Overseas property buyers are increasingly choosing to purchase homes in Dubai, according to experts 
     
Overseas property buyers are increasingly choosing to purchase homes in Dubai, according to experts.

Investors Provident said that many of the buyers were looking to use the properties as holiday homes rather than investment opportunities.

The firm stated that the good weather and the growing tourist industry were tempting many to relocate there permanently.

Shahid Iqbal, partner of Investors Provident, commented: "More and more people are going there.

The integration of the national database under the Kingdom's e-government strategy will revolutionise the existing system of immigration, health screening and clearance related formalities for expatriate workforce.

The previous system of work and residence permits will be replaced with 'Work Visa' to be processed in 10 days from a previously long and tedious process, a government official who is heading the project said yesterday.

The chief executive of the Labour Market Regulatory Authority (LMRA), Ali Radhi, said that 10 days would be the maximum time for the processing of applications related to expatriate workforce.
All employers are required to register with the LMRA under the initiative. However, there is no law to make it obligatory for sponsors to register with the LMRA.

The outlook for Egypt's Banking system is stable, reflecting continued progress with the reform programme together with an improving operating environment. 
     
According to the latest Banking System outlook from Moody’s Investors Service, considerable progress is being made, with a number of the issues that have been problematic in past years currently being addressed.

This is gradually leading to an overall strengthening of the Banking sector. As part of the Central Bank of Egypt's (CBE) Banking sector reform programme, the following have taken place:

• Banking sector consolidation has intensified, with the number of banks operating in the country down to 41 (September 2004: 57). State-owned banks have been selling their stakes in joint-venture banks (as well as other equity holdings) and in the process realising significant capital gains, which are used to build provision reserves, while weak and inadequately capitalised banks/branches of foreign banks have either merged with other banks or ceased operations.

Egypt is set to see record net foreign direct investment (FDI) flows of more than $10bn in the current fiscal year ending June, reports Egypt’s General Authority for Investment and Free Zones (GAFI). 
     
This is over $2bn higher than estimated earlier in the year, as reform measures taken by the Egyptian government continue to reap benefits.

Highlighting how Egypt is an increasingly important part of the global economy, FDI reached $9.2bn in the first three quarters of this fiscal year, and will break the $10bn mark this month. Egypt has seen a huge increase in FDI over the past five years. In 2002/2003 foreign companies invested just $0.7bn, by last year this had risen to $6.1bn.