Title: Egypt Approves Legislation for Foreign Ownership in Dollars

The Egyptian cabinet approved on Wednesday a legislative amendment concerning the ownership of real estate and land by non-Egyptians. This allows non-Egyptians to own properties, whether built or vacant land, for residential purposes, according to a statement. The payment must be made in foreign currency through transfer from abroad to one of the banks fully owned by the state, according to the rules, conditions, and regulations to be issued by a decision from the Central Bank governor.