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East Port Said investors seek extensions for development leases - Daily News Egypt

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East Port Said investors seek extensions for development leases

By Sherif Serag A number of East Port Said investors called on the New Urban Communities Authority (NUCA) to negotiate settlements to avoid reclaiming land plots in the area. Daily News Egypt learned of a meeting held between a number of investors and General Kamal Aldeen, First Deputy of the NUCA, at which investors called …


By Sherif Serag

A number of East Port Said investors called on the New Urban Communities Authority (NUCA) to negotiate settlements to avoid reclaiming land plots in the area.

Daily News Egypt learned of a meeting held between a number of investors and General Kamal Aldeen, First Deputy of the NUCA, at which investors called for the authority to negotiate settlements instead of reclaiming land they acquired more than a decade ago.
During its meeting in early July, the cabinet ordered the NUCA to withdraw 42 million square metres from delinquent investors according to a resolution passed last January 30th.

The investors requested that the NUCA grant them more time to develop the lands, particularly in light of the fact that a number investment companies had commenced work before the withdrawal process. Investment companies attributed their inability to develop the land to impediments such as corruption. Legal officers in the NUCA notified the investors of the necessity to present the issue to the General Fatwa Authority or put the matter to the cabinet.

Topics: Business

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https://www.dailynewsegypt.com/2012/07/25/east-port-said-investors-seek-extensions-for-development-leases/
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