Egypt offers residency to foreign investors

Egypt offers residency to foreign investors
Egypt will grant residency permits to foreigners who invest at least $100,000 in the country’s property market. Above, a panorama of the Egyptian capital, Cairo. (AFP)
Updated 21 November 2018

Egypt offers residency to foreign investors

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.


Oman night ban returns as ICU cases hit new record

Oman night ban returns as ICU cases hit new record
Updated 22 min 9 sec ago

Oman night ban returns as ICU cases hit new record

Oman night ban returns as ICU cases hit new record
  • There are more than 770 hospitalized COVID-19 patients
  • Authorities have renewed the ban on all commercial activities and movement of people and vehicles between 9 p.m. to 4 a.m.

DUBAI: Oman has reported on Wednesday a record number of coronavirus patients in the intensive care unit as the Sultanate renewed night curfew, daily Times of Oman reported.

There are more than 770 hospitalized COVID-19 patients, with 264 in ICU, for the first time since the pandemic started, the report said.

Authorities have renewed the ban on all commercial activities and movement of people and vehicles between 9 p.m. to 4 a.m. local time throughout the holy month of Ramadan.

All types of gatherings, including iftars in mosques, tents or public places typical during Ramadan are affected by the prohibition against mass assembly.

Oman’s Supreme Committee, which was created to deal with all coronavirus pandemic related developments, also imposed a ban on all social, sports and cultural activities and any other group activities.

Key sectoral workers such as in oil, healthcare, utilities, food supply, media and three-ton trucks are exempted from the movement ban, provided they have permissions. Pharmacies were also allowed to operate during the commercial ban.

The decisions can either be relaxed or toughened, depending on the pandemic situation, according to Dr. Abdullah Nasser Al-Harrasi, the minister of Information and a member of the COVID-19 Supreme Committee.


Turkish delegation to visit Egypt in May for ‘normalization’ talks: foreign minister

Turkish delegation to visit Egypt in May for ‘normalization’ talks: foreign minister
Updated 24 min 58 sec ago

Turkish delegation to visit Egypt in May for ‘normalization’ talks: foreign minister

Turkish delegation to visit Egypt in May for ‘normalization’ talks: foreign minister

ISTANBUL: A Turkish delegation will visit Egypt in May as part of Ankara’s efforts to mend ties, the foreign minister said on Thursday.
“Egypt invited a delegation from Turkey. The delegation will go in early May,” Foreign Minister Mevlut Cavusoglu told the private NTV broadcaster. “We will discuss openly how to normalize relations.”


US ready to facilitate maritime border talks between Lebanon and Israel

US ready to facilitate maritime border talks between Lebanon and Israel
Updated 15 min 34 sec ago

US ready to facilitate maritime border talks between Lebanon and Israel

US ready to facilitate maritime border talks between Lebanon and Israel
  • He also addressed Iran’s cooperation and work with Hezbollah
  • The official also addressed the current economic and political crisis in the country and Hezbollah’s activities


DUBAI: The US Under Secretary for Political Affairs David Hale said on Thursday they are ready to facilitate a Lebanese-Israeli agreement on the maritime borders.

“These negotiations have the potential to unlock significant economic benefits for Lebanon,” Hale said during a press conference at Baabda palace in Lebanon.

The official also addressed the current economic and political crisis in the country and Hezbollah’s activities.

“(The) Lebanese people are suffering cause the leaders failed to put the interests of the country first,” Hale said.

“Hezbollah’s accumulation of dangerous weapons, smuggling and other illicit and corrupt activities undermine legitimate state institutions, they rob the Lebanese the ability to build a peaceful and prosperous country,” he added.

He also addressed Iran’s cooperation and work with Hezbollah.

“It’s Iran that’s fueling and financing this challenge to the state and its distortion of Lebanese political life,” Hale added.

The Under Secretary for Political Affairs also said that those who stand in the way may face punishment.

“Those who continue to obstruct progress on the reform agenda, jeopardize their relationship with the United States and our partners and open themselves up to punitive actions,” Hale added.


Jordan slams Israeli police bid to silence call to prayer at Al-Aqsa Mosque minarets

Jordan slams Israeli police bid to silence call to prayer at Al-Aqsa Mosque minarets
Updated 15 April 2021

Jordan slams Israeli police bid to silence call to prayer at Al-Aqsa Mosque minarets

Jordan slams Israeli police bid to silence call to prayer at Al-Aqsa Mosque minarets
  • Israel is a signatory to numerous international treaties obliging it to respect the sanctity of holy places

AMMAN: Jordan on Wednesday condemned Israeli police for sabotaging door locks at four Al-Aqsa Mosque minarets in a bid to silence the Muslim call to prayer.

The move came after waqf officials, who oversee Jerusalem’s holy sites, refused to turn off loudspeakers on the first day of Ramadan. They said the Israelis had wanted it quiet while new soldiers prayed at the Buraq (Western) wall.

