New law for foreign property ownership
As per an official statement, a new law has been implemented in Egypt requiring foreigners who want to purchase properties in the country to deposit the complete value of the units in a state-owned bank.
Lifted restrictions on foreign ownership
Previous limitations on foreign ownership of residential properties and land have been removed. Previously, foreigners were limited to owning two residential properties for personal or family use, with each property not exceeding 4,000 square meters in area.
The objective of the law
The recent decision is part of Egypt's strategy to boost foreign currency reserves and attract more foreign investments to the country.
Promoting foreign direct investments (FDIs)
The Supreme Council for Investment has recently authorized 22 decisions aimed at promoting foreign direct investments and private investments in Egypt. These measures are intended to create a favorable environment for foreign investors.
Incentives for investment projects
The New Urban Communities Authority (NUCA) has introduced a range of benefits and incentives for investment projects in new cities, particularly focusing on land use. This aims to attract more investment and development in these areas.
Car import initiative
In October 2022, Egypt launched a car import initiative with the goal of attracting foreign currency. The initiative aims to generate $2.5 billion in revenue by encouraging the import of vehicles.
French investment in Egypt
The Cabinet has approved an investment plan by Alstom, a multinational rail transport giant based in France. Alstom plans to construct two new factories in Egypt. One factory will specialize in rail electrical systems, while the other will focus on locomotives. These factories will be situated on a 40-feddans area in Borg El-Arab city, Alexandria, and are expected to create 1,200 job opportunities.
Renewable energy project with Norway
The Egyptian New and Renewable Energy Authority has reached an agreement with Norwegian energy company Scatec. The agreement entails the allocation of land in West Sohag for the construction of a wind power plant with an impressive capacity of five GWs. The project is set to attract investments worth $5 billion.