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The Minister of Housing, Utilities and Urban Communities in Egypt, Randa El-Menchawy, announced the establishment of a new mechanism under the name of "privatization of the precedence of the reservation", as of the launch of this November, through the portal of foreign investment of the New Urban Communities Authority, allowing Egyptian and foreign qualified companies to reserve investment land, in exchange for the obligation to pay the full value of the land in US dollars transferred from abroad.
She explained that the new mechanism comes within the framework of the ministry’s efforts to facilitate the procedures for investors to obtain land, diversify the offering and allocation systems, and accelerate the pace of investment and development in new cities, in order to support the state’s orientations towards the export of Egyptian real estate.
The minister said that the progress procedures include registering the company on the portal, conducting a bank transfer from abroad through the SWIFT system with a minimum of 100 thousand US dollars, in addition to paying $5500, of which $5000 is added to the balance of the company’s e-wallet, and $500 is collected as a non-refundable study expense.
The procedures for applying include a bank transfer from abroad with a minimum of $100,000 and a repayment of $5500
For his part, Walid Abbas, Deputy Minister of Housing for Urban Communities, explained that the reservation of the investment opportunity is made electronically immediately after the company that meets the requirements of the reservation request, and the completion of the required bank transfer from abroad, with the cessation of receiving other requests for reservation on the same land, provided that the company is committed to transfer the full value of the US dollar from abroad within a month from the date of notification, and before the completion of the allocation procedures, and confirmed that in the event of non-compliance with the payment of the full value of the land within the specified period, the amount of 100 thousand US dollars of the amount paid is confiscated, and the initial reservation of the land is canceled, in accordance with the organized controls.
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