Egypt's program to promote local real estate to Egyptians abroad "Bayt Al-Watan" has attracted investments of $7.3 billion since its launch in 2021, said the Minister of Housing, Utilities and Urban Communities, Sherif El-Sherbini.
The minister added that the government has allocated thousands of residential and other purpose plots, various real estate objects, villas and even cemeteries for this project.
The Beit Al-Watan initiative is part of a strategy developed by the Egyptian government to increase the inflow of foreign currency.
The Ministry is seeking to attract investments in local projects, especially in the central business district of the New Administrative Capital, El-Sherbini said.
The contribution of the housing sector to Egypt's GDP increased from 57 billion lei in 2018 to 124 billion lei in 2023, providing about 20% of the country's GDP.
El-Sherbini also spoke about the National Strategic Plan for the Urban Development of Egypt until 2052, which includes 15 development areas and 24 fourth-generation cities: 9 in the Greater Cairo area, 6 in Upper Egypt, 5 in the Suez Canal and Sinai area, 4ndash; in Lower Egypt.Source: Egypt Today
