ALBAWABA – Egyptian Prime Minister Mustafa Madbouly announced on Wednesday that the government will amend the laws to allow foreigners in Egypt to own real estate without constraints, Egyptian media outlets reported.
Currently, the law allows foreigners in Egypt to own a maximum of two properties.
Madbouly reaffirmed that the government is committed to implementing the Supreme Council for Investment’s decisions to attract more foreign investments into the country.
He confirmed that this decision to allow foreigners in Egypt to buy real estate without constraints is part of the government’s ongoing efforts to achieve the foreign investment objectives.
Egypt multiplied investments 15 folds to more than $516m
In a statement on Wednesday, the Premier added that the Egyptian government was able to multiply investments by 15 folds, in excess of $516 million (EGP1.6 billion).
“Encouraging more foreign investments in the country will strengthen the economy,” Madbouly stressed, as reported by Egyptian news outlet Al Ahram.
He further highlighted that 15 foreign companies were issued the Golden Investment Permit, as part of the investment attraction effort.
Private sector investment increased to 65 percent, according to Madbouly’s statement during a press conference that was held Wednesday.
Meanwhile, he explained to reporters that the key purpose behind initiating the government’s initial public offering (IPO) programme is to tackle the current shortage of hard currency in the local market.
