Egypt targets $500m from Cairo land sale
Egypt intends to invite private investors to buy land near the capital Cairo with the aim of raising nearly EGP25 billion ($500 million) to help balance its budget deficit.
The sale will start in February and involves nearly 600,000 square metres of land east and west of Cairo, the Saudi Asharq business website said, citing an unnamed official at the Egyptian housing ministry.
Investors who buy land will be encouraged to embark on projects covering management, services, entertainment and other sectors, mainly in El Sheikh Zayed and the Sixth of October cities, the official said.
The ministry is offering prices of around $844 per metre, the official said, adding that the move is intended to secure liquidity and at the same time spur business in these areas.
Egypt has been locked in a drive to stimulate private investment within reforms proposed by the International Monetary Fund to boost growth and slash fiscal and trade deficits. The push also includes the sale of a number of public enterprises to the local and foreign private sector.
In October the planning ministry reported that private investments soared by nearly 24 percent during the 2024-2025 fiscal year, which ended on June 30.
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The ratio of private investment of the total capital surged to its highest level of 47 percent in five years, overtaking public capital of 43 percent, the ministry said.
From around EGP474 billion ($9.6 billion) during the 2023-2024 fiscal year, private investments in the most populous Arab nation shot up to nearly EGP590 billion ($12 billion) during the 2024-2025 year.
In contrast, public investments shrank from around EGP627 billion ($12.8 billion) to about EGP526 billion ($10.7 billion) in the same period.
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