Housing min. announces mechanism of allocating investment lands in new cities

Housing Minister Assem el Gazar announced the mechanism of allocating investment lands in the new cities according to the demand for companies abroad which are due to pay in dollars.

The companies – whose founders include a foreign partner – are allowed to file for allocating any of auctioned lands on the website of the New Urban Communities Authority http://www.newcities.gov.eg/Investment/$/default.aspx.

The investor companies apply for the allocation of a piece of land and the application should include the location of the land and its area, housing minister assistant for New Urban Communities Authority affairs Waleed Abbas said.

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