Egypt offers land to foreign investors for housing projects

Egypt is offering a large plot of land in its satellite Cairo city to foreigners to invest in housing projects, a local newspaper reported on Friday. 

The New Urban Communities Authority (NUCA) unveiled the offer which involves nearly 597 acres (2.4 million sq metres) of land in New Cairo City, the Arabic language daily Addustoor said, quoting a statement by the Authority. 

Investors interested in such offers must pay in US dollars to the Authority, which set terms for construction projects in that area, the report said. 

NUCA Director Amin Ghunaim said investors must embark on construction projects within five to six years after obtaining land. 

Projects could include houses, villas,  schools, clubs, shops, amusement centres and other facilities, Ghunaim said. 

“Non-housing facilities must be built on 8-12 percent of the allotted land while the remaining areas could be allocated to towns, houses and villas,” he added.