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 fund will be issued by one of the major investment banks and managed by a fund manager with international expertise. This way, the buyer benefits from owning the unit and getting their money back at the same value. Meanwhile, the government benefits from the inflow of foreign currency from abroad, and the companies benefit from increasing their sales.

Source: Daily News Egypt January 16, 2024 12:35 UTC