Egypt plans to offer 182 land plots for private real estate developers within 30 months, said Minister of Public Business Sector Hisham Tawfik on Tuesday.
“Egypt will soon begin selling state-owned land plots to help finance the restructuring of public sector companies,” Tawfik said at a conference.
“Public business sector aims to liquidate its assets within the next period, given the need for the sector’s various activities, including transportation, construction, and real estate development,” he added.
The ministry was working on issuing local permissions before it begins offering the plots for sale. He didn’t give details on the lands’ locations or value.
The move came as part of the Egyptian government’s recently plans to develop the country’s loss-making sectors including textile, chemical, pharmaceutical and metallurgical industries.
Real-estate developers in Egypt were reported to have been experiencing a slowdown in demand on luxury housing units, prompting companies to resort to new marketing and promotional methods such as increasing the repayment periods to between 10 and 15 years.
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