Medium-term growth prospects for Egypt are looking more upbeat, following calls for government and the private sector to work closely together to boost real estate. This was the message at this year’s annual Cityscape Egypt Business Breakfast.
Real estate stakeholders and industry experts, who attended the Business Breakfast, were confident that Egypt’s plans to improve the real estate sector will translate into steady flows of investment and assure a sustainable growth trajectory, despite economic headwinds.
For Eng. Fathallah Fawzy, Co-Founder of Mena Group and this year’s Cityscape Egypt Business Breakfast Chairman, it is vital that the government and private sector work together to realise the country’s sustainability and urban development Vision 2030.
Fawzy’s statements were echoed by Khaled Abbas, Egypt's Assistant Minister of Housing for Technical Affairs: “Implementing the Egyptian strategic plan for doubling the inhabited area by 14% till 2052 requires government and private sector cooperation, in which the government will rely mainly on private sector investors.”
Abbas addressed the role of the private sector in boosting the country’s real estate market in 2017, and highlighted the Ministry of Housing’s plans to offer land to investors in new cities in the country, including Al-Alamein City.
The Business Breakfast, a prelude to Cityscape Egypt, also addressed the status of mega-projects in 2017, including the Suez Canal, the fastest shipping route between Europe and Asia and one of Egypt’s main sources of foreign currency.
“There are five key sectors which are considered partners in the development of the Suez Canal Economic Zone; these are manufacturing, commercial, logistical, ports, and real estate. These will ensure a fully integrated project that will achieve the anticipated economic growth during the coming period,” said Dr. Ahmed Darwish, Chairman of the General Authority for the Suez Canal Economic Zone, as part of a panel discussion.
Darwish added that the authority is currently seeking cooperation with real estate developers to develop integrated urban communities in East Port Said, Qantara, and Ain Sokhna.
Cityscape Egypt will take place from March 31st until April 3rd at the Cairo International Convention Centre, and will be preceded by the Cityscape Conference, which takes place from March 29th until the 30th at the Royal Maxim Palace Kempinski Hotel.
This year’s Cityscape Conference, themed: A roadmap to innovation: tackling projects financing, marketing and design to prosper, will address a range of topics in the country’s real estate sector including; Egypt’s Vision 2030 plans, the private sector’s vision towards sustainable development, and creating investment-worthy affordable housing.
For more information visit www.cityscapeegypt.com