Buying Property in Egypt as a Foreigner: 2026 Field Guide

Egypt has been one of the most volatile foreign-property markets in the world for a decade. Repeated devaluations of the Egyptian pound, three IMF programs since 2016, currency controls, parallel-market dollar shortages, and a sovereign-debt scare in late 2023 made it effectively impossible for foreign buyers to enter or exit cleanly. That cycle broke in March 2024 with the EGP float (re-rating the currency from ~30 to ~50 per US dollar) and the simultaneous $35 billion Ras El-Hekma deal with Abu Dhabi's ADQ — by some margin the largest foreign direct investment in Egyptian history. The IMF Extended Fund Facility was extended through December 2026 with about $2.3 billion (roughly $2 billion under the EFF plus $273 million under the Resilience and Sustainability Facility) made available at the combined 5th and 6th reviews in February 2026. The parallel FX market is effectively gone for the first time in years; that single change unlocks the foreign-buyer thesis that was structurally broken in 2022-2023.

The market responded. Egypt's top 10 developers booked EGP 651 billion in H1 2025 sales (+47 percent year-on-year). Talaat Moustafa Group, the country's largest developer, posted 2025 full-year profit of EGP 18.2 billion (+43 percent). SODIC — under the new ownership of Abu Dhabi's Aldar/ADQ — posted +118 percent revenue growth in 2025 with 91 percent of deliveries ahead of schedule, which is unusual in Egypt. Capital flows from the Gulf — UAE, Saudi, Kuwait — have accelerated, particularly into the North Coast (Sahel) which has transitioned from "summer house" to "year-round destination" in eighteen months.

This guide is written for the foreign buyer entering Egypt in 2026: Gulf investor, Egyptian diaspora returning home, European retiree considering Red Sea coast, US/UK investor attracted by USD-indexed developer pricing. It covers Law 230/1996 and what foreigners can and cannot own, the property-linked residency tiers, the citizenship-by-investment $300k real-estate route, and — most importantly — the contract-vs-Shahr Aqari title gap that ruins more foreign-buyer transactions than any other single factor. None of the below is legal or tax advice — every buyer needs an Egyptian property lawyer and a tax adviser in their country of residence.

Can Foreigners Legally Buy Property in Egypt?

Yes, with substantively narrower scope than in Türkiye or Morocco. The framework statute is Law No. 230 of 1996 governing foreign ownership of real estate, modified by Cabinet decisions and the January 2024 Desert Land Law reform.

Core rules (still in force in 2026):

• Maximum two units per foreign individual — the statute still reads this way, though Cabinet Decision 3562 of 2023 is reported to lift the unit cap where the price is paid in foreign currency from abroad; treat the cap as live until your lawyer confirms otherwise. A husband and wife each count separately; minor children cannot acquire.
• Maximum 4,000 square metres per unit under the statute.
• Five-year resale lock — a foreign owner generally cannot resell within five years of registration unless the Prime Minister grants an exemption.
• Foreign currency payment requirement — since 26 March 2024 (registry Circular 41), the price must be paid in foreign currency transferred from abroad through a Central Bank-authorised bank, with the bank certificate of inward transfer kept on file. A 2023 Cabinet amendment to Law 230 that would require a fully state-owned bank was still pending in Parliament as of late 2025.
• Agricultural land prohibited for foreign ownership in all forms.
• Restricted zones — Sinai (Law 14/2012), Sharm el-Sheikh, Dahab, and the Gulf of Aqaba tourism sector (Presidential Decree 128/2022, which reserves ownership to Egyptians), Red Sea islands, and border zones under Presidential Decree 444/2014. Foreigners can hold only usufruct in Sinai, not freehold; reported maximum terms range from 50 to 99 years and require security approvals, so confirm the term for the specific site with a lawyer.

A January 2024 amendment to the Desert Land Law grants foreigners full ownership rights for land used in investment projects — but this does not extend to retail residential. A standard apartment buyer is still subject to the Law 230/1996 two-unit / 4,000 sqm cap.

The two-unit cap is the single most consequential constraint for international portfolio investors. Investors wanting larger Egyptian property positions structure through Egyptian companies (the "investment project" route under the 2024 reform) rather than personal ownership.

