Egypt ends curbs on foreign property ownership

Aerial view of low-rise luxury housing in the residential suburb of Madinaty, some 40 kilometers east of Cairo. (AFP)
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Updated 18 May 2023
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Egypt ends curbs on foreign property ownership

  • Aside from removing restrictions, the government seeks to speed up land registration for investors
  • PM Mostafa Madbouly said investments would help reduce inflation and ease pressure on commodity prices

CAIRO: Egypt is to remove limits on foreign ownership of property in an effort to attract more hard currency to the country.

Prime Minister Mostafa Madbouly said in a news conference on Wednesday that the government would remove restrictions that allow foreigners to own no more than two properties, both of which currently need to be in different cities.

He also said that the state would work to speed up land registration for investors, following complaints of processing difficulties at the Supreme Council for Investments.

Madbouly also said that the council was seeking to increase private sector investments to be equal to or more than state investments. The target after three years is for the private sector to account for between 60 percent or 65 percent of all investment.

The prime minister said that the total volume of investments allocated for 2023-24, both private and state, was about 1.64 trillion Egyptian pounds, he said. That compares to about 115.7 billion Egyptian pounds ($3.74 billion) in 2005-26.

Madbouly said that investment by locals and foreigners would help reduce inflation and ease pressure on commodity prices.


Death toll rises to at least 10 in violence around Iran protests

Updated 58 min 48 sec ago
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Death toll rises to at least 10 in violence around Iran protests

  • The weeklong protests, have become the biggest in Iran since 2022, when the death of 22-year-old Mahsa Amini in police custody triggered nationwide demonstrations

DUBAI: Violence surrounding protests in Iran sparked by the Islamic Republic’s ailing economy killed two other people, authorities said Saturday, raising the death toll in the demonstrations to at least 10 as they showed no signs of stopping.
The new deaths follow US President Donald Trump warning Iran on Friday that if Tehran “violently kills peaceful protesters,” the United States “will come to their rescue.” While it remains unclear how and if Trump will intervene, his comments sparked an immediate, angry response from officials within the theocracy threatening to target American troops in the Mideast.
The weeklong protests, have become the biggest in Iran since 2022, when the death of 22-year-old Mahsa Amini in police custody triggered nationwide demonstrations. However, the protests have yet to be as widespread and intense as those surrounding the death of Amini, who was detained over not wearing her hijab, or headscarf, to the liking of authorities.
The deaths overnight into Saturday involved a new level of violence. In Qom, home to the country’s major Shiite seminaries, a grenade exploded, killing a man there, the state-owned IRAN newspaper reported. It quoted security officials alleging the man carried the grenade to attack people in the city, some 130 kilometers (80 miles) south of the capital, Tehran.
Online videos from Qom purportedly showed fires in the street overnight.
The second death happened in the town of Harsin, some 370 kilometers (230 miles) southwest of Tehran. There, the newspaper said a member of the Basij, the all-volunteer arm of Iran’s paramilitary Revolutionary Guard, died in a gun and knife attack in the town in Kermanshah province.
Demonstrations have reached over 100 locations in 22 of Iran’s 31 provinces, the US-based Human Rights Activists News Agency reported.
Iran’s civilian government under reformist President Masoud Pezeshkian has been trying to signal it wants to negotiate with protesters. However, Pezeshkian has acknowledged there is not much he can do as Iran’s rial has rapidly depreciated, with $1 now costing some 1.4 million rials. That sparked the initial protests.