Are you a foreigner who wants to buy land in Egypt? here's what you should know

In a strategic move aimed at bolstering foreign currency reserves, Egypt has embarked on a groundbreaking initiative to open up designated plots of land to foreign businesses, allowing transactions in US dollars.

The announcement, made by the Egyptian cabinet on Wednesday, marks a significant milestone in Egypt's economic strategy, with the approval extending to 62 undisclosed applications from foreign investors seeking land acquisitions.

Spanning across various cities including New Damietta, October Gardens, New Obour, New Assiut, New Sohag, New Cairo, New October, Badr, Al Shorouk, Tenth of Ramadan, and New Borg al-Arab, these designated lands offer a plethora of opportunities for development across multiple sectors.

From residential areas to hotels, business centers, and industrial zones, the scope of utilization for these lands is diverse, catering to the evolving needs of Egypt's burgeoning economy.

The decision to greenlight this innovative land sale plan underscores the government's commitment to fostering economic growth and attracting foreign investment. Endorsed at a recent cabinet meeting, the initiative received further validation from The New Urban Communities Authority, signifying a harmonized approach towards advancing Egypt's developmental agenda.

By embracing this paradigm shift in land transactions, Egypt seeks to leverage its rich resources and strategic geographical location to unlock new avenues for prosperity and progress. As foreign businesses seize the opportunity to invest in Egypt's promising landscape, the stage is set for a transformative journey towards economic resilience and dynamism.

With the wheels set in motion, Egypt's foray into land sales to foreigners for US dollars heralds a new chapter in its economic narrative, promising a future defined by innovation, inclusivity, and sustainable growth.