Housing Minister Introduces Land Allocation Reform

The Minister of Housing, Engineer Randah El-Menshawy, announced the approval of a new land allocation system focused on ensuring seriousness and transparency. The system manages land allocation by directing it toward the most capable companies for implementation, according to predetermined timelines. It includes full payment of the purchase price upon application, reflecting the companies’ seriousness and reducing land speculation. Additionally, an electronic platform has been introduced for foreign investors’ transfers to facilitate financial transactions and offer greater flexibility in the use of funds. The allocation mechanisms vary to meet investors’ needs, including sales in local currency or foreign currencies, usufruct licensing, and deduction of dues. The system also specifies different implementation periods depending on the project's size and nature to ensure actual execution and reduce unused land. Strict oversight is applied to guarantee the seriousness of companies and to achieve urban development and economic growth objectives.

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