Investments in Egypt's New Cities Reach USD 22.8 Billion
To accommodate foreign investors, the government extended the deadline for land purchases with foreign currency until June 2024.
Investments in Egypt's new cities have soared to an impressive EGP 705 billion (USD 22.82 billion), marking a significant milestone in the country's urban development plans. According to Walid Abbas, Deputy Chairman of the New Urban Communities Authority (NUCA), these substantial investments "demonstrate the growing confidence in Egypt's new city projects."
Among these projects, the New Administrative Capital, located southeast of Cairo, has emerged as a focal point of investment, attracting EGP 163 billion thus far. With a sprawling area of 170,000 feddans, the city promises immense economic potential and urban expansion.
In a bid to further enhance public participation and draw more investors, the Administrative Capital for Urban Development (ACUD), which manages the new capital, has announced plans to offer up to 10 percent of its shares on the Egyptian Exchange in the first half of 2024. This move aims to tap into the financial market and encourage both local and international investment.
The NUCA has also experienced a surge in requests for land allocation, with 629 applications received in August and September alone. These requests, totaling 1,089 feddans, highlight the growing interest in investing in Egypt's new cities. To accommodate foreign investors, the NUCA extended the deadline for land purchases with foreign currency until June 2024, underscoring the government's commitment to creating an attractive investment environment.
The economic impact of these new cities extends beyond investments and land sales. The construction of the new capital, expected to accommodate 6.5 million residents upon completion, has generated employment opportunities and stimulated various sectors, such as construction, real estate, and services.
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Nov 27, 2023