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Sunday, 16 September 2018

Housing Ministry, NUCA committee to draft new legislation to govern real estate investment

LEGISLATION WATCH- Housing Ministry, NUCA committee to draft new legislation to govern real estate investment: Prime Minister Mostafa Madbouly established a new committee on Thursday tasked with drafting legislation regulating investment in real estate, according to a statement carried by Al Mal. The move aims to remedy the absence of a clear legal framework to manage and regulate relationships between different parties involved in the sector, according to the statement, which gives no indication of when we can expect to see a draft bill. The committee is made up of officials from the Housing Ministry and New and Urban Communities Authority (NUCA), as well as members of investor and business associations to represent the interests of the private sector.

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