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)
Short Url
Updated 18 May 2023
Follow

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.


Lebanon, Jordan seek solutions after Damascus bans non-Syrian trucks

Updated 3 sec ago
Follow

Lebanon, Jordan seek solutions after Damascus bans non-Syrian trucks

  • Lebanon and Jordan are seeking a solution with Syria after the latter barred foreign trucks from entering its territory, officials from both countries told AFP on Tuesday.
BEIRUT: Lebanon and Jordan are seeking a solution with Syria after the latter barred foreign trucks from entering its territory, officials from both countries told AFP on Tuesday.
Damascus had issued a decision on Saturday stipulating that “non-Syrian trucks will not be allowed to enter” the country, and that goods being imported by road must be unloaded at specific points at border crossings.
The decision exempts trucks that are only passing through Syria to other countries.
Dozens of trucks unable to enter the country were lined up on the Lebanese side of the Masnaa border crossing on Tuesday, an AFP photographer saw.
Ahmad Tamer, head of land and maritime transportation at the Lebanese transport ministry told AFP that discussions were underway with Damascus over the decision.
He said the issue was not specifically targeting Lebanon — which is trying to reset ties with Damascus after the fall of Bashar Assad — adding that he hoped to hold a meeting with the Syrian side soon.
Lebanon sends around 500 trucks to Syria per day, according to Tamer.
In Jordan, also affected by the decision, transport ministry spokesperson Mohammed Al-Dweiri told AFP that “discussions are currently underway, and we are awaiting a response from the Syrian side regarding allowing foreign trucks to enter and cross.”
Dweiri said that Jordanian trucks were continuing to unload their cargo at the free zone at the Nassib border crossing with Syria despite some “confusion.”
Around 250 Jordanian trucks travel to Syria daily, according to him.
A source in the Syrian General Authority for Ports and Customs told AFP that the decision aimed to “regulate the movement of cargo through the ports.”
Representatives of unions and associations in Lebanon’s transport sector denounced the decision on Tuesday and warning of “negative repercussions,” according to the state-run National News Agency.
Syria is the only land route Lebanon can use to export merchandise to wealthy Gulf markets.
As part of continued attempts to rekindle ties, the two countries signed an agreement on Friday to hand around 300 Syrian convicts over to Damascus.