Skip to content Skip to Search
Skip navigation

Egypt collects $385m through ‘cars-for-deposit’ initiative
The Egyptian government expected the initiative to bring in as much as $2.5 billion in revenue to the treasury

Egypt has collected $385 million through an initiative that lets Egyptians living abroad import cars customs-free when they deposit hard currency in five-year certificates of deposit (CDs).

Finance minister of Mohamed Maait said that 600 cars had been released so far to Egyptians living abroad who signed up for the initiative.

He added that the government has been receiving nearly 3,000 requests to import cars under the initiative.

The deadline for receiving requests is May 14, Ahram Online said.

The ‘cars-for-CDs’ initiative was launched in October 2022 to draw hard currency.

The government expected the initiative to bring in as much as $2.5 billion in revenue to the treasury.

The legislation allows Egyptians over 16 with valid residence permits and a bank account in a foreign country to import one ‘private passenger car for personal use’ within five years of registering in the initiative.

Those who enrol in the initiative must invest the value of saved customs duties and taxes in foreign currency in an interest-free five-year CD.

The deposit is paid back in Egyptian pounds after the term expires.

Moreover, Egyptians, who live in countries that do not have trade agreements with Cairo, can register in the initiative to get a 70 percent discount on customs duties.

Latest articles

The WakeCap system being used on a construction site

Aramco adopts heat-sensing construction helmets

Saudi Aramco is deploying advanced safety helmets equipped with heat stress sensors to protect workers on some of its construction sites, a critical concern in the Gulf region’s scorching climate. The helmets, developed by Dubai and Saudi Arabia-based construction tech startup WakeCap, utilise internet-of-things (IoT) technology that monitors worker attendance, location, and safety incidents in […]

Wind turbines above the village of Kotronas in the Peloponnese region. Greece's Terna Energy invests in wind, solar, hydroelectric and pumped storage projects

Masdar buys Greece’s biggest investor in renewables

The UAE’s state-owned clean energy company Masdar is to acquire a majority share in Terna Energy of Greece. The initial deal – one of the largest in the European renewables market and the biggest ever energy transaction on the Athens Stock Exchange – is for a 67 percent stake. The price of €20 ($21.45) per […]

KBR Iraq

US firm wins $46m contract to boost Iraq infrastructure 

US engineering giant KBR has won a five-year $46 million contract to support Iraq’s infrastructure development and future energy projects, including mega-projects. The company is expanding its presence in Iraq, establishing a new office in Baghdad and said it is also considering the creation of a design centre to enhance local engineering skills. Under the […]

The UAE attracted FDI inflows of $30.7 billion last year, a 35 percent year-on-year growth

UAE ranks second in global greenfield FDI projects

A 33 percent year-on-year surge in greenfield FDI projects in the UAE catapulted the Emirates up two places to the second spot after the US in 2023. There are now 1,323 greenfield FDI project announcements, state-run Wam news agency reported, citing the World Investment Report 2024. The UAE attracted FDI inflows of $30.7 billion last […]