Egyptian Prime Minister Mostafa Madbouly held a meeting today where he discussed a number of proposals to support export activities in the real estate sector, that is, the sale of real estate to foreigners.
In his statement, Madbouli said the meeting is aimed at discussing a number of initiatives and proposals that will help provide more support and conditions for the real estate sector to boost real estate export activities, thereby helping to increase foreign exchange returns.
He underlined the government’s interest in this cause and work to provide additional opportunities and incentives for the development of this sector, pointing to the decisions and actions taken during the meeting of the High Investment Council, which was recently chaired by President Abdel. Fattah El Sisi, including agreeing to abolish the maximum limit on foreign property ownership in Egypt.
Ambassador Nader Saad, Spokesperson for the Prime Minister, said that the meeting was about Egypt’s initiative to stimulate the local real estate sector, explaining that the idea behind the initiative is to provide incentives for property buyers in foreign campaigns abroad, where a summary of the Initiative was given.
Saad indicated that this initiative will boost the Egyptian stock exchange and help achieve high growth rates for various ongoing real estate projects, as well as strengthen and stimulate demand for local real estate, providing more dollar flows. and the creation of a favorable investment climate. In addition to the contribution of this initiative in removing the barriers faced by the real estate finance sector.
The Prime Minister ordered a meeting with the participation of a number of developers, officials of the Central Bank, ministries and interested bodies to discuss the details of the initiative.