CAIRO - 23 August 2023: Middle East Sovereign Wealth Funds have shown interest to invest up to $120 billion in Egypt in the upcoming years. This was published in Knight Frank’s Africa Horizons 2023/24 Report, which stated that Egypt's real estate market, mostly in Cairo, has an outstanding prospect for investment.
According to the report, The UAE already invested in 71 real estate projects in Egypt, amounting to $5.6 billion in 2021.
Meanwhile, Saudi Arabia has invested $6.1 billion so far in 6,017 projects in industry, construction, tourism, among other sectors, according to Egyptian Minister of Trade and Industry Ahmed Samir's statements in 2022.
The report states that in 2022, the total real estate investments in Cairo increased to $20 billion, with $16 billion dedicated to the residential sector. Average residential property prices increased around 10 percent during the same year.
The government of Egypt is also working on several mechanisms to boost real estate exports, including the establishment of a real estate fund with administrative and commercial assets that generate income, as well as the trading of properties on the Egyptian Stock Exchange (EGX).
These mechanisms also involve evaluating the economic impact of the idea of establishing a real estate exchange, which will serve as a platform enabling investors and real estate companies to buy and sell stakes in real estate assets and invest in them. This exchange would complement traditional real estate markets, offering opportunities for real-time trading and more liquid investments in the real estate sector.
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