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20.03.2012 | Interesting article at Reuters Africa
The deficit has widened since last year's popular uprising hammered the economy, cut tax revenue and led to demands for higher salaries.
Egypt will launch a scheme on Saturday to reduce its budget deficit by selling plots of land near Cairo to Egyptians living abroad, the housing minister said on Tuesday, with the aim of raising $15 billion over four years.

The deficit has widened since last year's popular uprising hammered the economy, cut tax revenue and led to demands for higher salaries and more benefits.

The government has forecast a budget deficit of 144 billion Egyptian pounds ($23.9 billion) in the fiscal year to June 30, about 8.7 percent of gross domestic product.

Housing Minister Fathi Abdelaziz el-Baradei told reporters the government planned to offer an initial 8,000 plots in at least two satellite cities near Cairo via a website, and said Egyptians living abroad would be able to reserve the plots as of Saturday.

They include 800 square metre lots in Sheikh Zayed City that the government will sell for $675 per square metre and 400 square metre lots in Badr City for $250 per square metre.

The government said in a 10-page economic plan it sent to parliament this month that it hoped to raise as much as $15 billion from the land sales over four years.

It is also working on plans to raise foreign currency by selling certificates of deposit to Egyptians living abroad and Islamic sukuk bonds to foreign institutions.

Egypt has been negotiating a $3.2 billion loan from the International Monetary Fund, which now has a team in Cairo, to help it avert a fiscal crisis.

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Oriental Resorts for Touristic Development
Oriental Resorts was founded in 1996 by some of Egypt's most respected and biggest companies for contributing in the evolution of Egyptian tourism.
Egyptian Swiss Chemical Industries Co. (Swiss Chem)
Founded in 1905 as a producer of shoes polish and all types of nails.
Arabian American Real Estate
Real estate, rentals, sales of property to foreign companies and individuals, such as offices, lands, appartments, villas and investment property.
Juhayna Food Industries
Producer and exporter of dairy products, milk, fermented milk, yogurt, drinking yogurt, juice and white cheese.
Sadko Trade & Distribution
Sadko for Trade & Distribution was founded by Engineer Sadek Ghabbour to trade in electrical home appliances on cash and credit basis.
HWP Planungsgesellschaft mbH
Engineers, architects and consultants who have been planning successfully for more than 35 years.
The Coca-Cola Bottling Co. of Egypt S.A.E.
The Coca-Cola Bottling Company of Egypt (TCCBCE) produces and sells Coca-Cola flagship brands nationwide.

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