{"id":582326,"date":"2023-03-07T00:00:00","date_gmt":"2023-03-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/07\/nuca-to-offer-cut-price-land-to-investors-paying-up-front-in-fx\/"},"modified":"2023-03-07T00:00:00","modified_gmt":"2023-03-07T00:00:00","slug":"nuca-to-offer-cut-price-land-to-investors-paying-up-front-in-fx","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/07\/nuca-to-offer-cut-price-land-to-investors-paying-up-front-in-fx\/","title":{"rendered":"NUCA to offer cut-price land to investors paying up front in FX"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">The New Urban Communities Authority (NUCA) is trying to sweeten the deal for foreign <\/span><span style=\"font-weight:700\">investors considering purchasing land in Egypt <\/span><span style=\"\">with a discount for immediate payment in hard currency, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3Zq9U0u\" style=\"\">Al Mal<\/a><\/span><span style=\"font-weight:400;\">. The authority will reportedly hand investors a 15% discount on the price of land if they pay the total sum up front using hard currency held abroad, the newspaper says.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Installments are also available: <\/span><span style=\"\">I<\/span><span style=\"\">nvestors will reportedly be able to pay for the land in <\/span><span style=\"\">installments using USDs, taking into account the average interest rate of USD certificates at state-owned banks during the time of the repayment. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">No USDs, no problem: <\/span><span style=\"\">NUCA has approved a decision to allow local and foreign investors to <\/span><span style=\"font-weight:400;\">pay their installments in EGP, taking into account the central bank\u2019s interest rate and the USD exchange rate at the payment day, provided that the installment period doesn\u2019t exceed three years. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The state really wants hard currency:<\/span><span style=\"\"> The attempt to tempt foreigners to purchase land with <\/span><span style=\"\">foreign currencies is one of a number of ways the government is looking to bring in greenbacks and end the FX shortage. It is trying to encourage Egyptian expats to import cars and pay customs and taxes in FX via a <\/span><span style=\"font-size:10.5pt;\">\u2014 <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/03\/01\/mps-approve-changes-to-expat-car-import-scheme-98276\/\" style=\"\">so far unsuccessful<\/a><\/span><span style=\"\"> \u2014 scheme that launched in November, while <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/10\/23\/cabinet-to-introduce-investment-incentives-for-fx-backed-industrial-projects-84738\/\" style=\"\">proposed amendments to the Investment Act<\/a><\/span><span style=\"font-weight:400;\"> would hand tax breaks to companies that use FX to fund local projects.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Who\u2019s eligible? <\/span><span style=\"\">Investors wanting to purchase state-owned land for various uses, with the <\/span><span style=\"font-weight:400;\">exception of industrial activities and warehouses. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Background:<\/span><span style=\"\"> The cabinet <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/12\/08\/it-just-got-easier-for-industry-to-get-golden-licenses-90643\/\" style=\"\">approved the sale<\/a><\/span><span style=\"\"> of a state-owned plot in Sadat City to an unnamed <\/span><span>Gulf investor in December, setting a precedent to approve similar cases where foreign investors agree to pay for land in FX. Walid Abbas, assistant housing minister and supervisor of planning and projects at NUCA, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/17\/hccd-reportedly-in-talks-to-sell-land-to-gulf-investors-93738\/\" style=\"\">said the following month<\/a><\/span><span> that NUCA had received \u201cmany requests by Arab and foreign investors\u201d to purchase state-owned land in USD.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is one of many attempts to bring more FX into the country.<\/p>\n","protected":false},"author":1,"featured_media":582327,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[72,2234,879,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-enterpriseam","tag-foreign-exchange","tag-new-urban-communities-authority","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"af53a522-5ee3-4e42-84ee-2b022ca4a457","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/Zed-city-Sheikh-Zayed-1600.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Egypt\u2019s New Urban Communities Authority to offer land discounts to investors buying with FX","related_issue":[582315],"teaser":"This is one of many attempts to bring more FX into the country.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.adb4ca20-309a-4978-923f-8be7d0a1b6b4.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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The investors are negotiating with the Holding Company for Construction\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/271.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":606340,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/14\/the-government-is-extending-its-land-for-fx-scheme-for-another-6-months-plus-avanz-capital-is-planning-fresh-investment-in-egypt\/","url_meta":{"origin":582326,"position":1},"title":"The government is extending its land-for-FX scheme for another 6 months. PLUS: Avanz Capital is planning fresh investment in Egypt","author":"enterpriseam admin","date":"14 September 2023","format":false,"excerpt":"The initiative is one of many the government has introduced in response to the FX crunch","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/9\/977.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593833,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/10\/nuca-offers-land-plots-worth-egp-35-5-bn-to-investors\/","url_meta":{"origin":582326,"position":2},"title":"NUCA offers land plots worth EGP 35.5 bn to investors","author":"enterpriseam admin","date":"10 October 2019","format":false,"excerpt":"The New Urban Communities Authority (NUCA) has tendered 26 mixed-use land plots worth EGP 35.5 bn in Sixth of October, Sheikh Zayed, New Cairo, and El Shorouk and Sadat cities under a new land tender mechanism, Housing Ministry sources told the press. In related news: NUCA has granted Al Arabia\u2026","rel":"","context":"In &quot;Real Estate + Housing&quot;","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":602063,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/18\/egypts-nuca-issues-new-regulations-for-land-allocation-process\/","url_meta":{"origin":582326,"position":3},"title":"Egypt\u2019s NUCA issues new regulations for land allocation process","author":"enterpriseam admin","date":"18 March 2019","format":false,"excerpt":"REGULATION WATCH- NUCA issues new regulations governing how land is allocated: The New Urban Communities Authority (NUCA) has approved a new regulatory framework for how land is allocated to investors for service and mixed-use projects, Housing Minister Assem El Gazzar said. Under the new regulations, NUCA will be required to\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":621248,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/04\/nuca-rescinds-decision-to-seize-land-from-21-distressed-factories\/","url_meta":{"origin":582326,"position":4},"title":"NUCA rescinds decision to seize land from 21 \u201cdistressed\u201d factories","author":"enterpriseam admin","date":"4 November 2018","format":false,"excerpt":"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\u2019s 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\u2026","rel":"","context":"In &quot;Other Business News of Note&quot;","block_context":{"text":"Other Business News of Note","link":"https:\/\/enterpriseam.com\/egypt\/category\/other-business-news-of-note\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":635696,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/11\/nuca-finishes-urban-planning-on-20-plots-of-land-in-new-alamein\/","url_meta":{"origin":582326,"position":5},"title":"NUCA finishes urban planning on 20 plots of land in New Alamein","author":"enterpriseam admin","date":"11 December 2017","format":false,"excerpt":"The New and Urban Communities Authority (NUCA) is planning to tender 20 land plots at the New Alamein City by 1Q2018 to real estate and commercial developers, sources at the Housing Ministry tell Al Borsa. NUCA has already received requests from local and Arab investors.","rel":"","context":"In &quot;Real Estate + Housing&quot;","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/582326","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=582326"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/582326\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/582315"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/582327"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=582326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=582326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=582326"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=582326"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=582326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}