New Urban Communities Authority (NUCA) in Egypt has activated the new real estate executive rule giving mayors and various real estate entities more powers.
Egypt Minister for Housing, Mostafa Madbouly met with the heads of governorate entities and deputy heads of NUCA in Egypt after receiving approvals for the new executive rule by the NUCA’s Board of Directors.
According to the Minister NUCA in Egypt will activate the executive rule by increasing the powers of governors and real estate entities, as well as creating grievance committees to solve investors’ problems.
He added that there has been a misunderstanding in terms of power in the real estate industry therefore with the new terms the field will change.
Mostafa also added that the rule was distributed to the heads of cities, noting that the NUCA in Egypt will hold regular meetings with them ensuring that the meetings will be attended by aides from the ministry of housing so further give explanations on how the rule will be implemented.
The minister also added that the Authority will be aiming to increase investment, through fast decision-making, where real estate entities in new cities will take their own actions.
Madbouly explained that the ministry’s policy tends to encourage investments in the cities of Upper Egypt in particular, where land will be provided to investors at fixed prices with facilitated procedures.
Authority heads will grant lands on demand, as the rules and regulations of the executive rule allow for providing incentives and advantages.
