UAE international cooperation minister visits Aden port

A picture taken on August 9, 2018 during a trip in Yemen organised by the UAE's National Media Council (NMC) shows a view of the container cranes at the docks in the port of Aden. (File/AFP)
Updated 31 October 2018
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UAE international cooperation minister visits Aden port

  • The UAE State Minister of State for International Cooperation Reem Al-Hashimi inspected the container station of Aden port
  • Al-Hashimi also met with Prime Minister Maeen Abdulmalik Saeed

DUBAI: The UAE State Minister of State for International Cooperation Reem Al-Hashimi inspected on Tuesday the container station of Aden port.

The UAE official was briefed by Mohammad Alawi Amzrieh, board chairman of Aden Gulf Ports Corporation, on the operational mechanisms of the port, which for the past four years has been receiving international relief aid.

Al-Hashimi also met with Prime Minister Maeen Abdulmalik Saeed where they discussed the challenges facing the government as well as improvements in the economic and humanitarian situation in the liberated areas in Yemen and the normalization of security conditions.

Prime minister Saeed said the government would concentrate all its efforts on tackling the economic crisis and begin reconstruction.

“The Yemeni citizen wants from us to provide him with the basic services, especially in the humanitarian field,” said Saeed.

They also held a joint review of mechanisms on how to reactivate income-generating and sovereign institutions, oil production and exports in cooperation with the Saudi-led Arab coalition.

The Yemeni people are looking forward to an active role from the UAE in reconstruction, he said.

Al-Hashimi meanwhile pledged her country’s full support to the Yemeni government’s reconstruction efforts.


Egypt offers residency to foreign investors

Updated 48 min 31 sec ago
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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.