State Ownership Document to attract foreign investments: Al Bostany

Daily News Egypt
2 Min Read

Mohamed Al Bostany, head of the New Cairo and NAC Developers Association, said that the State Ownership Document clarifies boundaries between private and public sectors.

Al Bostany added that the State Ownership Document also details, for the first time, market exit procedures in some economic sectors, including the real estate sector, which would attract foreign investment, and gives private sector an unprecedented opportunity to work solely or partner with the state.

He explained that regular citizens would also benefit from the State Ownership Document because it supports fair competition.

Al Bostany noted that the government took this step as a means to regularly make its trends and perceptions clear regarding various economic activities.

He noted that the government benefited from international experiences, including studies of the Organization for Economic Cooperation and Development, in preparing this document.

He highlighted the importance of attracting foreign investments, especially in light of Egypt’s need to increase foreign cash reserves after the massive exit of foreign indirect investments earlier this year. Hotels, business sector companies, ports, and transportation are the most prominent areas that are expected to attract investments, he concluded.

In April, the Egyptian cabinet announced the main features of that Document, within a national strategy to empower the private sector. The Document was formulated by different ministries, experts, and specialists.

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