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"El Ahram " Newspaper  05 / 04 / 07

The Minister of Tourism during his meeting with the Egyptian British Businessmen’s Association clarified the Governments position in encouraging foreign investors to purchase residential property in Egypt

During his meeting with the Egyptian British Businessmen Association members, his Excellency, Mr. Zohair Garana, the Minister of Tourism, announced that the Ministry is targeting the encouragement and support of all new trends in tourism especially residential tourism. Residential tourism is considered to be one of the most rapid growth areas and the Ministry will lead the industry worldwide in the future.

The President of the Egyptian British Businessmen Association, Eng. Mohamed Nosien mentioned that the Association is highly supportive of a program for promoting residential tourism in Egypt as this sector has a very high spending power especially those tourists who stay for several months at a time many during the winter to enjoy the beautiful sunny weather.

Sir Derrick Plambley, the British Ambassador. Confirmed that more than one million British tourists visited Egypt last year and the trend continues to grow. He stressed that any legal problems concerned with ownership of property in Egypt must be solved.

The association’s President of the Tourism Committee, Mr. Magdi Henien, raised several important issues such as foreigner’s ownership of property in Egypt.

The Minister of Tourism clarified that foreigners have the right to own residential tourism units in all of Egypt except Sharm El Sheikh and the rest of Sinai. For property in this area foreigners are granted 99 year usufracts. He also mentioned that the Government is currently preparing models of contracts to be used. He further stressed the importance of foreigners to deal with well known legal offices for the issuing of the 99 year usufract ownership contracts to ensure legality.