Egypt Property Show posts $110 mln net sales

Egypt Property Show ended on a successful note in Dubai, registering a sharp jump in property net sales that increased to $110 million, more than 100 percent over last year’s returns, according to TradeArabia News Service.

The event, inaugurated by Egyptian Ambassador to the UAE, Wael Gad and Sultan Butti bin Mejren, Director General of DLD, brought together 21 of the country’s most important public and private property developers including Emaar, Sodic, Palm Hills, Hyde Park, MNHD and City Edge to the Dubai World Trade Centre.

Currently in its second edition, Egypt Property Show (EPS) is the first-of-its-kind premium real estate roadshow.

It aims to create the ideal platform for top public and private developers to showcase various Egyptian-based projects in the international arena. In addition, it aspires to bridge the gap between companies and foreign investors looking to capitalize in the real estate of Egypt, said the organsiers.

During the three-day event, real estate companies had the chance to present their projects across Egypt’s north coastal line, and the new Capital city, east of Cairo. “We are pleased with the level of engagement we witnessed this year,” remarked Abdel Mohsen Salama, the chairman of Al-Ahram Foundation and head of the Egyptian Journalist Syndicate.

“I believe that Egypt’s efforts in the past years have managed to restore the trust of the international community with regards to the viability of general investments in the country. This is why we are very confident that the years ahead will hold brighter opportunities for the country,” stated Salama.

Earlier in February, Egypt and the UAE launched a partnership based on a memorandum of understanding. The pact will help Egypt in achieving its vision 2030, which aims to forge a competitive, diversified and knowledge-based economy, through various initiatives.

“This year’s results testify of the UAE’s trust and support to Egypt’s blooming real estate market,” said Wahid Atallah, CEO of Spectrum Consultants.

“However, this comes as no surprise. Both the UAE and Egypt have always nurtured an amicable relationship that does not only transcend from their cultural proximity, but also from their fundamental alignment with regards to their economic aspirations,” he added.

Keen to invest in the Egyptian market, a large number of GCC nationals and Egyptian expatriates residing in the UAE attended the event. Prominent figures and celebrities, namely, footballer Mohamed Zidan and actress Elham Shahin,  were some of the visitors at the exhibition. Egypt Property Show intends to take the real estate exhibition to other countries, starting with a 3-week tour in September this year across the US and UK, said the organisers.

This will be followed by a closing exhibition in Kuwait scheduled for December. With these new stops, Egypt Property Show is expected to generate a total of $250 million sales value, they added.