Egypt to establish a company to promote expats’ investments

CAIRO - 12 November 2023: Egypt will establish a new company for Egyptian expats with the aim of pumping this money into national projects in Egypt in 2024, according to Minister of Emigration and Egyptian Expatriates’ Affairs Soha Gendi in her interview with Ashraq Business.

The new company is one of the demands of Egyptian expats who want to invest in high-return national projects, Gendi added.

Egypt has been making efforts to increase its foreign currency as it is currently going through a shortage, these efforts include initiatives targeted at expats.

These initiatives include the zero-customs car initiative which allows expats to ship one personal-use vehicle to Egypt without paying customs duties or taxes, including the value-added tax (VAT).

Another initiative is offering expats residential units at competitive prices and attractive discounts, provided that the price of these real estate units is paid in foreign currency.

In addition to that is another initiative that allows Egyptian men living abroad with outstanding conscription military status to apply online to settle the issue for $5,000.

Last week, The Egyptian Cabinet approved extending the zero-custom initiative for gold imports for six months to end in May 2024. This initiative is also among Egypt’s efforts targeted at supporting Egyptians expats.

Remittances from Egyptians working abroad amounted to $21 billion during the period from January to last August.