The Egyptian Property Purchase Process

A typical purchase by a foreign buyer of a unit from a major developer runs:

1. Pre-offer diligence — review the developer's track record (delivery on prior phases, financial health), the specific unit's status (allocation file, contract type, payment plan), and any compound-level restrictions on foreign ownership.
2. Reservation contract and down payment — typically 10-15 percent of the purchase price; signed before notary at the developer's sales office. The reservation contract is NOT a registered title — it is a contractual right against the developer.
3. Foreign currency wire — funds must arrive in Egypt from abroad in foreign currency through a Central Bank-authorised bank (many buyers use state-owned banks such as National Bank of Egypt or Banque Misr) with FX documentation. The bank issues a receipt that becomes part of the buyer's permanent file.
4. Payment plan — most major developers offer 5-10 year payment plans on off-plan inventory; the buyer pays a percentage at signing and the balance in installments through delivery and beyond. Some plans extend beyond unit delivery, which complicates Shahr Aqari registration.
5. Delivery and muayna (final inspection) — at delivery, the buyer inspects the unit, signs an acceptance protocol, and receives keys. The "blue contract" or final sale contract is signed at this point.
6. Security clearance — for foreigners, a security review is commonly reported to take 2-4 months. This is an opaque process — there is no published criteria — but is required before Shahr Aqari registration.
7. Shahr Aqari registration — registration of the title with the Egyptian Real Estate Publicity Department. Takes a further 30-60 days after security clearance. Only after this step does the buyer hold a registered title — the "Green Contract."

End-to-end registration timeline: roughly 5-7 months after the buyer's contractual rights are perfected, if the developer's own title is clean. For off-plan units, registration cannot begin until the developer has registered the parent project — which can be a multi-year delay independent of the buyer's actions.

Most foreign buyers hold a contract and a notarized Sahha Tawqee' (signature validation) for years before — if ever — getting a Green Contract.

True Costs and Taxes

Egyptian property taxes are modest by international standards. The headline costs:

• Registration fee: a fixed scale by floor area at Shahr Aqari registration (about EGP 500 up to 100 sqm, rising to a cap of EGP 2,000 above 300 sqm), plus a 1 percent lawyers' syndicate contract-certification fee; confirm current fees with the registry office
• Real Estate Tax (annual): 10 percent of annual rental value after a 30 percent maintenance deduction; Law 3 of 2026 (passed in March, ratified in April 2026) raised the primary-home exemption from EGP 24,000 to EGP 100,000 of annual rental value, which the Real Estate Tax Authority equates to a market value of roughly EGP 8 million (an estimate, not a separate legal threshold). The exemption applies to the main residence only, not to every unit an owner holds. The Real Estate Tax Authority said in February 2026 that only ~2 million of Egypt's 55 million properties remain liable after these amendments.
• Capital gains / disposal tax: 2.5 percent flat on the gross sale proceeds (not on the gain), normally borne by the seller unless the contract says otherwise — applies to both residents and non-residents. The use of "gross proceeds not gain" is unusual internationally and means even a loss-making sale incurs the 2.5 percent.
• Notary and lawyer fees: typically 1-2 percent of the purchase price for full-service buyer-side representation
• Stamp duty: nominal fixed stamp tax on contract papers (proportional stamp tax applies to bank loans, not to the sale itself)
• Real estate agent commission: roughly 2-5 percent on resales, negotiable and sometimes split or paid by the buyer; on primary sales the developer usually pays its own brokers

There is no separate Capital Gains Tax on individuals at progressive rates for foreign property; the 2.5 percent flat applies. Rental income is taxed as ordinary income at progressive Egyptian rates with the Real Estate Tax exemptions applied separately.

Investor Residency Through Property Purchase

Egypt links renewable residence permits to property purchases (or alternative cash deposits) under a 2023 Interior Ministry decision. The tiers as reported (as of October 2026; confirm with the Passports, Emigration and Nationality Administration before buying):

• USD 50,000: 1-year renewable residence permit
• USD 100,000: 3-year renewable residence permit
• USD 200,000: 5-year renewable residence permit
• USD 400,000+: an older (2017-2018) scheme tied a five-year permit to this level; whether a separate higher tier still exists is unclear — verify at application

Alternative cash-deposit routes operate at $50,000/1yr and $100,000/3yr respectively, with the deposit held in an Egyptian state-owned bank.

Spouse and dependent minor children are typically included on the principal's file. The residence permit does not confer work rights, which require a separate work permit. The tier is determined at purchase and held for the duration of the property ownership — selling the qualifying property terminates the residency unless replaced with an equivalent.

