Egypt eyes luring $6bln from real estate sales in 2024

PHOTO

Egypt is targeting selling land plots and residential units worth $6 billion to Egyptians working abroad and foreigners in 2024, Assistant Minister of Housing Abdelkhalek Ibrahim told Asharq Business on May 19th.

Ibrahim revealed that the Ministry of Housing, Utilities, and Urban Communities is currently working on setting up a company for managing real estate assets and exporting them abroad.

The new company is being established in collaboration with the Central Bank of Egypt (CBE) and the Ministry of Finance, with the housing ministry holding the majority stake in the firm, Ibrahim said.

This venture targets exporting and selling 25,000 residential and commercial units in the first phase of its operation, he noted.

Ibrahim pointed out that the country is currently considering launching real estate funds to globally, regionally, and domestically promote the central business areas in the New Administrative Capital, New Alamein, and Ras El-Hekma.