Egypt’s government is gearing up to launch a groundbreaking initiative to boost real estate exports, Invest-Gate reports.

The plan, detailed in the “Key Strategic Directions for the Egyptian Economy 2024-2030” document, targets foreign and Egyptian expatriate investors by offering residential units for rental or ownership in foreign currency.

Under this initiative, a specialized company will oversee real estate export and leasing activities, with expected revenues of $2 bn to 3 bn. Foreign investors participating in this program will also receive a five-year residency (Green card) in Egypt.

Moreover, this initiative is part of a broader national strategy to ramp up foreign exchange earnings, aiming to hit $300 bn by 2030.

Furthermore, the revenue sources encompass various sectors, including tourism, expatriate remittances, foreign direct investments, exports, Suez Canal revenues, and outsourcing service exports.

The plan had initial discussions in November, focusing on incentivized real estate sales in dollars for Egyptian expatriates and foreigners. However, the initiative applies solely to these specific groups.

The President of the Real Estate Development Chamber Tarek Shoukry outlined that buyers must pay the property value in dollars upfront, promising to recover the full value after a decade, serving as a lucrative incentive for potential buyers.

The details, such as the possibility of reselling units before the ten-year mark and the method of value reimbursement after the specified period, remain undisclosed.

Notably, the government’s move aligns with calls from Egyptian businessman Naguib Sawiris to transact real estate deals in dollars to mitigate currency fluctuations.