Cairo – August 5, 2024: Egypt’s initiative to promote local real estate to Egyptians abroad “Beit Al-Watan” has obtained $7.3 billion in investments since its launch in 2021, revealed Minister of Housing, Utilities, and Urban Communities Sherif El-Sherbiny on Sunday.
Over nine phases of the initiative were completed between 2012 and 2023, the minister told the audience at the 5th Egyptians Abroad Conference themed “From the Mother of the World to the Whole World” yesterday.
The minister added that the government has allocated thousands of residential and service plots, varied residential units, villas, and even cemeteries to the initiative.
He emphasized ongoing preparations for future project phases, including additional residential units and land plots to be announced upon completion.
El-Sherbiny underscored the government's commitment to supporting Egyptians abroad through various housing projects and initiatives to promote real estate investment.
The Beit Al-Watan initiative is one of the many strategies established by the Egyptian government to boost foreign currency flows.
The housing ministry aims to bolster foreign investments in local real estate projects, particularly within the Central Business District in the New Administrative Capital, El-Sherbiny noted.
The housing sector's contribution to Egypt's GDP rose from LE 57 billion in 2018 to LE 124 billion by 2023, providing around 20 percent of the country’s GDP.
Highlighting Egypt's urban development strategy, El-Sherbiny reviewed the National Strategic Plan for Urban Development, Egypt 2052, which includes 15 development areas and 24 fourth-generation cities.
The fourth-generation cities include nine in the Greater Cairo region, six in Upper Egypt, five in the Suez Canal and Sinai region, and four in Lower Egypt, in addition to 14 cities planned to be implemented.
These projects are designed to accommodate up to 32 million people across various regions of Egypt, he added.
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