New Amendments to Support Egypt’s Property Sector within 2 Months – Minister

The new legislative amendments to support Egypt’s real estate sector will be finalized within 2 months from now, according to Housing Minister.

In a keynote speech on Monday at Egypt’s largest real estate exhibition Cityscape Egypt, held on 9-12 April in Cairo, Minister Mostafa Madbouly said the current interim government strongly believes that the new legislative amendments are key to easing sector hurdles, improving Foreign Direct Investment (FDI) climate and to re-ignite investors’ confidence”.

“The Ministry took solid steps to revive the sector for the upcoming years, which are manifested in the ease of land allocation processes in new cities. Furthermore, the government has awarded a grace period of one year to all operating companies on the account of exceptional circumstances the country is experiencing,” he added.

“We are working aggressively on amending legislations, which will create an attractive investment climate. In addition, we are working to finalize all investor settlement cases in order to reinstate investor confidence in Egypt,” Madbouly affirmed.