CAIRO, March 13 (MENA) - Prime Minister Mostafa Madbouli has directed the establishment of a working group to implement recommendations of the Urban Development and Real Estate Export Committee.

This working group will include representatives from the ministries of communications and information technology, justice, housing, interior, and foreign affairs, as well as the Central Bank of Egypt (CBE), a private sector representative and other relevant authorities.

The group's objective is to swiftly activate a real estate platform for foreign investors to promote Egypt’s high-quality real estate offerings.

The premier chaired a meeting on Thursday to review these recommendations and discuss the methods for their implementation.

Attendees included Minister of Communications and Information Technology Amr Talaat, Minister of Justice Adnan el-Fangari, Minister of Housing, Utilities, and Urban Communities Sherif el-Sherbiny, and senior officials from relevant ministries and authorities.

The proposed platform will be multilingual and include an interactive map showcasing available real estate projects for foreign investment. It will also clarify booking and electronic payment systems, along with other necessary procedures for investors.

The advisory committee recommended issuing a preliminary registration certificate that allows investors to start the registration process and obtain residency while completing the final registration concurrently. This approach ensures that investors can benefit from their properties without delays.

Regarding the national real estate identification system, Minister of Communications and Information Technology Amr Talaat announced that a draft law has been prepared to assign a unique identifier to every property in Egypt, similar to the national identification system.

He also mentioned that efforts are underway to create a platform for documenting Egypt’s real estate assets, enabling citizens to manage their property transactions more effectively. (MENA)

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