Egypt plans to launch company to export, rent property in foreign currency

Egypt plans to launch company to export, rent property in foreign currency

The Egyptian government plans to set up a company to handle the export and rental of local properties in foreign currency, as part of its Economic Strategy for 2024-2030.

The company, whose details are yet to be disclosed, aims to generate revenues of $2-3 billion annually from exporting real estate in hard currency, in return for granting residency in Egypt for five years.

The government also proposes an investment fund with a capital of $1 billion, which Egyptians abroad can subscribe to, to invest in a portfolio of state-owned assets with high returns and diversified securities. The fund will be issued by one of the major investment banks and managed by a fund manager with international expertise.

Last year, the government implemented a series of measures to boost the export of property as one of the key ways to increase the state’s foreign exchange resources, amid a severe crisis caused by the shortage of foreign currency.

The government amended the laws to allow granting residency and citizenship to buyers of residential units worth at least $300,000, transferred from abroad, according to the rules of the Central Bank of Egypt. The government also announced, in late November, the study of a new initiative to export