NEW ALAMEIN, Egypt, July 17 (MENA) - Prime Minister Mostafa Madbouly affirmed that the government is working, in coordination with real estate investors, to establish a fully integrated digital system to facilitate foreign ownership of housing units in Egypt. This aims to encourage the inflow of hard currency into the Egyptian market.

During the weekly press conference in New Alamein on Wednesday, the premier pointed out that investors called for facilitating and expediting relevant procedures, referring to previous measures which take long time, especially procedures related to obtaining security approvals regarding nationality.

Madbouly noted that the new mechanism was reviewed with the ministers and will be implemented through a digital platform, which allows real estate developers to offer units available for sale to foreigners. Foreign buyers can then apply to purchase units through this platform.

He confirmed that the investor will not have to deal directly with government agencies; rather, the real estate developer will be responsible for completing the procedures through the platform, with approvals issued within a few days.

Madbouly emphasized that the value of the property sold in dollars will directly go to the Egyptian banking sector, representing an important source of foreign currency for the country. (MENA)
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