Ministry of Housing Suspends Land Allocation System for Egyptians
The system was first implemented in late 2022 to attract foreign currency investments in order to buoy Central Bank reserves.
The Ministry of Housing, Utilities and Urban Communities has announced the suspension of the recently implemented land allocation system, which streamlined the process of acquiring land in Egypt for those paying in US dollars, removing the usual bidding processes that are usually required.
The system has been suspended for Egyptian investors and companies, but non-Egyptians will still be able to apply for land allocations through the new simplified process, provided they are paying from abroad in US dollars.
During the period of suspension, applications by Egyptians intending to pay in US dollars will be assessed on a case-by-case basis to ensure alignment with the Central Bank’s foreign exchange policies.
The streamlining of land allocation was initially implemented during the foreign currency liquidity crisis that strangled the country’s economy in late 2022, intending to attract large foreign currency transactions to buoy US dollar reserves. Since then, the initiative has attracted nearly USD 10 billion in foreign land investments.
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Jun 14, 2024 -
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