Egyptian Citizenship by Investment

Egypt's citizenship-by-investment framework under Law 190/2019 offers naturalization to foreign investors meeting several alternative thresholds. The real-estate route was set at USD 500,000 minimum at inception and then cut to USD 300,000 in March 2023 (Prime Ministerial Decree 876/2023) — the most recent threshold we could confirm. The property must be bought from the state or a state entity, paid in foreign currency, and can be paid over up to a year; citizenship is granted only after full payment.

Reported October 2024 amendments (we could not confirm these in official sources — check with an Egyptian lawyer) added two practical requirements:

• Joint property ownership is now eligible (previously sole ownership only)
• A mandatory Egyptian bank account is required for the funds path

Alternative routes include a non-refundable government contribution of $250,000, a three-year deposit of $500,000 (refunded in Egyptian pounds without interest), or a $350,000 business investment plus a $100,000 non-refundable contribution.

Egyptian citizenship is granted to the principal applicant, spouse, and dependent children under 21. Egypt's passport offers visa-free or visa-on-arrival access to a moderate set of destinations and is most valued by Gulf-resident expatriates seeking a second nationality without losing existing citizenship (Egypt permits dual citizenship).

The Contract-vs-Shahr Aqari Title Gap: The Foreign-Buyer Killer

This is the single most important section of this guide. Most foreign buyers who lose money in Egypt do so not because of fraud but because they misunderstand the difference between a contractual right and a registered title.

When you buy an apartment from a major Egyptian developer (TMG, Palm Hills, SODIC, Emaar Misr, Mountain View), the developer gives you a contract, a payment receipt, and eventually a Sahha Tawqee' (signature validation). None of these are titles. They are evidence of a contractual claim against the developer.

To convert that contractual claim into a registered title (a Green Contract) at the Shahr Aqari (Real Estate Publicity Department), three conditions must be met:

1. The buyer must pass a Ministry of Justice security clearance (2-4 months for foreigners)
2. The developer must have registered its own title to the parent project
3. The Shahr Aqari must process the individual unit registration (30-60 days after the above)

Step 2 is the failure point. Many large Egyptian developers — including some of the most reputable — operate for years without registering their parent project. Off-plan inventory in projects launched in 2018-2020 is in many cases still unregistered in 2026. For the buyer, this means: you can hold an apartment, live in it, rent it out, and even sell the contract to a second buyer — without ever holding a registered title.

The risks of unregistered title:

• No recourse against third parties — your protections run against the developer, not against subsequent claimants
• Difficulty selling to institutional or foreign buyers — many sophisticated buyers will not accept an unregistered unit
• Inheritance complications — the contract assigns to heirs but registration is far more litigable
• Bank financing unavailable — without registered title, no Egyptian bank will accept the property as collateral

For a foreign buyer, the practical rules:

• Buy from developers with track records of registering parent projects: TMG, SODIC (especially post-Aldar/ADQ), Emaar Misr, and Palm Hills' core inventory generally register on a 5-7 year cycle. Tier-3 names often do not register at all.
• Ask the developer to commit, in writing, to a specific timeline for registration of your specific unit
• Budget the 5-7 year registration timeline into your hold period
• Have your Egyptian lawyer verify the parent project's registration status before signing

USD-Indexed Developer Pricing

A defining feature of the Egyptian foreign-buyer market is that many major developers set EGP list prices with reference to the US dollar rate, and several offer USD-denominated units or payment plans for foreign and expatriate buyers; most domestic sales and instalment plans remain in EGP (North Coast launches were quoting around EGP 100,000, roughly $2,000, per square metre in 2025). This evolved as a hedge against EGP depreciation: pricing in USD means the developer's revenue is FX-protected even when the pound moves sharply (as it did in March 2024).

For the foreign buyer, USD pricing has three implications:

• Principal-level FX protection — the headline price tracks the dollar, so EGP weakness does not erode the developer's commitment to deliver against your contract value
• EGP-denominated holding costs — taxes, fees, maintenance, and rental income are EGP-denominated, so the buyer still carries EGP risk on the running costs
• Resale market in USD — secondary-market transactions in major compounds typically clear in USD-equivalent pricing, preserving the FX-hedge on exit (in theory; in practice, sellers under pressure accept EGP-equivalent at parallel-market rates during currency stress)

Check, unit by unit, whether a contract is priced and payable in USD or EGP; practice varies by developer, project and buyer residency.

