Tuesday 03 Dec
The General Authority for Investment and Free Zones, has expanded foreign property ownership to strategic tourist zones. This has been done by adding new areas where non-Egyptians are now permitted to own residential units.
According to the amendments included in the document on restrictions on foreign investment issued by the General Authority for Investment and Free Zones, these areas include the Sidi Abdel Rahman tourist area, Hurghada, the Red Sea, and Ras El Hekma in Matrouh Governorate, in addition to areas re-allocated to the General Authority for Tourism Development in accordance with Presidential Decree No. 612 of 2013.
Foreign investors can now purchase residential units in these areas, subject to security approval, and will enjoy the same rights as Egyptian citizens.
