Egypt sold $2 bln of land in 6 months: Minister

Egypt has sold $2 billion worth of land between 1 January and 30 June 2023, announced Minister of Housing Assem El-Gazzar on Thursday 28/2/2023 after the Cabinet meeting on Thursday.

The land was sold to investors in the cities of the 10th of Ramadan, New Obour, the 6th of October, and New Cairo, explained El-Gazzar.

These sales came as part of the government’s efforts to secure hard currency to close an estimated $17 billion financing gap through 2026.

Earlier in July, the Cabinet issued a decree allowing foreigners to buy real estate properties without restrictions but requiring them to pay in hard currency.

In May, the New Urban Communities Authority authorized a range of benefits and incentives for investment projects in new cities, particularly with regard to land utilization.