Egypt to establish a company to promote expats’ investments

Egypt plans to establish a new company in 2024 specifically for Egyptian expatriates, aiming to channel their investments into high-return national projects. This initiative, highlighted by Minister of Emigration and Egyptian Expatriates’ Affairs Soha Gendi, is in response to the demands of expats who are keen to invest in their home country.

Facing a foreign currency shortage, Egypt is actively pursuing measures to boost its financial reserves. Key initiatives include the zero-customs car scheme, allowing expats to import one personal vehicle to Egypt without customs or taxes, including VAT. Additionally, expats are being offered residential units at competitive prices and discounts, with the condition that payments are made in foreign currency.

Another initiative targets Egyptian men abroad with pending military conscription, offering an online resolution of their status for $5,000. The Egyptian Cabinet also extended the zero-custom initiative for gold imports until May 2024, part of the broader effort to support Egyptian expatriates.

Remittances from Egyptians working abroad have been significant, totaling $21 billion from January to August of the previous year, highlighting the economic impact of the expatriate community.