Monday June 24th, 2024
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Ministry of Housing Sells USD 2.5Bln Worth of Land in Foreign Currency

The lands ranged from residential to entertainment properties, with around 40% percent of investments paid in USD.

Cairo Scene

Ministry of Housing Sells USD 2.5Bln Worth of Land in Foreign Currency

Egypt’s Ministry of Housing, Utilities and Urban Communities has sold USD 2.5 billion worth of land to foreign investors, after having received around 3,425 requests to invest in Egyptian land.

The Ministry has introduced a direct allocation of lands system, which has eased red tape for investors, as well as increased demand for land by 33% since 2021.

The investment bids involved around 767 plots of land spread over around 3,582 feddan, and range from residential to entertainment properties. Around 40% of investment in these lands will be paid in US dollars, with the investment opportunities expected to generate around 4.1 million jobs in the establishing and operating of these lands.

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