Egyptian: Exporting Real Estate in dollars

Sudan Events_Nahid Oshi

An initiative was launched in the Arab Republic of Egypt (ARE) to sell real estate units in dollars.
Prime Minister Dr. Mustafa considers the vending real estates as one of the important sources for foreign exchange, and pointed out during a meeting held yesterday evening, Thursday, his government would review a proposed initiative to sell real estate units in dollars according to a set of incentives in cooperation between the government and private sector developers.
He pinpointed that this meeting comes within the framework of the periodic follow-up of the real estate exporting file, as the past period witnessed the holding of a series of meetings in this regard.
A proposed initiative was reviewed to make real estate units available for sale in dollars, whether to Egyptians abroad or foreigners. Units belonging to real estate developers in the private sector will participate in this initiative, provided that a number of incentives are offered that contribute to the success of the initiative.
In the meantime, it was confirmed that the initiative would achieve a major boom in the performance of the Egyptian Stock Exchange, accelerate the growth of projects in the New Administrative Capital and similar new cities, strengthen and stimulate demand for local real estate, achieve a large dollar flow, as well as bringing about the recovery of one of the most important development sectors.