Egyptian Prime Minister Mostafa Madbouly reviewed a number of proposals to boost real estate export activity in a meeting Sunday at the government headquarters in New Alamein.
The meeting was attended by Hassan Abdalla, Governor of the Central Bank of Egypt, Omar Marwan, Minister of Justice, Hala El Said, Minister of Planning and Economic Development, and many other officials. Mohamed Maait, Minister of Finance, and Soha Gendy, Minister of State for Emigration and Egyptian Expatriate affairs, participated in the meeting via video conferencing.
Madbouly emphasized Egypt’s interest in the real estate export file, pointing to previous meetings held on the issue.
He said the current meeting aimed to discuss ways to boost real estate export activity by reviewing a number of proposals and measures that could contribute to its improvement, as it is one of the mechanisms to provide foreign currency, in light of the special instructions to study the proposals presented in this file.
Nader Saad, the official spokesperson for the cabinet, said the meeting discussed the actions and steps taken by the committee formed to study mechanisms for exporting real estate abroad to provide foreign currency, as well as the legislative proposals prepared in this regard.
He said it is expected that the proposed draft laws will be presented to the Cabinet soon, which will contribute to facilitating foreign ownership of real estate.
Saad also said the meeting emphasized the need to prepare a promotional campaign that contributes to increasing real estate exports abroad, especially since the state has made significant progress in providing incentives and facilities for foreigners to own property, including obtaining nationality and residency.
The meeting also reviewed a number of mechanisms that would enhance real estate export activity, including the establishment of a REIT (Real Estate Investment Trust), with administrative and commercial assets generating income, as well as the proposal to trade real estate on the Egyptian Exchange (EGX), and the economic impact of the idea of creating a real estate exchange.
The spokesperson said the meeting also discussed outstanding international experiences regarding real estate trading, as well as real estate stock exchange models in different countries, which could be used in the practical application of the Egyptian real estate exchange.
The meeting also discussed the proposal to hold meetings with Egyptian experts abroad who specialize in real estate investment to exchange views on all matters related to this file.