Arab Finance: The New Urban Communities Authority (NUCA) and the Future of Egypt Authority for Sustainable Development signed a cooperation protocol to develop land owned by both entities and pursue joint urban and investment projects, as per a statement.

The protocol seeks to increase the economic returns generated from land and other assets owned by the two entities. It also supports the development of integrated urban communities, investment growth, and sustainable development in line with Egypt Vision 2030.

Under the protocol, the two sides will jointly prepare technical and economic studies for the targeted projects to assess their investment feasibility.

They will also coordinate the tendering, marketing, and promotion of the projects and seek to attract local and international investors.

Joint technical and financial committees comprising representatives of both entities will follow the implementation of the projects, coordinate between their respective teams, and address obstacles that emerge during the execution phases. The committees will also monitor progress against the agreed timelines.

The partnership will combine the technical expertise and implementation capabilities of NUCA and the Future of Egypt Authority to develop urban and investment projects.

The government expects the projects to improve asset utilization, attract investment, and create employment opportunities.