President Abdel Fattah El-Sisi issues a decree authorising the Ministry of Justice to draft a set of legislative amendments required to overcome restrictions related to land ownership for foreigners, Invest-Gate reports.

The required amendments also aim to facilitate foreign ownership of real estate in Egypt.

In that context, Prime Minister Mostafa Madbouly announces that the new amendments allow foreigners to own an unlimited number of properties, instead of just two.

During a meeting of the Supreme Investment Council, El-Sisi agrees to expand the issuance of the golden license to include other entities in addition to companies establishing strategic or national projects.

El-Sisi also approves amending Articles No. (40), (41) and (42) regulating the golden license to ensure granting licenses to companies that were already established prior to the enforcement of the Investment Law of 2017.

Moreover, a draft decision is to accelerate the drafting of the state’s tax policies document for the next five years to stabilize tax legislation and avoid a multiplicity of tax-imposing authorities.

El-Sisi tasks the justice ministry with amending the profit transfer law for holding companies and subsidiaries, in a way that guarantees easing tax burdens and avoiding double taxation, in order to stimulate domestic and foreign investment.