Urban Development Authority CEO Ibrahim al-Agamy on Monday said the government decided to auction state-owned land for investment. In Sinai, land will be offered on a usufruct basis.
“We want to ensure the seriousness of investors,” he said. “We don’t want investors hoarding land and later selling it at inflated prices.”
Al-Agany said that the lots are complete with necessary infrastructure.
Translated from the Arabic Edition.
