NUCA disburses EGP 2 bn of compensation payments to contractors

The New Urban Communities Authority (NUCA) has disbursed EGP 2 bn in compensation payments to contractors for losses incurred after the EGP float, NUCA Vice Chairman Abdel Moteleb Mamdouh said, Al Borsa reports. NUCA has disbursed the largest sum of compensation payments under the Contractors’ Compensation Act, which has helped contractors remain on schedule for completing NUCA’s real estate projects, according to Mamdouh. We had noted back in August that deliveries on social housing projects have been pushed back as some contractors halted development following delays in disbursing their compensation under the Contractors’ Compensation Act.