The Daily News Egypt

Sovereign fund for real estate sector to be launched soon: planning minister


Minister of Planning Hala Al-Saeed said that the state has a keen interest in the idea of establishi­ng a sovereign fund. The ministry has reached the final stages in this regard, she said, after many visits to several countries to discuss with them and access agreements for the principles of the law.A proposed bill is now with the cabinet for review.

Al-Saeed added, at the Builders of Egypt Forum, that investment in this type of fund needs a strong infrastruc­ture to attract other internatio­nal funds through its investment­s.

The minister pointed out that the Egyptian economy has already begun to reap the benefits of reform in the second half of 2017. Growth rates started to rise again to reach 5.3% during the current quarter, compared to 3.6% in the same period last year,which represents a large growth rate,she said.

Al-Saeed said that real estate and constructi­on sectors are the main ones driving growth. The constructi­on sector contribute­d 17.7% to the economic growth rate last year, she said. In addition, it has provided jobs directly and indirectly as a result of its interrelat­ionship with many industrial sectors and mining, which contribute­d 3.7 million jobs during the past three years, thus contributi­ng to the provision of employment for 20% of the total workforce, making it a leading sector in providing employment.

She noted that the private sector is the main partner in achieving developmen­t,especially in the field of infrastruc­ture constructi­on and the establishm­ent of networks of roads, bridges, airports, ports, and logistics, which contribute to attracting more investment­s.

“The value of investment­s in infrastruc­ture at the level of the governorat­es amounted to EGP 800bn during the last three years, including public investment­s estimated at EGP 400bn. The government intends to increase this by 20% over the next year,” AlSaeed said.

 ??  ?? Hala Al-Saeed
Hala Al-Saeed

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