Egypt Approves Land Sales to Foreign Companies in USDSource: www.export-egypt.com 1/3/2024, Location: Africa |
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The Egyptian Cabinet approved the sale of specific tracts of land to foreign companies in US dollars, according to a statement, the latest in a series of steps meant to attract hard currency by selling property to foreigners and expats.
In November, a group of foreign companies sent requests to the New Urban Communities Authority (NUCA) to buy the lands in US dollars. The statement did not specify which foreign companies are buying the land, or for how much. The sold lands are located in the cities of New Borg El-Arab, New Cairo, October Gardens, New Damietta, Badr, New Sphinx, New October, 10th of Ramadan, New Sohag, 6th of October, Sheikh Zayed, Obour, Sadat, New Aswan, and Shorouk. The lands will be used for a variety of projects including the development of commercial, administrative, and residential real estate projects. The projects will also used for the construction of industrial projects, social and sports clubs, a hotel, and an auto repair shop. The approval is the latest step in plans to facilitate the sale of properties in USD in 2022 and 2023. These initiatives allowed foreigners to purchase real estate without restrictions and enabled expatriates to import cars to Egypt duty-free. Egypt is currently experiencing a severe US dollar liquidity crunch. Approximately $20 billion in hot money has fled the local market, seeking higher interest rates offered by other markets due to tighter monetary policies. In response to the complex economic situation, the government announced a plan to collect $191 billion through 2026. The plan includes gradually expanding on its initial public offering (IPO) programme and the introduction of additional incentives for foreign investors, such as tax exemptions and golden licenses. |
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