Political Reforms In Egypt Leading To Improved Investor Attitudes
News Posted On: 31 March 2011
It's expected that the political reforms in Egypt should lead to the country being in a much stronger position and that this will help Egypt's property market in the long-term. Previously investors in Egyptian property were subject to questionable legislation and possible corruption from local authorities and property developers.
The recent changes towards democracy are expected to deal with complaints over suspect property transactions giving investors much greater confidence as their rights will be increased.
In the short term the effects of the recent political unrest were much less than had been feared with only one quarter of the money initially estimated actually leaving Egypt. The effect on the economy has also been beneficial with the stock market showing positive results, and trading had to be halted on 27 March due to price surges.
The Gulf States are already investing significant sums of money into the region as the growth potential begins to be realised, in particular from Abu Dhabi. The Abu Dhabi government owns Invest AD and has already invested quite heavily in the Egyptian market.
Egypt is due to hold parliamentary elections in September and the ruling Supreme Council of the Armed Forces has already said that the emergency laws that helped bring in the change would be lifted before the elections. It also approved a law easing restrictions on political party formation.
Some secular reform groups have been calling on the military to extend the transitional period to allow political groups to recover from decades of oppression. One of the most organised groups is the Muslim Brotherhood which was banned under Mubarak.
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