Eng. Nabil Abbas, First Deputy Chairman of New Urban Communities Authority (NUCA), has denied the exit of United Arab Emirates’ firms from the real estate market after the initial agreement on settling debts and resolving outstanding problems. Sheikh Khalifa Bin Zayed City, being built in New Cairo with a grant from the President of the United Arab Emirates, is in the agreement phase, he noted.
Abbas warned of a plot to strike the economy with the aim of raising the prices of lands through speculation at auctions, pointing out that he has given instructions for the new city authorities to stop selling lands through auctions until implementing a new mechanism to sell lands because the prices paid at auctions do not represent the nominal value of the lands, according to Al Gomhuria.
During the inauguration of Investors and Citizens Services Center in 15th of May City by the Minister of State for Administrative Development Dr. Ahmed Samir and Nabil Abbas, the Minister stated that the aim of the project is developing the state’s administrative body and saving citizens’ time during asking for services.
