The Prime Minister is following up on real estate export files and activating real estate investment funds
Prime Minister Dr. Mostafa Madbouly confirmed that Egypt has promising opportunities in attracting foreigners to buy Egyptian real estate, in hard currency, especially in tourist areas, the heart of which is the northern coast. Indeed, during the last period, there has been a demand for brothers from the Gulf countries to own real estate in Tourist areas, investing their savings in purchasing Egyptian real estate, real estate development companies, and real estate exhibitions contributed to promoting this distinguished product that Egypt possesses.
This came during the meeting held by Dr. Mostafa Madbouly, today, Tuesday, to follow up on real estate export files and activate Real estate investment funds, in the presence of Counselor Omar Marwan, Minister of Justice, Dr. Mohamed Maait, Minister of Finance, Dr. Assem Al-Gazzar, Minister of Housing, Utilities and Urban Communities, Rami Abu Al-Naga, Deputy Governor of the Central Bank, and Dr. Walid Abbas, Vice President of the Urban Communities Authority for the Planning and Projects Sector and supervisor of the Minister’s office, Dr. Abdel Khaleq Ibrahim, Assistant Minister of Housing for Technical Affairs, and Sherine El-Sharqawi, Assistant Minister of Finance for Economic Affairs.
Madbouly pointed out that “exporting real estate” It is scheduled to contribute to providing new resources of foreign exchange, as well as bringing about a recovery in this important sector, but it is necessary that these foreign exchange revenues enter the banking system directly, which was confirmed by Counselor Omar Marwan, Minister of Justice, who indicated the issuance of a decision this month. The real estate “Foreign Ownership Office” stipulates that, starting from the first of last April, when registering ownership of any contract for foreigners, proof of the transfer of the value of the residential unit from abroad must be submitted to the banking system, and this is within the framework of the laws and regulations governing the sale of units in foreign currency.
The official spokesman for the Council of Ministers, Counselor Mohamed Al-Homsani, stated that within the framework of the Egyptian state’s interest in attracting foreign investments and working to reform and prepare the foreign investment environment to support the economy, the Ministry of Justice has completed a draft law regarding Amending some provisions of Law No. 230 of 1996, regulating non-Egyptians’ ownership of built real estate and vacant lands, contributes to motivating non-Egyptians to own Egyptian real estate, and encouraging investment in this important sector.
Al-Homsani explained that the Prime Minister discussed during the meeting the position of implementing the presidential mandate to form a committee to study proposals to activate real estate investment funds. To achieve the desired goal, headed by the Minister of Justice.
In this context, Counselor Omar Marwan explained that the committee held its first meeting in the presence of the Chairman of the Financial Supervision Authority and the Deputy Chairman of the Tax Authority, where it was held Reviewing the amendment of a number of legislative and regulatory texts and administrative decisions regulating the work of real estate investment funds. A meeting was also held in the presence of the representative of the Egyptian Real Estate Investment Fund and a number of officials. It was agreed to make a number of legislative and administrative amendments to activate the role of real estate investment funds, and a date was set for the meeting. The committee will approve the amendments agreed upon with representatives of various parties next Monday, in a way that will contribute to encouraging investment in real estate funds and activating their role.
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