By: Abdullah Bedier
Cairo – Mubasher: Egypt seeks to obtain $100 billion from granting foreigners temporary residence permits in case they buy residential units in the North African nation in dollars, head of the Chamber of Real Estate Developers at the Federation of Egyptian Industries Tarek Shoukry said.
The Arab world's most populous country has 5.3 million foreign residents, including 400.000 families who could buy units worth up to $250,000, Shoukry noted.
He also added that President Abdel Fattah El-Sisi has approved this initiative, highlighting that it is one of the biggest steps to benefit from properties and lure foreign currency to the country.
The chamber has launched an initiative to grant foreigners a temporary residence permit in case of buying properties that worth not less than $100,000, on which this sum shall be transferred to the Central bank of Egypt (CBE) from abroad.
