Egypt is set to establish a dedicated company overseeing real estate export and leasing activities, reported state media Al-Ahram. Anticipated to generate between USD 2 billion and USD 3 billion in revenues (EGP 61 billion – EGP 92 billion), this initiative aligns with the government’s overarching plan unveiled in November to entice foreign investors and expatriates by selling real estate units in US dollars. To help bolster investment, the company will offer foreigners residency of up to five years in exchange for their purchase of properties in Egypt in US dollars. The exact details of this program, including eligibility criteria, have not yet been revealed. In tandem with this real estate endeavor, Egypt has unveiled a comprehensive economic plan that highlights the strategic directions for the Egyptian economy (2024-2030) and aims to triple its annual foreign currency revenue to USD 300 billion (EGP 9 trillion) by 2030. The multifaceted strategy encompasses substantial increases in exports, tourism revenues, stable economic policies, foreign direct investments (FDIs), Suez Canal earnings, as well as promoting a sustainable and competitive knowledge-based economy with a focus on social development and global economic influence through the optimization…
Egypt’s New Venture Aims for Billions in Real Estate Revenue
January 9, 2024
By Belal Nawar
Senior Journalist
