Prime Minister Mostafa Madbouly has convened a meeting to follow up on real estate export initiatives and activate real estate investment funds, Invest-Gate reports.

The session was a testament to the collaborative effort of Egypt’s key figures, including Minister of Justice Omar Marwan, Minister of Finance Mohamed Maait, Minister of Housing, Utilities, and Urban Communities Assem El-Gazzar, Deputy Governor of the Central Bank of Egypt (CBE) Rami Aboul Naga, Assistant Minister of Housing for the Affairs of the New Urban Communities Authority (NUCA) Waleed Abbas, Deputy Housing Minister Abdul Khalek Ibrahim, and Shereen El Sharkawy, Assistant Minister of Finance for Economic Affairs.

Moreover, Madbouly highlighted Egypt’s promising opportunities to attract foreign buyers, particularly in tourist areas like the North Coast. He noted the recent interest from Gulf countries in Egyptian properties and praised real estate developers and exhibitions for promoting Egypt’s unique real estate offerings.

Madbouly, with a tone of optimism, emphasized the potential of real estate exports to generate new foreign currency revenue and stimulate the sector. He underscored the importance of ensuring these returns are in foreign currency, a move that could significantly boost Egypt’s economy.

The completion of a draft law project was announced which would amend certain provisions of Law No. 230 of 1996, regulating non-Egyptians’ ownership of built properties and vacant lands. This initiative aims to incentivize foreign ownership of Egyptian real estate and encourage investment in this vital sector.

During the meeting, discussions also revolved around implementing the presidential directive to form a committee chaired by the Minister of Justice to study proposals for activating real estate investment funds and achieve their intended goals.