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The devaluation of the Egyptian Pound, Egypt opens the gates for investors

A. Selivanov

Since 2011, actions of the Central Bank of Egypt, Egyptian Pound in mid-March 2016 fell by 50% against major world currencies. The currency of Egyptian Pound is becoming more and more of a floating exchange rate. 

The main objective of a floating exchange rate of the Egyptian pound is the creation of conditions for the return of investors in the economy of the country. At the same time, the Government of the country working on improvement of the law "On investments" and improvement of financial and credit and budgetary-tax policy of the state towards foreign investors.

Egypt, one of the few countries that underwent "Arab spring", and managed to maintain political stability, to carry out democratic and economic reforms, contributing not only uniting the country, but also form the Foundation for new economic development. 

The most attractive in the environment sectors of the economy:

Construction

Real Estate

Manufacturing of modern construction materials

Agriculture

Tourism

Energy from renewable energy sources

Processing, recycling of agriculture products, packaging 

Storage and transport

Logistics

Exploration and production of  the gas, transportation

Telecommunications

Informatisation of the public administration and others.

In sales of holiday homes that are most closely associated with the international tourism and recreational facilities in the resort centers of Egypt: Hurghada, Sharm El Sheikh and Marsa Alam have experienced a decline due to a number of events and measures of a restrictive measures. However, there are hopes for a parallel revival of interest not only to tourism but also real estate among foreign buyers.

This conclusion is supported by:

- Agreed with foreign countries taken by a range of measures to strengthen aviation safety and security in the places of leisure and traditional travel routes;

- Work on the transition to settlements in tourism and other fields in national currencies;

- Simplified procedure of purchase of real estate; 

- Accessible procedure to open companies in the territory of Egypt by foreign investors;

- Reduced the budget and tax legislation;

- The excess of demand over proposals in the sectors of real estate, such as:

Luxury real estate high quality and comfort: Villa with land and beach;

Comfortable apartments in residential complexes with developed infrastructure.

Incomparable plus for foreigners buying property in the Middle East - Egypt is the most open and democratic country compared to other nearby countries. Egypt is a country where most people speak the international language – English, most of the population speaks French, and in the centers of international tourism – every third understands Russian language. Egypt is more tolerant to foreigners and their habits, gravitate more to the West than to the East - a huge number of Egyptians working in Europe, have a good education and training. 

According to several experts: in Egypt, it is time for a profitable investment. Some of them argue that it is the beginning of a long period of unprecedented for the country's economy recovery, which step by step, acquiring the features of a new regional leader with a huge number of the population (over 90 million. pers.), increasing annually by 1.5 million. man.

 

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here will be some notifications about M&M Group activities and participations