Tarek Shoukry, Chairman of property developer Arabia Group, will preside Egypt’s newly-formed real estate development chamber, part of the Federation of Egyptian Industries (FEI).
This comes after the chamber’s board of directors held elections on Tuesday, ended in announcing Shoukry as the new president of the chamber.
The new board of directors will be until 2019.
The chamber’s top agenda is to regulate the Egyptian real estate market, discuss pending legislations, and establish a comprehensive database containing the country’s available real estate investment opportunities, Shoukry stated.
The real estate development chamber was formed upon a ministerial decree no. 37/2015, a move that aims to stipulate the real estate activity in Egypt.