News

Egyptians Invest EGP 13 Billion in Dubai Real Estate in 2016

Egyptians Invest EGP 13 Billion in Dubai Real Estate in 2016

Top-best-hd-wallpapers-dubai-skyline-hd-wallpapers-imagen-by-balamuda

Despite a strong push by the Egyptian government for investment in the country, Egyptians appear to be looking abroad.

The Dubai Land Department of the United Arab Emirates said Egyptians invested a total of EGP 13 billion ($US 650 million) in real estate in Dubai in 2016.

According to the statement, which was reported by MENA, outside investors from the Gulf Cooperation Council states, Egyptians were the top Arab investors.

The investments came from 1,364 Egyptians who managed to spend more than investors from countries such as Algeria, Iraq, Jordan, and other Arab countries.

Despite the high number, the report found that Egyptians actually spent less than they did in 2015. In 2015, Egyptians spent EGP 14 billion ($US 700 million) on properties in Dubai.

Given a shortage of foreign currency reserves, the high investments by Egyptians overseas is likely to irk the government. Egypt has placed several measures to limit the accessibility to US dollars by Egyptians living in Egypt.

Egypt’s foreign reserves reached $US 23 billion by the end of November, rising $US 4 billion from $US 19 billion in October.

Egypt’s foreign exchange reserves prior to the 2011 revolution amounted to around USD 36 billion, before the country entered a period of political and economic turmoil that negatively impacted tourism and foreign investments.

Egypt High Court Declares Void Transfer of Tiran and Sanafir to Saudi Arabia
Medicine Prices in Egypt Increased by up to 20%

Subscribe to our newsletter


News

More in News

Egypt’s Unemployment Rate Down to 10 Percent in Q3 of 2018

Egyptian StreetsNovember 16, 2018

Egypt ‘Appreciates’ and ‘Trusts’ Final Saudi Investigation into Khashoggi Killing

Egyptian StreetsNovember 16, 2018

Archaeological Mission Unearths Ancient Pregnant Woman Burial

Egyptian StreetsNovember 14, 2018

Egyptian MP to Submit Bill Omitting Religion from National IDs to Parliament

Egyptian StreetsNovember 12, 2018

British Parliament Encourages Lifting the Travel Ban Imposed on Sharm El Sheikh

Nour EltiganiNovember 11, 2018

Egyptian Film ‘Yomeddine’ Wins at Geneva Film Festival

Mirna AbdulaalNovember 10, 2018

UN: Food Aid to Be Doubled to 14 Million Yemenis to Avert Starvation

Mirna AbdulaalNovember 10, 2018

Bedouin Tribes of ‘Sinai Trail’ Get Backing From Egypt’s Ministry of Tourism

Mirna AbdulaalNovember 10, 2018
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.