According to an official statement, foreigners wishing to buy properties in the country would be required to deposit the full value of the units in a state-owned bank.

Previous restrictions on foreign ownership of residential properties and land included a limit of two residential properties for personal or family residential use, with a maximum area of 4,000 square metres per property.

Prime Minister Mostafa Madbouly announced in May that Egypt would remove all restrictions on foreign purchases of real estate property in the country.

Broader investment incentives
 

The new decision is one of the most recent measures taken by Egypt to secure more foreign currency and attract foreign ‎investments. ‎

In mid-May, the restructured Supreme Council for Investment authorized 22 decisions aimed at promoting foreign direct investments (FDIs) and private investments in Egypt.

The New Urban Communities Authority (NUCA) (also) recently authorized a range of benefits and incentives for investment projects in new cities, particularly with regard to land use.

Along the same lines, Egypt launched a car import initiative in October 2022 to attract foreign currency, with a revenue target of $2.5 billion.

Two new French factories
 

During its meeting on Wednesday, the Cabinet also approved an investment plan by France-based multinational rail transport giant Alstom to build two new factories in Egypt.

The two factories, one for rail electrical systems and another for locomotives, will be built on an area of 40 feddans in Borg El-Arab city in Alexandria, creating 1,200 jobs.