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Why Egypt is experiencing record-high remittances

By Sherif Tarek
Posted on Thursday, 30 September 2021 17:16

A man counts US dollars and Euros at a money exchange office in central Cairo, Egypt. REUTERS/Mohamed Abd El Ghany

Real estate growth, the pandemic and GCC economies are among the factors affecting remittances that Egypt receives every year from Egyptians abroad: a key source of much-needed hard currency.

Amr Mahmoud, an Egyptian pharmacist who lives in Saudi Arabia, bought an apartment back home five years ago and doesn’t rule out the possibility of purchasing more properties in Egypt.

The flat is located in Cairo’s eastern outskirts, where many relatively new areas, mostly allotted to the middle-upper class and well-off citizens, have sprung up over the past couple of decades.

Having paid the apartment’s last instalment in 2018, Mahmoud says the reason for buying this house is to enable him to settle down in the Egyptian capital at some point in the future.