New 'Foreign Investment Gateway' Facilitates Land Investment in Egypt
The online portal aims to facilitate a smoother experience for foreign investors in Egypt’s new cities.
The Ministry of Housing, Utilities, and Urban Communities has announced the launch of the New Urban Communities Authority's (NUCA) ‘Foreign Investment Gateway’ to facilitate land investment in new Egyptian cities. The online portal facilitates investor inquiries as well as requests for specific investment opportunities for all tracts of land in new cities, payable in US dollars from abroad.
Currently only available in Arabic, the platform is part of Egypt’s digital transformation plan, aiming to bolster foreign investment. Once prospective investors have registered for the platform, investors will be able to apply for available investment opportunities. Should they not have the relevant details for a plot of land, the portal can also be used to make inquiries for information.
These inquiries can be made from the 1st to the 7th of each month. From the 8th to the 14th, responses will be provided by NUCA officials through the platform; if the plot is available, investors can complete necessary procedures and provide documentation from the 15th to the 30th. NUCA’s Board of Directors will then carry out the official allocation of plots of land once the application process has been completed.
The new gateway is one of the most recent measures taken by Egypt to secure more foreign currency, since the passing of recent laws allowing rights of purchase and ownership of land by foreign individuals and companies. In September 2023, total investments in Egypt’s new cities reached USD 22.82 billion.
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