Egypt has launched a 79-feddan investment opportunity in New Cairo's Sixth Settlement for the development of a fully integrated urban community, the Minister of Housing Sherif El-Sherbiny announced Monday. The land, located near the Ring Road and the Katameya–Ain Sokhna highway, is owned by the Social Housing and Mortgage Finance Fund and will be offered under a 100 per cent cash system. The New Urban Communities Authority (NUCA) will oversee the tendering, awarding and contracting process, the statement said. Investors are required to pay a 50 million Egyptian pound reservation deposit by Sept. 15, followed by an advance payment of 200 million pounds within three months of board approval. Applications must be submitted in person at NUCA's headquarters with both technical and financial offers, said Kamal Bahgat, the fund's deputy CEO. He added that investors may withdraw their bids within one working day after the submission deadline. Attribution: Amwal Al Ghad English Subediting: M. S. Salama Subediting: Y.Yasser
