.