Saturday 19 Oct
Engineer Sherif El-Sherbiny, Minister of Housing, Utilities, and Urban Communities, announced the opening of a new window starting today, Tuesday, October 1st, at 10 AM, for foreign investors to submit applications in foreign currency through the 'Foreign Investment Portal.' This portal is designed to facilitate investments in all urban activities within new cities, excluding industrial and workshop activities.
The Minister emphasized that
applications can only be submitted from outside Egypt and are accepted from the
1st to the 7th of each month. The Foreign Investment Portal is accessible 24/7
for your convenience.
To apply, foreign investors must
create an electronic account on the portal and activate it using their
registered email address. Subsequently, they should provide details about their
company, including its registered activities, and upload all necessary
documents proving ownership. These documents must be translated and certified
by the Egyptian consulate.
Investment applications are
considered on a monthly basis, from the 1st to the 7th of each month. Investors
must specify their preferred activity, city, location, and desired land area.
Dr. Walid Abbas, Deputy Chairman
of the New Urban Communities Authority for Planning and Projects and Supervisor
of the Minister's Office, explained that applicants will be required to pay a
study fee. Once the application is submitted, a confirmation email or SMS will
be sent to the investor.
If a suitable plot of land is
available, the Authority will notify the investor by the 20th of the month. The
investor must then submit all required documents and a serious reservation
within the following month, from the 21st to the 7th.
A specialized committee will
review the submitted documents and present them to the Authority's Board of
Directors for final approval. The process will only proceed if all documents are
complete and accurate.
It is worth noting that no proxies or authorizations are accepted.
