Cityscape Egypt in association with Next Move today held its Cairo Business Breakfast in preparation for its mega event scheduled for 28-31 March 2013 in the Cairo International Convention Centre.
The Cairo Business Breakfast witnessed remarkable participation from prominent industry experts to discuss what impact the current political environment is having on the real estate market.
Dr. Ossama Kamal, Cairo Governor, highlighted in his opening address that the drive towards stability will return to the real estate industry after the new president took office and a renewed Government was appointed to focus on boosting the economy, putting in mind Egypt’s strong infrastructure as one of the main pillars for attracting foreign direct investment.
“Cairo is recognized to be an attractive tourist site with some of the most impressive and oldest ancient monuments in the world that yield immediate benefits to Egypt’s national economy. Besides, the availability of capital and land required for setting up the projects and stressing the existence of vast unutilized land plots for investors is a priority,” added Dr. Ossama Kamal.
Dr. Ossama Kamal unveiled that Cairo Government will launch two recycling projects over an area of 700 acres in Belbeis and an area of 1,400 acres in Katameya respectively. The Governor explained that the two sites will recycle 37% of Cairo governorate waste.
“The Cairo Business Breakfast brings together real estate experts, developers and officials under one roof with the aim to tackle the challenges facing the Egyptian real estate sector and work together to find solutions,” said Chris Speller, Commercial Director for Cityscape and Informa Exhibitions.
“Egypt’s real estate sector shows signs of a very positive outlook; with the support of stability and clear direction from the government we will see investors who will now consider opportunities in the Egyptian real estate sector,” Chris added.
Cairo Business Breakfast’s extensive agenda included the projection of the residential market supply and demand trends, identifying new opportunities in under-served asset classes, securing finance for projects and assessing the role played by local and regional banks, and capitalizing on the growing retail demand.
Moderated by Ayman Sami, Head of Egypt, Jones Lang La Salle Misr , keynote panelists included Omar El Hitamy, Managing Director, Orascom Housing Communities, Egypt, Abdel Nasser Taha, Development Director Mivida, Emaar Misr, Egypt, May Abdel Hamid, Chairman, Mortgage Finance Fund, and Angus Blair, President, Signet Institute.
Mai Abdel Hamid, Chairman of the Mortgage Finance Fund, discussed mortgage finance drop over the last two years amid expectation for an industry quick come back in the short term. Especially, after the to be elected parliament approves requested amendments to the mortgage law, permitting remortgaging and higher flexibility in terms of borrowing levels facilities for the lower income classes.
Cityscape Egypt exhibition will take place this year from 28 – 31 March 2013 and returns with regular features, such as the Cityscape Awards for Real Estate in Egypt, celebrating the latest cutting-edge projects shaping city skylines across Egypt; and the Investor Round Tables where key investors and developers discuss strategy and partnership opportunities.
Also returning is the Egypt Real Estate Summit on 27-28 March 2013, where a panel of more than 40 industry leading international and local speakers will share their collective experience and tackle the major challenges facing the Egyptian real estate sector.