The New Capital (Formerly the New Administrative Capital)

In November 2025, the New Administrative Capital was officially rebranded The New Capital. The rebrand was a cosmetic acknowledgment that the original "administrative" framing — the city as Egypt's new political seat 45 km east of Cairo — had broadened into a wider urban development.

Current status: tens of thousands of government employees (officials cite 30,000-40,000) have been relocated; resident numbers remain small, with no reliable official count. Critics observe that occupancy lags the original timetable substantially, and some headline residential districts (R7, R8) remain partially built.

For foreign buyers, the New Capital offers:

• USD-indexed developer pricing (TMG's Celia is a leading compound inside the New Capital; Madinaty and Mountain View's iCity are outside it, to the east and in New Cairo)
• Modern infrastructure (the East Nile monorail to Nasr City, opened in phases from May 2026; the LRT; planned high-speed rail)
• Lower density than central Cairo
• Lower current rental yields (4-5 percent) reflecting the early-stage market

The risk is execution timeline — major civic amenities (the central business district, the Diplomatic District, several mosques and churches) remain works in progress. Buyers should not assume the city is functionally complete by 2027-2028; the realistic stabilization timeline is closer to 2030.

North Coast (Sahel) / Sokhna / Hurghada

Egypt's coastal markets have transformed since 2022, driven by Gulf capital and a post-COVID shift toward year-round secondary residences. The major nodes:

• North Coast / Sahel (Sidi Heneish, Marina, Ras El-Hekma) — the dominant Egyptian summer market, now extending to year-round occupancy. Major developers (Palm Hills, Emaar Misr, SODIC, Mountain View) have ongoing North Coast inventory. Ras El-Hekma is the headline 2024-2026 project — see next section. North Coast prices have risen sharply in EGP terms since 2023 (JLL puts average residential prices per square metre up roughly 390 percent between 2023 and Q3 2025), much of it reflecting EGP depreciation and inflation rather than real gains.
• Ain Sokhna — the Red Sea coast closest to Cairo (90 minutes' drive). Strong weekend market; rental yields 6-9 percent gross.
• El Gouna and Hurghada — established Red Sea destinations with deep foreign-buyer communities (German, Russian, UK). 4-5 percent net yields; mature property management infrastructure.

For a European retiree, Hurghada and El Gouna offer the most foreign-buyer infrastructure (English-speaking medical, international schools, established expat community). For a Gulf investor focused on appreciation, North Coast captures the institutional capital story.

Major Developers in 2026

The Egyptian developer landscape is concentrated in roughly ten major names that handle the bulk of foreign-buyer-relevant inventory:

• Talaat Moustafa Group (TMG) — the country's largest. 2025 revenue and profitability strong (+43 percent profit growth to EGP 18.2 billion). Flagship compounds: Madinaty, Al Rehab, Celia (New Capital), Privado, SouthMed.
• Palm Hills Developments — diversified; H1 2025 sales more than doubled to EGP 143 billion. New Cairo, North Coast (Hacienda West, Hacienda Bay).
• SODIC — under Abu Dhabi's Aldar/ADQ ownership since 2021. 2025 revenue +118 percent; 91 percent of deliveries ahead of schedule. The Estates (New Zayed), June and Caesar (North Coast), SODIC East.
• Emaar Misr — Egyptian arm of UAE's Emaar Properties. Marassi (North Coast flagship), Mivida (New Cairo), Cairo Gate.
• Mountain View — fast-growing; iCity New Cairo, iCity October, EVIA (Ras El Hekma).
• Hassan Allam Properties — diversified urban developer.
• Al Ahly Sabbour, Madinet Masr (formerly MNHD), Ora Developers (ZED, Silversands), and Orascom Development (El Gouna, Makadi Heights) complete the top tier.

Most major developers offer USD-linked pricing for some buyers; all are large enough to register parent projects (the Shahr Aqari gap exists less for tier-1 names than for tier-3). None of the top names have defaulted as of mid-2026, though delivery delays exist (Mountain View's North Coast inventory inherited from Maxim's Plage has slipped years past its original timeline).

Ras El-Hekma: The $35 Billion Gulf Bet

In February 2024, Abu Dhabi's sovereign wealth investor ADQ signed a $35 billion deal for the development rights to Ras El-Hekma, a 170-square-kilometer site on Egypt's North Coast. The deal structure: $24 billion for development rights plus $11 billion of existing UAE deposits at the Central Bank of Egypt converted for investment in projects across Egypt. Egypt retains a 35 percent stake.

