The Egyptian government has provided many controls to solve investors’ crises and the import of production raw materials. The Supreme Investment Council, headed by President Abdel Fattah El-Sisi, approved a draft decision to amend the text of Law No. (7) of 2017, which relates to allowing foreign investors to register in the importers register, even if they do not have Egyptian citizenship, for a period of 10 years.
House of Representatives and Nationality Law
Prime Minister Dr. Mostafa Madbouly revealed the decisions taken by the Supreme Investment Council, which is chaired by President El-Sisi, during a press conference held at the council’s headquarters, following the weekly government meeting, including amending the executive regulations of the investment law and expansion in free zones, and the foreign investor’s dealings with banks during The establishment of the company, and any foreigner owns any number of real estate, but with specific controls.
Last week, the House of Representatives finally approved the government’s draft law regarding amending some provisions of Law No. (26) of 1975 regarding Egyptian nationality.
The law stipulates that minor children be granted Egyptian nationality to a foreign mother, whether she acquired Egyptian nationality or was born in Egypt and belongs to a country whose language is Arabic or whose religion is Islam, in order to achieve the principle of equality between men and women alike in acquiring Egyptian nationality to children, provided that the law determines the conditions for acquiring Nationality.
The draft law aims to enhance opportunities for obtaining foreign exchange by facilitating the procedures for granting Egyptian nationality, including permitting the granting of Egyptian nationality to a foreigner who buys real estate from the private sector, after completing all the data and documents required by the Naturalization Application Examination Unit, and estimating the fees for the application for obtaining citizenship. The Egyptian woman in cash if she enters Egypt through one of the ports.
Islam Burhan, a specialist in real estate investment and real estate export, said that, without a doubt, approving the law granting Egyptian nationality to foreigners in return for owning a property is an important step in supporting real estate investment in Egypt, because it encourages foreign investors to buy real estate in Egypt and makes it easier for them to obtain Egyptian nationality. This step can lead to several benefits, including:
1- Attracting more foreign investors: This law could encourage more foreign investors to invest in real estate in Egypt, which would boost the economy and generate new job opportunities.
2- Improving Egypt’s image in the world: Exporting Egyptian real estate abroad can help improve Egypt’s image in the world, and raise awareness of the country’s cultural and economic diversity.
3- Increasing revenues: This step can help increase the country’s financial revenues and improve the standard of living for citizens.
4- Real estate development: This law may encourage the development of real estate, improve its quality, and provide new job opportunities in this sector.
5- Investment Flow: This law can help in the flow of more foreign investments to Egypt, and improve the economy in general.
Economic gains in return for the property
Burhan added, during statements to “Sada Al-Balad”, with regard to the economic gains in return for owning a property in dollars, with several points:
1- Attracting foreign investors: This law may encourage foreign investors to buy more real estate in Egypt, and improve the Egyptian economy. When foreigners buy real estate in Egypt, they are pushing their money into the Egyptian economy.
2- Increasing Revenues: This law will lead to an increase in the state’s revenues through fees for financial transfers and other government fees associated with the purchase of real estate.
3- Increasing employment rates: This law could lead to activating the real estate sector, which leads to the provision of job opportunities and the creation of new job opportunities for Egyptian citizens.
4- Improving the value of the currency: By increasing the attraction of foreign investment and stimulating the purchase of real estate in Egypt, this law can improve the value of the Egyptian currency.
5- Increasing the demand for real estate: Through this law, the demand for real estate in Egypt can increase, which leads to an increase in prices and an increase in the value of real estate already on the market.
6- Improving the country’s positive image: This law can also improve Egypt’s image in the world, as foreigners who buy real estate and obtain Egyptian citizenship can feel welcome and belong to this country they have chosen to invest in and live in.
And Al-Burhan continued, “Without a doubt, the approval of the law granting Egyptian nationality to foreigners in return for owning real estate in dollars can support the export of Egyptian real estate abroad in several ways:
1- Attracting more foreign investors: Through this law, more foreign investors can be attracted to buy real estate in Egypt. And since Egyptian nationals have the right to fully own real estate in Egypt, they can buy real estate with ease and sufficient facilities, which means that foreign investors will be willing to buy real estate in Egypt.
foreign investment flow
2- Improving the level of quality: Through the increase in the flow of foreign investments in Egypt, the level of quality and designs available for real estate in Egypt will be improved. This means that foreign investors will be willing to buy more real estate in Egypt and export it outside the country.
3- Increased demand: This law could lead to an increase in the demand for real estate in Egypt, and this means that foreign investors will be willing to buy more real estate in Egypt and export it outside the country.
4- Supporting the Egyptian economy: Exporting Egyptian real estate abroad can help support the Egyptian economy, as this commercial activity can generate more revenues and create new job opportunities for Egyptian citizens.
5- Improving Egypt’s image in the world: Exporting Egyptian real estate outside the country may lead to improving Egypt’s image in the world, as foreigners who buy real estate in Egypt and obtain Egyptian citizenship can feel welcome and belong to this country.
