Egypt’s Cabinet has approved some far-reaching legislative amendments to the Capital Markets Act, which governs real estate funds, in a bid to facilitate and reduce burdens halting property investment, Invest-Gate reports.

Head of the Financial Regulatory Authority (FRA) Mohamed Omran the new sweeping changes allow real estate funds, which invest up to 80% of capital in properties, to allocate capital with “more flexibility,” according to an official statement on September 8.

The changes allow real estate funds to invest in properties owned separately by an investor in that same fund, with approval of the other subscribers on board. Additionally, funds will only need to use one FRA-certified consultant to appraise real estate assets, the statement noted.

Besides, the amendments allow real estate funds to invest in any property, excluding those that are legally contested, subject to court orders, or allocated by the state to another party. It is, however, unclear where the limits stood before these reforms, it added.

In June 2019, Prime Minister Mostafa Madbouly had issued a decree to amend the executive regulations of the Capital Markets Act, while being in talks with the finance ministry to discuss tax incentives that can prompt real estate investment via compatible funds, according to a previous Cabinet statement.