Trump’s Mideast team to visit Egypt, Saudi Arabia to push Palestine-Israel peace plan

Donald Trump’s son-in-law and senior adviser Jared Kushner, above, and special representative for international negotiations Jason Greenblatt would travel to Israel, Egypt and Saudi Arabia. (AFP)
Updated 14 June 2018
0

Trump’s Mideast team to visit Egypt, Saudi Arabia to push Palestine-Israel peace plan

WASHINGTON: The White House says President Donald Trump’s Mideast negotiating team will visit the region next week as it finalizes its as-yet unveiled Israeli-Palestinian peace plan and will hold talks on deteriorating conditions in the Gaza Strip. The trip comes as officials say the Trump administration is near completion of the plan with an eye on a possible release this summer.
The National Security Council said Wednesday that Trump’s son-in-law and senior adviser Jared Kushner and special representative for international negotiations Jason Greenblatt would travel to Israel, Egypt and Saudi Arabia. It said they would discuss “the next stages of the peace effort” and get ideas from regional leaders about “remaining questions the White House peace team has.”
No stop in the Palestinian territories is planned, although the NSC said the itinerary may be expanded. However, the prospect of Palestinian interest in the peace proposal appears dim. Peace talks have been frozen since 2014, and Palestinian leaders have been boycotting high-level talks with US officials for months, complaining that the Trump is biased toward Israel.
US officials had said in late May that the administration was aiming to release the peace plan shortly after the Muslim holy month of Ramadan ends later this week. However, that timeline appears to have been pushed back to at least August, the same officials said Wednesday.
The Kushner, Greenblatt trip comes at a particularly fraught time in US-Palestinian relations, which have plummeted since Trump recognized Jerusalem as Israel’s capital and moved the US embassy to the holy city from Tel Aviv.
On Sunday, Greenblatt lashed out at the Palestinians’ veteran chief negotiator, saying his “false claims” and angry rhetoric haven’t brought peace closer. The negotiator, Saeb Erekat, had earlier accused American officials of acting as “spokespeople” for Israel and criticized the US for moving the embassy.
In an op-ed published in Israel’s Haaretz newspaper, Greenblatt wrote that Erekat’s claims “were in many respects simply inaccurate” and suggested it was time for him to step down.
“Dr. Erekat — we have heard your voice for decades and it has not achieved anything close to Palestinian aspirations or anything close to a comprehensive peace agreement. Other Palestinian perspectives might help us finally achieve a comprehensive peace agreement where Palestinian and Israeli lives can be better,” Greenblatt wrote.


Egypt offers residency to foreign investors

Updated 21 November 2018
0

Egypt offers residency to foreign investors

  • A three-year residency is on offer for those who invest $200,000, and five years for those who purchase property worth $400,000
  • To begin the process for obtaining Egyptian residency, a preliminary contract must be agreed between the property owner and the foreign investor

CAIRO: In an attempt to further boost its booming real estate sector and attract foreign investment, Egypt will grant residency permits to foreigners who invest at least $100,000 in the country’s property market.
The growth rate of Egypt’s property market stands at 133 percent in 2018. This has been fueled by strong demand for housing, along with the sporadic launch of residential construction projects.
The minimum investment required to obtain a residency permit is $100,000. A three-year residency is on offer for those who invest $200,000, and five years for those who purchase property worth $400,000. The offer also applies to properties that are still under construction.
Khaled Abbas, the deputy minister of housing, said the procedures for the scheme are being set up in consultation with the Passport, Immigration and Nationality Administration.
To begin the process for obtaining Egyptian residency, a preliminary contract must be agreed between the property owner and the foreign investor, and then signed by an authorized body, such the Urban Communities Authority, the Tourism Development Authority or the governorate in which the property is located. Bank statements must also be provided confirming that the money has been transferred from overseas. The passport office will then approve the period of residence.
Members of the House of Representatives welcomed the announcement as a positive move for Egypt and an incentive for foreign investment, which it is hoped will create jobs and economic opportunities.
Whether the public will be so keen remains to be seen.
“This might be a bit problematic,” said Aly Salem, a resident of Cairo. “The housing demand in Egypt is already high, with the surging youth population and more and more people looking to get married each year. Where will they stay, if foreigners start swooping in and acquiring both residency and a huge housing unit with just $100,000?”
Offering further details, Gen. Kamel Amer, the head of the Parliament’s Defense and National Security Committee, said foreigners will not have any political rights for the first five years of residency and they will not be eligible to vote for 10 years. He also said spouses and children of investors will not be granted residency unless they live in Egypt.
Spain and Portugal have implemented similar programs in an attempt to boost their property markets. Previously, a foreigner had to live in Egypt for 10 consecutive years to be eligible for naturalization.
The new residency law is part of the efforts to repair the damage to Egypt’s economy caused by severe austerity measures imposed after the $12 billion loan package from the International Monetary Fund in 2016.
The cost and size of properties in Egypt, which are often large and lavish apartments, compare favorably to those in many other countries. Despite this, few Egyptians can afford to pay for a house upfront, but some private property developers are offering 10-year, interest-free installment plans.