According to an official announcement, the Egyptian Cabinet adopted a bill permitting foreigners to buy residential homes in Egypt.
The decision stipulates that the price of residential units be paid in foreign currency via transfer to banks wholly owned by the state.
Prime Minister Mostafa Madbouly announced in May that foreigners would be permitted to own property in Egypt without restrictions.
The recent law is just one of a number of measures taken by Egypt to secure more foreign currency and attract foreign investments.
In mid-May, the restructured Supreme Council for Investment authorized 22 decisions aimed at promoting foreign direct investments (FDIs) and private investments in Egypt.
The New Urban Communities Authority (NUCA) authorized a range of benefits and incentives for investment projects in new cities, particularly with regard to land utilization.
Similarly, Egypt launched a car import initiative in October 2022 to attract foreign currency, with a revenue target of $2.5 billion.
During its meeting on Wednesday, the Egyptian government also approved an investment plan by France-based multinational rail transport giant Alstom to build two factories in Egypt.
The plan includes building a factory for rail electrical systems and components, and another for motorcars for use on metro, tram, light rail (LRT), monorail, and high-speed train lines. The factories are projected to create 1,200 jobs.
The two factories will be built on a total area of 40 feddans, comprising an initial area of 31 feddans and extensions of nine feddans, all in the area of Borg El Arab city in Alexandria.
