Egypt to back exporting properties, provide a plethora of incentives

Monday 30 October 2017 06:34 PM

Mostafa Madbuly
Mostafa Madbuly

By  Al-Mal team 
Minister of Investment and International Cooperation Dr.Sahar Nasr and Minister of Housing and Urban Communities Dr. Mostafa Madbuly agreed to back proposals submitted by the committee  originated from the 2nd Real Estate Development Conference organized by Al-Mal GTM to accomplish the task of preparing a strategy for exporting the Egyptian real estate wealth. 
On the same vein, Nasr said that Ministry of Investment is coordinating with Minister of Housing to promote investment opportunities made available in the real estate sector and allure investors, noting that the government is seeking to galvanize the sector  alongside other sectors by means of setting forth multiple advantages and  incentives like the ones provided in the new investment law as well as its executive statute. 
The Egyptian government hopes to sharpen the competitiveness of the Egyptian real estate sector in the face of solid rivalry with competing peers, she noted. 
" Egypt received several bids for injecting investments into national mega projects, notably the new administrative capital Al-Almein City and Economic Zone of the Suez Canal, from gulf Arab states particularly from the Saudi Arabia, said Nasr. 
While highlighting the special appeal of the Egyptian properties and their inherent potential to become a strategic commodity  capable of bringing in hard currency and foreign currency revenues, Madbuly said that his ministry is backing real estate companies ready to export properties by means of forging regulations, and quashing obstacles hindering the lucrative business of exporting properties. 
Madbuly hinted at the governmental readiness to take part in exhibitions in France, the U.S, and England, noting that the ministry targets investors of all nationalities, not only the Egyptian expatriates.  
 " After it has already kicked-off registering properties in the new urban communities,  the ministry is going to roll out a plethora of incentives including creating a syndicate for developers, classifying them on account of their experience, expertise, and solvency." 
On the other hand, head of Royia Properties Group Hisham Shukry  said that the Egyptian properties are potent enough to compete abroad, asserting the importance of constructing a highly qualified properties inside the country. 
" Egypt has a very good chance to make a difference in the real estate export market after it managed to float its local currency late last year," said Shukry, noting that the proposed regulation granting the Egyptian nationality to investors who buy a real estate worth USD100,000 or more. 
Also, chairman of Acumen Assets Management Hany Tawfiq urged the government to approve a legislation relieving real estate funds from taxes, a practice rife abroad, in addition to throwing out " naive" terms from  the capital market statute, such as those stipulating a 30% capital of the real estate funds to be injected as investments, as well as disclosing the identities of real estate developers in the tender document.