Egypt plans to launch company to export, rent property in foreign currency
- Date: 16-Jan-2024
- Source: Zawya
- Sector:Financial Services
- Country:Egypt
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