Minister of Housing, Utilities, and Urban Communities, Assem El Gazzar, announced on Saturday that the New Urban Communities Authority (NUCA) has temporarily suspended its recently implemented land allocation system. This system had been giving priority to applicants paying in dollars from abroad.
During this suspension period, the ministry will carefully assess all allocations related to the system to ensure alignment with the Central Bank of Egypt’s foreign exchange policies.
However, El-Gazzar clarified that non-Egyptian investors and companies will be exempt from this decision.
In late 2022, amidst a foreign currency liquidity crisis, Egypt established a land allocation system that allowed the direct allocation of land to foreign investors. Unlike the usual bidding processes, foreign investors were not required to participate. The condition was that the full value of the land had to be paid in dollars and transferred from outside Egypt.
