Revolutionary Guards clash with Daesh in western Iran

Iran's Revolutionary Guards can be seen in this file photo. The Guards clashed with Daesh militants in the western part of the country on Saturday.(AP)
Updated 27 January 2018
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Revolutionary Guards clash with Daesh in western Iran

BEIRUT: Iran’s Revolutionary Guards clashed with Daesh militants in the western part of the country on Saturday, according to Sepah News, the official news site of the Guards.
A team of 21 Daesh fighters crossed Iran’s western border and were placed under surveillance before the Guards, the most powerful military force in the Islamic Republic, attacked them on Saturday morning, Sepah News reported.
Most of the militants have been arrested, the report said, but there was no mention of the number of people killed or wounded in the clash.
Last June, Daesh attacked the Iranian parliament in Tehran and the mausoleum of the Islamic Republic’s founder Ayatollah Ruhollah Khomeini, killing at least 18 and wounding dozens.
The attackers were all Iranian Kurds from the Kurdish region of western Iran near the Iraqi border.
Iran’s Revolutionary Guards fired several missiles at Daesh bases in Syria on June 18 in response to that attack.


Egypt offers residency to foreign investors

Updated 21 November 2018
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Egypt offers residency to foreign investors

  • A three-year residency is on offer for those who invest $200,000, and five years for those who purchase property worth $400,000
  • To begin the process for obtaining Egyptian residency, a preliminary contract must be agreed between the property owner and the foreign investor

CAIRO: In an attempt to further boost its booming real estate sector and attract foreign investment, Egypt will grant residency permits to foreigners who invest at least $100,000 in the country’s property market.
The growth rate of Egypt’s property market stands at 133 percent in 2018. This has been fueled by strong demand for housing, along with the sporadic launch of residential construction projects.
The minimum investment required to obtain a residency permit is $100,000. A three-year residency is on offer for those who invest $200,000, and five years for those who purchase property worth $400,000. The offer also applies to properties that are still under construction.
Khaled Abbas, the deputy minister of housing, said the procedures for the scheme are being set up in consultation with the Passport, Immigration and Nationality Administration.
To begin the process for obtaining Egyptian residency, a preliminary contract must be agreed between the property owner and the foreign investor, and then signed by an authorized body, such the Urban Communities Authority, the Tourism Development Authority or the governorate in which the property is located. Bank statements must also be provided confirming that the money has been transferred from overseas. The passport office will then approve the period of residence.
Members of the House of Representatives welcomed the announcement as a positive move for Egypt and an incentive for foreign investment, which it is hoped will create jobs and economic opportunities.
Whether the public will be so keen remains to be seen.
“This might be a bit problematic,” said Aly Salem, a resident of Cairo. “The housing demand in Egypt is already high, with the surging youth population and more and more people looking to get married each year. Where will they stay, if foreigners start swooping in and acquiring both residency and a huge housing unit with just $100,000?”
Offering further details, Gen. Kamel Amer, the head of the Parliament’s Defense and National Security Committee, said foreigners will not have any political rights for the first five years of residency and they will not be eligible to vote for 10 years. He also said spouses and children of investors will not be granted residency unless they live in Egypt.
Spain and Portugal have implemented similar programs in an attempt to boost their property markets. Previously, a foreigner had to live in Egypt for 10 consecutive years to be eligible for naturalization.
The new residency law is part of the efforts to repair the damage to Egypt’s economy caused by severe austerity measures imposed after the $12 billion loan package from the International Monetary Fund in 2016.
The cost and size of properties in Egypt, which are often large and lavish apartments, compare favorably to those in many other countries. Despite this, few Egyptians can afford to pay for a house upfront, but some private property developers are offering 10-year, interest-free installment plans.