Eng. Sherif El-Sherbiny, Minister of Housing, Utilities, and Urban Communities, held an extensive meeting with Dr. Hassan El-Shorbagy, Vice President of the New Urban Communities Authority (NUCA) for the Real Estate and Commercial Sector, and other officials to review the sector’s progress and the plan for launching new housing units and investment opportunities in the coming period.
The Minister emphasized the need to enhance the financial resources of NUCA and its various city authorities through innovative and unconventional strategies. He stressed the importance of governance in processes and systems within the sector and urged the implementation of mechanisms to accelerate the collection of financial dues, particularly outstanding payments. El-Sherbiny also highlighted the need to create a clear financial vision for each city, which will help shape the development project plans.
Launch of New Units and Investment Opportunities
During the meeting, the Minister discussed with the sector’s officials the plan to offer new residential, commercial, and administrative units, as well as land plots and commercial spaces across different new cities. They also reviewed the revenue plan for legalizing land in newly added areas and investment opportunities involving NUCA’s assets. The Minister directed that a detailed plan be developed through 2030, with monthly financial targets for the next two years.
El-Sherbiny instructed the real estate and commercial sector to form committees to survey all available residential, commercial, and administrative units, as well as available land and other investment opportunities in the new cities. These committees were tasked with completing their work quickly to facilitate the creation of a clear offering plan based on actual availability.
Additionally, the Minister called for expanding the direct availability of housing units through city authorities, a system that has been successful in cities where it was implemented. He also stressed the importance of streamlining procedures and expanding digital platforms to offer services to citizens, in line with the government’s focus on governance, digital transformation, and making processes easier for the public.
Sector Performance Review
Dr. Hassan El-Shorbagy provided a detailed report on the sector’s recent performance, focusing on the policies and rules for utilizing and marketing land and properties in new cities. He outlined the sector’s four main pillars: inventorying available housing, administrative, professional, and commercial units; developing marketing plans in line with the needs of the real estate market; facilitating the sale of these products through appropriate marketing strategies; and addressing issues faced by customers, investors, and developers.
The Vice President explained that the sector is also responsible for proposing solutions to client-related issues and preparing executive recommendations for the NUCA Board to ensure smooth operations and quick problem-solving.
The meeting concluded with the Minister affirming his support for the sector’s employees, encouraging teamwork to achieve the highest possible returns and align efforts toward achieving NUCA’s goals.
