The Cabinet approves several laws in efforts to ease real estate transactions, improve the real estate market, and set a law system for an easy transfer of property ownership, Invest-Gate reports.
The laws are to establish a strong organization system for property registration and adjustments in ownership legislation for contracts of more than twenty years old.
The cabinet also amends the existing Law 10 of 1990, concerning the expropriation of property for public interest. This comes in line following the president’s orders to avoid delaying construction of projects on lands that are expropriated.
Further cabinet decisions include allocating 4,175 acres of state-owned lands to Aswan for developing various projects and other state lands in Ain Sokhna for the development of a petroleum products storage station, according to the cabinet’s released statement.
Egyptian cabinet has also approved the “Technical Support for Renovation of Slum Areas” project that has been suggested by the African Development Bank.
The African Development Bank along with the Ministry of Finance is to issue studies on funding, determine unsafe areas, and validate the quality of renovation.