Around 150 real estate developers in the private sector have been invited to attend the upcoming Egypt Economic Development Conference scheduled next month, Minister of Housing Moustafa Madbouly announced Tuesday.
Madbouly’s comments were part of his speech at the Cityscape Egypt Business Breakfast, held in Cairo Tuesday in preparation for launching the Egypt Real Estate Summit scheduled Sept. 14-16, and Cityscape Egypt Exhibition on Sept. 16-19.
“It is also expected that to sign new contracts for real estate investment projects in urban communities in Cairo, and other governorates during the March conference,” said the minister.
Egypt hopes the long-awaited economic conference would lure fresh investments to boost its limping economy battered by political turmoil since the January 25 Revolution.
Cityscape Egypt is an international event for real estate developers, professionals, investors and home buyers in Egypt.
The minister added, “The New Urban Communities Authority (NUCA) will offer new lands for real estate developers before February end, in an attempt to solve the lack of lands issue which hinders investment projects in Egypt.”
Madbouly also revealed that the budget allocated for the NUCA was doubled to 28 billion EGP ($3.67 billion) for the FY 2015/2016, compared to 14 billion EGP in FY 2014/15, to end June 30.
“This is the highest budget since the NUCA was established, reflecting the authority’s keenness on real estate investment and improving the market situation,” said the minister.
The budget will go mainly to utilize the lands that will be offered for investors, said Madbouly, adding that the two projects for medium and low-income social housing obtain a great share of this budget.
Reiterating the ministry’s commitment to settle investment disputes, Madbouly announced that many settlements are underway and could be resolved before the end of February, in order to assure investors about Egypt’s real estate sector and to increase confidence in the local market as well.
“Our [the Ministry of Housing] goal is land development, not achieving financial gains… The state and investor are two sides of the same coin, not competitors,” the minister concluded.
