State officials should address the issue of Egyptians investing money abroad rather than locally

AMAY’s Abdelnasser Salama asks: Why is nobody addressing the issue of Egyptians investing their money abroad instead of locally? He is incensed by a report from the Dubai Land Department which puts Egyptians as among the UAE’s top property investors in 2016, spending nearly EGP 13 bn on real estate investments. He claims that the sum represents less than 10% of total Egyptian investments abroad. Factors like political stability, economic outlook, red tape, and clear banking and financing regulations make other destinations more attractive for Egyptian investors, Salama urges, urging the state to address the matter with real solutions.