NUCA suspends land allocation for overseas USD payers as of June

Updated 6/2/2024 7:50:00 AM
NUCA suspends land allocation for overseas USD payers as of June

Arab Finance: The New Urban Communities Authority (NUCA) has suspended the land allocation system for those paying in the US dollar from abroad starting June, Minister of Housing, Utilities, and Urban Communities Assem El-Gazzar stated.

The suspension decision will be in effect until the system is evaluated as well as its compatibility with the Central Bank of Egypt’s (CBE) policies is reviewed in terms of foreign currency, the minister noted.

However, non-Egyptian investors and companies are excluded from this decision, he added.

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