# foreign ownership



## aykalam (Apr 12, 2010)

Egypt's Sharm el-Sheikh boom threatened by Morsi assault on foreign ownership - Telegraph


----------



## canuck2010 (Jan 13, 2010)

What is the master plan here? Qatar, the UAE, and others have massive development plans on the horizon for Sharm and the Med coast, surely those developments will not be affordable to local Egyptians... The way things are sliding downhill in Tunisia, I can see that happening more every day here in Egypt!


----------



## aykalam (Apr 12, 2010)

canuck2010 said:


> What is the master plan here? Qatar, the UAE, and others have massive development plans on the horizon for Sharm and the Med coast, surely those developments will not be affordable to local Egyptians... The way things are sliding downhill in Tunisia, I can see that happening more every day here in Egypt!


The countries you mention are bankrolling the current Egyptian rulers. As the saying goes, there's no such thing as a free lunch. Surely they are not gifting millions to Egypt just to be good neighbors, they will be getting something in return e.g. exemption from this foreign ownership law? Maybe...


----------



## aykalam (Apr 12, 2010)

*land ownership in Suez*

A senior Egyptian official has said that a legal framework *banning all property ownership in the Suez Canal region* would be presented to the government with days.
Walid Abdel Ghaffar, an adviser to the transportation minister told Al-Masry Al-Youm that the new draft law, prepared by legal experts, *bans all investors from land ownership, Egyptian and foreign*, as the region will be under a usufruct system only.
Abdel Ghaffar also said that no property within the project area will be sold and that all land there will continue to be state property. Investors will be able to rent land under the usufruct system, and all offers will be studied within the law, except those that infringe on national security.
He added that investors would be dealt with through a 'one-window' system to avoid bureaucracy, and that the state would also establish a special body to manage the region's projects.
Referring to Egypt's ongoing political instability, Abdel Ghaffar said that “such events will not affect a huge project with investments that would last for many years.”
The Suez Canal is currently a major source of foreign currency, providing the country with around US$5 billion a year.
The 193.30 km (120.11 mile) canal is the quickest sea route between Asia and Europe. Some Egyptians have alleged that current President Mohamed Morsy and his Muslim Brotherhood are plotting to rent the canal out to Qatar, though no such plan has been uncovered. The canal is a significant source of national pride for many Egyptians.

Ownership banned in Suez Canal region project | MSN Arabia


----------



## Eco-Mariner (Jan 26, 2011)

*Foreign even means other Arab States.*



aykalam said:


> The countries you mention are bankrolling the current Egyptian rulers. As the saying goes, there's no such thing as a free lunch. Surely they are not gifting millions to Egypt just to be good neighbors, they will be getting something in return e.g. exemption from this foreign ownership law? Maybe...


The new unsavoury law not allowing foreigners to own land or freehold property in Sinai and the Suez unless they are true-blood Egyptian ALSO must also apply to Arabs from other states. I read they are allowed up to 40% partnerships in business and land aquisition but surely any collaboration is short-lived as an Islamist authority will only confiscate their share in due course.


Eco-Mariner.


----------



## aykalam (Apr 12, 2010)

Eco-Mariner said:


> The new unsavoury law not allowing foreigners to own land or freehold property in Sinai and the Suez unless they are true-blood Egyptian ALSO must also apply to Arabs from other states. I read they are allowed up to 40% partnerships in business and land aquisition but surely any collaboration is short-lived as an Islamist authority will only confiscate their share in due course.
> 
> 
> Eco-Mariner.


I'm not sure about "rules", these can be bent to suit circumstances and like I said before, the Qataris will expect something in return for their "generosity"


----------

