Dr. Hassan El-Shorbagi, Deputy Chairman of the New Urban Communities Authority, and Dr. Accountant Mohamed Abdel Hamid visited New Minya City to oversee real estate transactions, land sales, and residential unit sales. The visit also aimed to assess the implementation of facilities provided to customers. Engineer Ahmed Mostafa and several officials from the city’s administration accompanied them. This visit aligns with the Minister of Housing’s directives to monitor projects and administrative procedures and maximize resource utilization in new cities.
During the visit, the Head of the New Minya City Authority announced that land sales had reached $38 million and EGP 900 million in the current fiscal year. Additionally, residential units in the “Sakan Misr” project were sold for approximately EGP 400 million. The city also recorded the sale of commercial shops and land plots designated for residential and craft projects within the “Bait Al-Watan” project, with transactions conducted in U.S. dollars.
Dr. Hassan El-Shorbagi emphasized the importance of enhancing efforts to attract investments and encourage investors while ensuring the removal of administrative obstacles. He stressed adherence to legal procedures in real estate management, including notifying investors of board decisions. Moreover, he highlighted the necessity of collecting the remaining down payment amounts and penalties for delayed payments within the designated deadlines. During the visit, officials reviewed client transfer requests, revealing that the collected amounts during the five-month facilitation period equaled the total collected over an entire year before introducing these measures.
