Housing Minister Mostafa Madboly said that his ministry is committed to support the real estate sector through providing large and medium-sized areas of land with basic facilities. He added that the ministry seeks to attract foreign investment, especially from Arab countries, to participate in the establishment of new real estate projects, including the New Administrative Capital, New El Alamein City, and East Port Said City. Madboly explained that the new real estate regulations of the New Urban Communities Authority imply clear measures of offering land and contracts, which preserve the state’s right in dealing with only serious investors. A higher committee for compensation will be formed and its permanent headquarters would be at the Ministry of Housing. The compensation committee would present a report to the cabinet for approval every three months.

Source: Daily News Egypt January 21, 2017 15:27 UTC