Mohamed Al Bostan

Al Bostany: State ownership document comforts attracting foreign investments

A clear step to exit from some economic sectors, including real estate industry

Mohamed Al Bostany, head of the New Cairo and NAC Developers Association, stated that State Ownership Document clarifies boundaries between private and public sector.

Al Bostany added that the State Ownership Document includes, for the first time, a clear plan to exit from some economic sectors, including real estate sector, which opens a wide field for foreign investment, and gives private sector an unprecedented opportunity to work alone or partner with the state.

He explained that citizen benefits from the State Ownership Document as a consumer because it allows fair competition.

Al Bostany noted that the government has launched a State Ownership Document in order to clarify to private sector the trends and perceptions of the state regarding various economic activities, and not to crowd out projects, elaborated that the government benefited from international experiences, including studies of the Organization for Economic Cooperation and Development in preparing this document.

He highlighted the importance of encouraging attracting foreign investments, especially in light of Egypt's need to increase foreign cash reserves to face decline after the exit of foreign indirect investments. Hotels, business sector companies, ports and transportation are the most prominent projects that the state will offer, and it is expected that they will witness a demand by investors, he concluded.