Ministry of Housing allocating plots of land in 4 new cities for industrial developer project

The Board of Directors of the New Urban Communities Authority, headed by Dr. Assem El-Gazzar, Minister of Housing, agreed to allocate about 12 million square meters, in 4 new cities (New October - New Fayoum - New Alamein - New Aswan), for a number of industrial developers.

  Industrial developers applied to obtain these lands, to establish an industrial developer project on them, to provide more job opportunities and industrial lands, and to support the comprehensive industrial development plan.

The Minister of Housing stated that the Board of Directors of the Authority agreed to allocate these lands for the establishment of the industrial developer project on them, in accordance with the conditions and controls contained in the decision of the Council of Ministers.

The companies assigned to it must comply with the following controls and requirements:

• The required plot of land is allocated to the company in two equal phases.

• A period of 6 months is granted from the date of receiving the land to issue the ministerial decision for the entire project (two phases) and the necessary licenses for the first phase.

• The total period of implementation of the project shall be (5) years for the two phases together, as a maximum starting from the date of issuance of the first ministerial decision, and a maximum of 6 months from the date of signing the minutes of receiving the plot of land.

Method of Payment

Dr. Walid Abbas, Assistant Minister of Housing for New Urban Communities Authority Affairs, Supervisor of the Authority's Planning and Projects Sector, said:

  The value of the land shall be paid as follows: the advance payment shall be paid at the rate of 10% of the total plot of land available to the developer (the first and second phases together) within 30 days from the date of notification of the approval of the Board of Directors of the Authority on the allocation.

  A contract payment of 15% of the value of each stage shall be paid upon signing the contract, so that the total amount paid shall be 25% for each stage upon conclusion of the contract.

The developer is granted a grace period of two years from the date of payment of the contract payment for the first stage, provided that the remaining 75% of the value of the first stage is paid in (5) equal annual installments, at the industry support interest rate determined from the date of payment, provided that the same interest is applied. On the territory of small factories that are allocated within the project.