According to the cabinet statement, issued on Wednesday, the legislative amendment allows non-Egyptians to own real estate, whether built or vacant land, for the purpose of housing, provided that they pay for it in hard currency, by transferring from abroad to a bank wholly owned by the state.
Last May, the Supreme Investment Council, headed by Egyptian President Abdel Fattah El-Sisi, approved several decisions aimed at improving the investment environment and encouraging the private sector, in a way that supports foreign investment flows into the country, which is facing difficulties in the availability of hard currency.
Among the decisions of the Supreme Investment Council, allowing non-Egyptians to own an unlimited number of real estate in Egypt, after it was only allowed to own two real estate, in two different cities.
Egypt is trying to achieve stability in its economy after the Russian-Ukrainian war last year negatively affected the tourism sector, raised commodity prices and prompted foreign investors to withdraw about $20 billion from its financial markets.
Egypt has devalued the pound by about 50 percent since February 2022, and promised to allow supply and demand to determine the price of the currency as part of a $3 billion bailout package it signed with the International Monetary Fund last December.
Despite the sharp devaluation of the pound three times since the outbreak of the Ukrainian crisis, foreign currency is still scarce in the market and vital imports such as manufacturing and agricultural inputs remain without a way to enter the country.
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