Egypt has increased efforts to protect the country's embattled economy by selling plots of land and certificates of deposit to Egyptians living abroad in an effort to raise as much as US$4.5 billion (Dh16.52bn).
The moves represent the government's latest tactic to address a rapidly depleting pot of international reserves and a widening balance of payments deficit as Egypt teeters on the edge of a fiscal crisis.
The government is offering almost 8,000 plots of city land worth $2.5 bn and $2bn of certificates of deposit to its citizens living in Gulf states including the UAE, Saudi Arabia, Qatar, Bahrain and Kuwait.
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