ICEC

Reservations on El Baradie’s statements by Al Wasat

Engineer Tarek El Malt, spokesman and director of the housing committee at Al Wasat Party, had some reservations on the minister of Housing Dr. Fathi El Baradie’s statements regarding the stability of the real estate investments in Egypt.

Tarek El Malt –in his statements Tuesday- considered that El Baradie’s statements caused a shock to the real estate employees since those statements were irrelevant to the current situations.

He added that the real estate investments’ division has files with several complains to the minister of housing during the last year; complaining about the slow issuance of ministerial decisions related to housing projects and warning about the companies’ inability to complete their projects; due to the severe recession that has hit the Egyptian market, in addition to the client’s non commitment in paying due premiums, the thing that led to the stop of these projects and laying off more than one million worker and engineer working in this field due to the current situations.

El Malt added that Real Estate Developers could not market their units and therefore need to be present in exhibitions.

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