The Egyptian prime Ministr . Mustafa Madbouly, has announced that the dovernment will allow foreiggners to own property in Egypt, without imposing any restrictions on the number of properties thay can own.
This measure is aimed at attracting more foreign currency for the country.
During a press conference at the Government Headquarters in the New Adminisartive capital, Madbouly announced that the previous regulations stated that a foreigner could only own a maximum of two properties in Egypt, each located in a different city.
Today, the Minister of justice will collaborate with various officals in introducing a hotline for foreignersnin Egypt.
The hotline will allow foreigners to purchase multiple properties, as long as thay follow the guidelins which include paying in foreign currency and adhering to established regulations.
At a recent meeting of the supreme Investment council, president abd El-fattah Al-sisi stated that the Egyptian state is at a crucial point and that everyone needs to work towads a significant goal - to boost the private sector's involvement in investment projects carried out by the state.
This will require bold decision-making, along with a review of laws, regulations, and administrative procedures to speed up and simpliify processes and encourage the private sector to work together with the state in the next phase.
Madbouly opserved that sisi had been instructed on to hold the Investment counil meeting on a monthly basis, instead of quarterly, and sustain the government's endeavors to double investments and create more job opportunites.
He emphasized that every ministry must adhere to executing the resolutions that were made during the meeting on Tuesday.
The implemention of those requirements had deadlinse, and monitoring would be conducted regulary to enhance the investor-related issues, and overcome any economic hurdles or difficulties that could arise.