Jordanian officials claimed employees of the Jordan-run Jerusalem waqf and Al-Aqsa affairs department were harassed during the police operation.

Daifallah Al-Fayez, spokesman for the Jordanian Foreign Ministry, described the Israeli actions as a provocation against Muslims around the world and a violation of international law and the historical status quo.

He said that Al-Aqsa Mosque was a “pure” Islamic holy site and that the Jerusalem waqf department was “the sole authority” tasked with supervising all of its affairs.

A source at the Jerusalem Waqf Council told Arab News: “This is the first time since 1967 that Israeli occupiers have sabotaged locks in order to enter the minarets and physically cut off the electricity to the loudspeakers. And they pursued waqf officials and staff who refused to carry out their demands.”

Israel is a signatory to numerous international treaties obliging it to respect the sanctity of holy places.

An Israeli siren was sounded in Jerusalem at 8 p.m. on Tuesday as a tribute to the country’s 23,928 fallen soldiers with that day’s call for isha prayer in the city being at 8:29 p.m.

Hanna Issa, head of the Islamic-Christian Committee for Jerusalem, told Arab News that the Israeli action had been a violation of the 1998 Rome Convention and called on the international community to hold Israel to account.

Dimitri Diliani, president of the National Christian Coalition in the Holy Land, told Arab News that the incident was an attempt to stifle religious freedoms and represented an attack against Islamic holy places.

“In addition, this is a reflection of a racist policy of the Israeli occupiers that can’t accept anyone who is not Jewish,” he said.

Ahmad Tamimi, member of the Palestine Liberation Organization’s executive committee, urged international action to put an end to Israeli violations of Muslim holy places in Jerusalem.


Exposed: Houthi plan to prosecute kidnapped Yemeni model Entisar Hammadi

Exposed: Houthi plan to prosecute kidnapped Yemeni model Entisar Hammadi
Updated 54 min 10 sec ago

Exposed: Houthi plan to prosecute kidnapped Yemeni model Entisar Hammadi

Exposed: Houthi plan to prosecute kidnapped Yemeni model Entisar Hammadi
  • Kidnapping of Al-Hammadi and two friends is latest attack by the Houthis on dissidents

AL-MUKALLA: Iran-backed Houthis plan to launch a criminal investigation against Entesar Al-Hammadi, a young Yemeni model and actress, who was abducted from a Sanaa street on Feb. 20, the model’s lawyer Khaled Mohammed Al-Kamal said on Wednesday.

The kidnapping of Al-Hammadi and two of her friends is the latest in a string of attacks by the Houthis on dissidents and liberal women in areas under the group’s control.

Al-Kamal told Arab News that a prosecutor from the rebel-controlled West Sanaa court will question Entesar on Sunday.

“My client was arrested without a warrant,” Al-Kamal said by telephone, giving no information about the Houthis’ explanation for the abduction.

Yemeni officials said the three actresses were traveling to shoot a drama series when the rebels stopped their vehicle on Sanaa’s Hadda Street and took them to an unknown location.
 


Al-Hammadi was born to a Yemeni father and an Ethiopian mother and pursued her ambition to become a model despite growing up in a conservative society. The 20-year-old first caught the public’s attention after she published images showing off traditional Yemeni costumes and she later appeared on a local television show talking about her dream of becoming an international supermodel.

The Houthis accused the abducted actresses of violating traditional Islamic dress codes.

Their detainment has sparked outrage inside and outside Yemen as human rights activists and government officials compared Houthi suppression of women to similar activities by terrorist organizations such as Al-Qaeda and Daesh.


Moammar Al-Eryani, Yemen's minister for information, culture and tourism, said the rebels have launched a “systemic and organized” crackdown on Yemeni women in areas under their control.

“We call on the international community, the UN, the US envoys to Yemen and the women's protection organizations to condemn this crime and pressure the terrorist Houthi militia to immediately release the abductees,” the minister wrote on social media. “They must stop the extortion of women and release all disappeared women from their secret prisons unconditionally.”

Al-Hammadi told a local TV station last year that she wished she could travel abroad to work as a model, citing parental and societal resistance at home.

“It would be great if I was given an opportunity outside Yemen,” she said.

 

 


Social media users have blasted the Houthis for snatching women from the street.

Huda Al-Sarari, a Yemeni activist, said that the abduction of Al-Hammadi is part of “a dirty” campaign by the rebels against women.

“My solidarity is with my dear Entisar and with all male and female abductees inside the militia’s prisons,” she wrote on Twitter.

Amat Al-Salam Al-Hajj, chairwoman of the Mothers of Abductees Association, an umbrella organization for thousands of female relatives of war prisoners, told Arab News that the Houthis have “brazenly” committed crimes against dissidents and women amid “unexplained” silence of international rights organizations.

“The Houthis have abducted models and female activists and committed flagrant violations of human rights before the eyes and ears of the UN, human rights organizations, and everyone else,” she said.