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Thursday, 4 May 2017

Cabinet approves amendments to permanent residence visa procedures, penalties for harassment of tourists, and others during weekly meeting

The Ismail government approved yesterday amendments to a bill that would grantpermanent residence to foreigners who purchase real estate, according to a Cabinet statement. Under the new procedures, foreigners seeking a one-year residence visa will be required to purchase real estate worth USD 100k, up from USD 50k. Five-year visas will also be granted in return for the purchase of real estate worth USD 400k. Other key decisions taken during yesterday’s weekly meeting include:

  • Granting the Industrial Development Authority the right to establish a joint stock company to manage and maintain industrial zones under its control;
  • Signing off on a bundle of decisions from Cabinet’s Investment Dispute Resolution Committee;
  • Approving a EUR 175 mn facility and two grants worth EUR 3 mn from the French Development Agency to finance energy projects and a further EUR 50 mn from the same agency for an east Alexandria wastewater treatment plant;
  • Ratifying a cooperation protocol with France’s ESLSCA to set up a branch of the business school in Egypt;
  • Approving setting up a basic and applied sciences center at the Egypt-Japan University of Science and Technology;
  • Approving amendments to the Antiquities Law that will impose a EGP 3k-10k penalty on shop vendors who harass tourists, Antiquities Minister Khaled El Enany said, according to Ahram Gate. The minister said penalties for unlicensed digging for artifacts have also been increased to reach life in prison.

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