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Egypt offers land in exchange for dollars


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Ahmed Ismail, head of the New Nubaria Development Agency, west of the Egyptian capital Cairo, said 9 investment plots of 19,980 square meters have been sold.

He explained that the sale took place with an investment of £131 million, most of which was in US dollars transferred from outside the country.

However, Ismail added that financial receipts are mainly transferred in dollars from abroad, which helps to increase the country’s foreign exchange reserves and carry out various activities that contribute to improving the life of city residents, increasing occupancy, providing services, commensurate with the current and future expansion of the city and attracting residents in new areas.

He noted that 15 stores in various commercial markets were listed and sold at public auction at prices ranging from £13,000 to £63,000 per square meter to create new jobs and provide a variety of activities.

He pointed out that the most important utility projects in the new city of Nubaria are currently the £324 million wastewater treatment plant expansion project with a capacity of 22 thousand m3 / day, where the project’s initial bill of work has been completed, and work is also underway on a dedicated residential area with ahead of the pace of implementation and other engineering work.

He explained that the work that was carried out and is being carried out included the arrangement of entrances to the city along a desert road, improving the efficiency of electricity, roads, engineering networks, green spaces, planting fruit trees, creating an entrance to the city for those arriving from the direction of Cairo and the improvement of the efficiency of several roads, resulting in an attractive environment for investment in the city.

Source: Cairo 24

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