NUCA rescinds decision to seize land from 21 “distressed” factories

The New Urban Communities Authority (NUCA) has rescinded a decision to seize land from 21 investors from the New Cairo 1,000 factories project, NUCA’s deputy head of real estate and commercial affairs Tarek El Sebaie said. The investors have been granted a final three-month ultimatum to begin construction. The Industrial Development Authority has previously issued several warnings and ultimatums to investors in the project, several of whom have run into repeated infrastructure and regulatory hurdles since the zone was developed.