Cabinet approves sale of land in USD to foreign companies



Thu, 04 Jan 2024 - 02:01 GMT


Thu, 04 Jan 2024 - 02:01 GMT

Cairo – January 4, 2024: International companies have been allocated several pieces of land for purchase using hard currency after the cabinet and New Urban Communities Authority (NUCA) approved the sale on Wednesday, explained a cabinet statement.

This is in line with the government’s efforts to attract foreign currency amid an FX shortage that has impacted several sectors.

According to the statement, NUCA recently received requests from Arab and foreign investors to purchase state-owned land in USD. The names of the companies and the potential sale prices were not disclosed.

The lands allocated for sale are located in 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 plots of land will be available for the development of commercial, administrative, and residential real estate projects, as well as industrial projects, social and sports clubs, a hotel, and an auto repair shop.

This is another initiative launched by the state to meet an ambitious goal of bringing in $191 billion in foreign investments by 2026 as Egypt grapples with a hard currency shortage after foreign investors pulled out approximately $20 billion from the local market at the start of the pandemic.

Egypt’s IPO program aims to bring in LE 70 billion in FY2023/2024; the program has already brought in $5.6 billion from the complete or partial shares in 14 state-owned companies. The country aims to secure $12 billion in foreign direct investments by the end of FY2023/2024, while the Suez Canal Economic Zone expects to bring in around $3.9 billion.

The government has implemented several measures to facilitate the sale of properties in hard currency since 2022; earlier in 2023, the cabinet approved easing restrictions for foreign individuals to purchase real estate.





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