The Board of Directors of the New Urban Communities Authority (NUCA), in its session chaired by Engineer Sherif El-Sherbiny, Minister of Housing, Utilities, and Urban Communities, has approved the extension of the incentives and facilitation measures previously issued in Board Resolution No. 191 dated May 16, 2024. These measures apply to a wide range of investment projects in new cities, including activities such as integrated urban development, mixed-use urban investment, and various service sectors, for an additional year. This decision aligns with the state’s policy to support investment and encourage investors.
The Minister of Housing emphasized that the validity of the incentives and facilitation measures will be subject to the following conditions: the land plot must be in good standing in all aspects (financial, legal, executive, and real estate-related), and the company must comply with scheduled deadlines for payments, land handovers, and other obligations, as detailed in Board Resolution No. 194 of 2024 and its amendments. The provisions of Board Resolution No. 180 dated May 23, 2023, and Resolution No. 191 of 2024 will also apply.
The Minister further allowed real estate investment companies to benefit from these facilitation measures at any time, provided they submit their request during the validity period of the incentives. Additionally, the NUCA Board of Directors approved the continued implementation of the Cabinet’s decision to apply a 15% interest rate on installment payments by real estate developers and investment projects until May 15, 2026, pending final approval by the Cabinet.