Land Sales to Foreign Companies in USD Approved by Egyptian Cabinet

The Egyptian Cabinet has approved the sale of specific tracts of land to foreign companies in US dollars. This decision is part of a broader strategy to sell properties to foreigners and expatriates, offering an opportunity to boost hard currency reserves.

The New Urban Communities Authority (NUCA) received requests from foreign companies in November to purchase the lands in US dollars. However, the statement did not disclose the identities of the companies or the financial details of the transactions.

The sold lands are situated in various cities across Egypt, including New Borg El-Arab, New Cairo, October Gardens, New Damietta, Badr, New Sphinx, New October, 10th of Ramadan, New Sohag, 6th of October, Sheikh Zayed, Obour, Sadat, New Aswan and Shorouk. 

These lands will be utilised for a range of projects, including commercial, administrative and residential real estate developments, as well as industrial projects, social and sports clubs, and hotels. 

This approval marks the latest step in the government's efforts to facilitate the sale of properties in USD, following measures implemented in 2022 and 2023 that removed restrictions on real estate purchases by foreigners and allowed expatriates to import cars duty-free.