Why it matters for foreign buyers:

• It was the single largest FDI in Egyptian history and the trigger that gave the Central Bank of Egypt the dollars to execute the March 2024 EGP flotation
• Modon Holding is master developer; Phase 1 groundwork is underway, with hotel openings reported for 2027-28
• The development will host hotels, branded residences, golf, and marinas across a multi-decade timeline
• The deal is the single most credible "Abu Dhabi is institutionally committed to Egypt" signal — Saudi capital is following into adjacent North Coast nodes

For the buyer, Ras El-Hekma inventory will come online from 2027 onward. The first phase will be sold primarily to Gulf investors and Egyptian high-net-worth buyers; Western foreign-buyer access will follow.

Common Foreign-Buyer Pitfalls

Three patterns cause most foreign-buyer losses in Egypt:

• Buying from tier-3 developers without parent-project registration. The Shahr Aqari gap is the killer. Mitigation: stick to top-10 names; verify parent-project registration; build the 5-7 year registration timeline into your hold period.
• Using parallel/black-market FX to pay — possible during currency stress but creates compliance exposure on the way back out. The March 2024 flotation closed the parallel market for now; do not bring it back into your transaction structure.
• Trusting agent representations on rental yield or occupancy — Egyptian coastal markets have wide gaps between gross and net yields, and seasonal occupancy on Sahel and Sokhna can be misrepresented. Get independent rental-market data from a property manager not affiliated with the developer.

Market Temperature 2026

After roughly 24 months of EGP stabilization, IMF program execution, Gulf capital inflows, and developer-side discipline, Egypt 2025-2026 is the most accessible foreign-buyer market the country has had since approximately 2010. The IMF EFF was extended through December 2026 with the 5th and 6th reviews completed February 2026; GDP grew 4.4 percent in FY24/25; inflation collapsed from a 2023 peak to 11.9 percent in January 2026.

The risks foreign buyers actually carry in 2026:

• Currency: the pound has traded roughly between 47 and 55 per USD in 2026 (around 50 in August), showing the float still moves; forecasts vary, so do not bank on a narrow band. USD-indexed developer pricing protects the principal; EGP risk remains on holding costs.
• Contract-vs-title gap: covered above. The single biggest pitfall.
• Geopolitical: Egypt has Gaza/Israel border exposure, Red Sea shipping disruption (Suez Canal revenues meaningfully reduced through 2024-2025), and ongoing dependence on Gulf capital ($35B Ras El-Hekma deal is not yet fully drawn).

The thesis is workable for Gulf and US/UK investors buying from top-10 developers in major compounds (Madinaty, SODIC's portfolio, Marassi, El Gouna, Hurghada). It is not workable for retail buyers in tier-3 inventory without lawyer-led due diligence on parent-project title status.

The Bottom Line

Egypt rewards prepared foreign buyers who understand the contract-vs-Shahr Aqari title gap and price it into their hold period, and punishes hurried buyers who confuse a sales contract with a registered title. The March 2024 flotation, the Ras El-Hekma deal, the IMF program extension, and the 2025 developer earnings cycle have collectively produced the most stable Egyptian property market in over a decade. Property-linked residency tiers and the citizenship-by-investment $300k real-estate route (cut from $500k in 2023) give foreign buyers a structured residency and naturalization path. Pick a top-10 developer, demand parent-project registration evidence, route funds through a state-owned bank, hold for 5-7 years, and the risks become manageable — though no return is guaranteed. Anything else requires more legal time than the deal is likely worth.

Can foreigners buy property in Egypt?

Yes, with substantively narrower scope than in Türkiye or Morocco. Under Law No. 230 of 1996, foreigners may own up to two units of up to 4,000 square metres each (a 2023 Cabinet decision is reported to lift the unit cap for purchases paid in foreign currency from abroad — confirm with a lawyer), generally cannot resell within five years, must pay in foreign currency transferred from abroad through a Central Bank-authorised bank, and cannot own agricultural land. Restricted zones — Sinai, Sharm el-Sheikh, Dahab, the Gulf of Aqaba (Decree 128/2022), and border regions under Decree 444/2014 — are closed to foreign freehold; in Sinai foreigners can hold only usufruct, with reported terms of 50 to 99 years subject to security approvals. The January 2024 Desert Land Law reform grants full foreign ownership rights for investment-project land but not for retail residential.

