Cabinet Approves Sale of Allocated Lands to Foreigners for US Dollars
These lands are allocated for such purposes as residential, hotel, commercial, administrative, investment and urban development.
The Egyptian Cabinet has approved the sale of allocated lands to foreign entities in 11 cities for US dollars. This decision encompasses requests totalling 62 applications for land allocation from foreign companies which have not been disclosed. The designated cities include New Damietta, October Gardens, New Obour, New Assiut, New Sohag, New Cairo, New October, Badr, Al Shorouk, Tenth of Ramadan, and New Borg El Arab.
The decision was made during the Cabinet's weekly meeting, with approval from the Board of Directors of the New Urban Communities Authority. These lands are allocated for such purposes as residential, hotel, commercial, administrative, investment, medical, urban development, recreational, textile and garment industries, food industries, car service stations, sports fields, and other activities as specified in the resolution.
This comes amidst a foreign currency shortage which has curbed local business activity and led to backlogs at ports and delays in payments for commodities across Egypt.
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