De­vel­op­ers at IPS Egypt see real es­tate sec­tor is gen­er­a­tor of econ­omy

EGYP­TIAN MAR­KET IS VERY UNIQUE THANKS TO HUGE DE­MAND: ABBAS

The Daily News Egypt - - Business - By Shaimaa Al-Aees

Deputy Min­is­ter of Hous­ing for Na­tional Projects, Khaled Abbas, Da­wood Al Shezawi, CEO of Strate­gic Mar­ket­ing and Ex­hi­bi­tions and Direc­tor Gen­eral of Dubai Land Depart­ment (DLD) Ma­jida Ali Rashid in­au­gu­rated the In­ter­na­tional Prop­erty Show (IPS) on Thurs­day.

The ex­hi­bi­tion pe­riod is from 10 to 13 Jan­uary, with the par­tic­i­pa­tion of some Egyp­tian,Arab, and for­eign com­pa­nies.

Dur­ing the IPS Egypt con­fer­ence on Thurs­day, Abbas said that the Egyp­tian mar­ket is very unique thanks to the huge de­mand due to its in­creased pop­u­la­tion.

Abbas noted that the com­ple­tion rate in the New Ad­min­is­tra­tive Cap­i­tal amounted to 50% of the first phase, point­ing out that the first phase of the res­i­den­tial district will be handed over in June.

He pointed out that NewAlamein is the first planned city on an area of 50,000 fed­dan, not­ing that the first phase in­cludes many tow­ers, re­veal­ing that next sum­mer will see the op­er­a­tion of com­mer­cial projects in the city.

Ad­di­tion­ally, the con­struc­tion rate in New Man­soura reached 60%.

As for Ma­jida Ali Rashid, the as­sis­tant direc­tor gen­eral of the DLD, she said that the IPS in­cludes very dis­tin­guished projects, point­ing out that the co­op­er­a­tion be­tween the gov­ern­ment and the pri­vate sec­tor in­creases the strength of the real es­tate sec­tor.

Mo­hamed Ab­del Ghany, mem­ber of par­lia­ment’s hous­ing com­mit­tee, said that the real es­tate in­dus­try is very im­por­tant be­cause 24% of the Egyp­tians are young peo­ple.

Ab­del Ghany pointed out that the real es­tate sec­tor rep­re­sents 17% of the GDP, which is con­sid­ered one of the key el­e­ments of eco­nomic devel­op­ment.

Tarek Shoukry, head of the Real Es­tate Devel­op­ment Cham­ber, said that the state’s strate­gic plan for 2050 aims to in­crease ur­ban ar­eas to reach 14% from 7%, the cur­rent area Egyp­tians live in, through launch­ing fourth gen­er­a­tion cities, in­clud­ing the New Ad­min­is­tra­tive Cap­i­tal.

Shoukry elab­o­rated that the de­val­u­a­tion of Egyp­tian pound gave lo­cal prop­erty an added value and gave de­vel­op­ers op­por­tu­nity to open new mar­kets dur­ing the com­ing pe­riod.

Dur­ing the IPS con­fer­ence, the Real Es­tate Devel­op­ment Cham­ber signed a co­op­er­a­tion pro­to­col with the DLD in or­der to pro­mote mu­tual real es­tate in­vest­ment be­tween de­vel­op­ers in Egypt and the UAE.

Shoukry, said that the pro­to­col aims to ex­change ex­per­tise on sev­eral lev­els in­clud­ing the tech­no­log­i­cal and tech­ni­cal fronts, en­com­pass­ing a record of all real es­tate trans­ac­tions. More­over, is­su­ing in­di­ca­tors de­scribe mar­ket ac­tiv­ity and in­for­ma­tion on sev­eral in­vest­ment op­por­tu­ni­ties.

On the role of part­ner­ships with the gov­ern­ment sec­tor, Amr Soli­man, chair­per­son of Moun­tain View said that Egyp­tian de­vel­op­ers have be­come one of the best real es­tate de­vel­op­ers in Mid­dle East.

Soli­man praised the part­ner­ship projects,not­ing that part­ner­ship be­tween pub­lic and pri­vate sec­tors are very suc­cess­ful.

He pointed out that last year wit­nessed a 35% in­crease in sales vol­ume, ex­plain­ing that the real es­tate sec­tor does not have a bub­ble, but there is strong com­pe­ti­tion be­tween real es­tate com­pa­nies,in view of the large sup­ply.

He stressed that 5.7% of the pop­u­la­tion in Egypt are for­eign­ers, which cre­ates an ex­tra­or­di­nary op­por­tu­nity for de­vel­op­ers to mar­ket units to them.

Vice Pres­i­dent for Main­te­nance and Pub­lic Util­i­ties Op­er­a­tion at Talaat Moustafa Group,Ahmed Afifi, said that the com­pany has im­ple­mented more than 60% of My City, which is on 8,000 fed­dan.In ad­di­tion,the com­pany is de­vel­op­ing the largest area in the cap­i­tal, which is 1000 fed­dan.

Afifi pointed out that a large per­cent­age of the com­pany’s sales are for for­eign­ers, in­di­cat­ing that the state was very late in ex­port­ing prop­erty.

Noteworthy, CEO of Strate­gic Mar­ket­ing and Ex­hi­bi­tion, Da­wood Al Shezawi, said that UAE in­vestors and com­pa­nies are in­ter­ested in part­ner­ing with Egyp­tian and Arab real es­tate com­pa­nies in or­der to in­crease these com­pany sales.

The ex­hi­bi­tion pe­riod is from 10 to 13 Jan­uary

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