What is the difference between a contract and a Shahr Aqari registered title?

A contract is a contractual claim against the developer; a Shahr Aqari (Real Estate Publicity Department) registration is the registered title — the Green Contract. Most foreign buyers hold contracts and signature-validations (Sahha Tawqee'') for years without a registered title because (a) foreign buyers require a security clearance (commonly reported at 2-4 months) and (b) the developer must first have registered the parent project, which many developers delay for years. Unregistered units have weaker recourse against third parties, no bank-collateral value, and complicated inheritance treatment. The Shahr Aqari gap is the single largest pitfall for foreign buyers in Egypt.

Does buying property in Egypt give me residency?

Yes. Under a 2023 Interior Ministry decision, foreigners can qualify for tiered residence permits based on property value, as reported: USD 50,000 for 1-year renewable; USD 100,000 for 3-year renewable; USD 200,000 for 5-year renewable. Confirm current thresholds with the Passports, Emigration and Nationality Administration before buying. Spouse and minor children are included. The permit is held for the duration of property ownership; selling the qualifying property terminates the residency unless replaced. Work permits are separate and not conferred by the residency.

How much do I need to spend for Egyptian citizenship by investment?

USD 300,000 minimum in real estate bought from the state or a state entity, as of March 2023 (cut from the original USD 500,000 threshold; payable over up to a year, with citizenship granted only after full payment). Reported October 2024 amendments (joint ownership eligibility, mandatory Egyptian bank account) could not be confirmed — check with an Egyptian lawyer. Alternative routes include a USD 250,000 non-refundable government contribution or a USD 500,000 three-year deposit refunded in Egyptian pounds without interest. Citizenship is granted to the principal applicant, spouse, and dependent children under 21. Egypt permits dual citizenship, making this path useful for Gulf-resident expatriates seeking a second nationality without renouncing the first.

Why are Egyptian developers pricing in USD?

USD pricing protects developers against EGP depreciation, which has been substantial — most recently a ~50 percent devaluation following the March 2024 flotation. Many major developers set EGP prices with reference to the dollar rate, and several offer USD-denominated units or payment plans for foreign and expatriate buyers, but most domestic sales and instalment plans remain in EGP. Where a contract is USD-priced, the foreign buyer gets principal-level FX protection (the headline price is USD-fixed) but EGP risk remains on holding costs — taxes, maintenance, rental income. Secondary-market resales in major compounds also typically clear in USD-equivalent pricing.

How much capital gains tax do non-residents pay on Egyptian property sale?

2.5 percent flat on the GROSS sale proceeds (not on the gain). This applies to both Egyptian residents and non-residents. The use of gross proceeds rather than gain is unusual internationally and means even a loss-making sale incurs the 2.5 percent. There is no separate progressive Capital Gains Tax on individuals for real-estate disposals. Holding-period exemptions and rollover provisions do not apply. For ordinary rental income, standard Egyptian progressive income tax rates apply, with Real Estate Tax exemptions (now EGP 100,000 of annual rental value for the primary home under Law 3 of 2026) treated separately.

Is the New Administrative Capital still being built?

Yes, and it was officially rebranded The New Capital in November 2025. As of mid-2026: tens of thousands of government employees (officials cite 30,000-40,000) have been relocated to ministries in the new city; resident numbers remain small. Occupancy materially lags the original timetable. Critical amenities (the central business district, the Diplomatic District, multiple mosques and churches, full retail and education infrastructure) remain works in progress. Major developers (TMG with Celia and others) have ongoing inventory. Realistic stabilization timeline is 2030, not 2027-2028 as originally projected.

What is Ras El-Hekma and how does it affect Egyptian property?

Ras El-Hekma is a 170-square-kilometer site on Egypt''s North Coast. In February 2024, Abu Dhabi''s sovereign wealth investor ADQ signed a USD 35 billion deal for development rights — USD 24 billion for the rights plus USD 11 billion of existing UAE deposits at the Central Bank of Egypt converted for investment across Egypt. Egypt retains a 35 percent stake. It is the single largest FDI in Egyptian history and was the trigger that gave the Central Bank of Egypt the dollars to execute the March 2024 EGP flotation. Phase 1 infrastructure runs 2024-2027; first inventory will come online from approximately 2027 onward, initially targeted at Gulf and Egyptian high-net-worth buyers.