Egypt authorizes land facilities in new cities to incentivize investors

NUCA raised the built-up area (BUA) for integrated urban activities by 10 percent and also increased the BUA from 12 percent to 15 percent, depending on the terms of contracts between clients and investors, according to a statement realeased by the Ministry of Housing on Wednesday. 

The BUA for investment urban activities (mixed-use) and service projects were both raised by five percent, according to the statement.

Minister of Housing Assem El-Gazzar explained that the updated incentives included a 20 percent extension of the implementation period for urban, investment, and services projects based on the terms specified in the allocation contracts, exclusively for ongoing projects.

NUCA is exploring the possibility of categorizing 80 percent of services, investments, or urban projects as fully completed, provided that all utilities and landscaping tasks are finished.

El-Gazzar emphasized the importance of investors following the building's height limits and constructing parking spaces within their projects.

The benefits are valid for one year and require the prime minister's approval, he added.

The Egyptian government has recently created a new portal that provides investors with a comprehensive range of resources, including monthly listings of investment opportunities, in new cities.