The Cabinet was briefed, at its meeting on Thursday, November 5, 2026, on a decision by the New Urban Communities Authority to amend the rules for allocating investment opportunities offered in US dollars through the authority’s electronic portal for foreign investment.
Under the amendment, the installment and price bidding system remains in place, with a new option for full payment under a “first come allocation” mechanism, on condition that the full value of the plot is paid in US dollars transferred from abroad before allocation procedures are completed. The government said the approval comes as part of efforts to boost dollar inflows from abroad.
At the same meeting, the Cabinet approved a draft presidential decree approving a non refundable grant of 100 million Chinese yuan from the Chinese government to finance development projects, and a draft presidential decree amending the boundaries of New Luxor City to an area of 11,132.65 feddans, to make room for tourism, hotel, housing and education activities.
The decision comes as the official dollar selling rate at the Central Bank of Egypt stood at EGP 54.01 on Thursday, and on the same day the Cabinet approved a plan to rationalize public spending that requires Finance Ministry approval for any foreign currency spending by government bodies and bans contracting for works that may require securing foreign currency.
Photo: AmrAmin via Wikimedia Commons (CC BY-SA 4.0)
