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 ongoing work in the authority and the new cities, focusing on financial flows and expenditures.
Boosting Local and Foreign Investment
During the meeting, the minister discussed the results of implementing various mechanisms to offer land and investment opportunities in the new cities, catering to both local and foreign investors. He also reviewed proposals to update and enhance these mechanisms to maximize NUCA’s benefits and accelerate the pace of urban development. The progress of public-private partnership projects was also addressed.
Maximizing the Land and Housing Units Bank
Minister El-Sherbiny emphasized the importance of continuing efforts to create more investment opportunities and optimize the use of NUCA’s land and housing units. This will drive development in the new cities, improve services, increase attractiveness, and boost occupancy rates.
Advancing Development and Work Rates
The minister further announced that regular meetings would be held under his leadership to monitor the progress of work at NUCA and in the new cities. These meetings aim to accelerate development, create an attractive environment for both local and foreign investors, and contribute to Egypt’s economic growth. He highlighted NUCA’s critical role in the country’s urban expansion and the creation of new cities.
Dr. Waleed Abbas, Vice Chairman of NUCA for Planning and Projects, presented details and proposals to enhance the investment mechanisms. These include opportunities for domestic investors and foreign investments, particularly through dollar transfers from abroad.