Experts at next year’s Cityscape Egypt Business Breakfast set to weigh in on the impact of recent economic changes on the country’s real estate sector
Despite global economic headwinds, Egypt is building a strong reform story for 2017 that’s anchored by economic improvements under an attractive investment climate.
Over the last year, the country’s economy has undergone significant changes in an effort to create a favourable climate for investors.
The effects of the International Monetary Fund’s (IMF) USD 12 billion credit facility and the currency devaluationcould prove an advantage for foreign investors, with the potential to pave the way for economic growth in the country.The IMF’s loan is expected to inject more money into Egypt’s economy and signal confidence in the government, making Egypt more attractive to foreign investors.
Earlier this month, Egypt and China signed a currency-swap deal for about USD2.6 billion, allowing the country to shore up foreign reserves after floating its currency. The swap is part of the bilateral support Egypt secured from the IMF. According to Egypt’s Central Bank, the move aims to demonstrate the vast potential of the Egyptian economy and instil confidence by bolstering economic activity.
The changes illustrate the government’s commitment to adopt economic reforms at all levels to attract foreign investors and prepare for, what is expected to be, a tough year in 2017.On a positive note, foreign direct investment in Egypt has been gradually increasing and in the 2015/16 financial year reached around USD 6.84 billion, up from USD 6.38 billion in the previous year.
“As real estate investors and experts keep a close eye on the economy and the investment outlook for next year, Cityscape Egypt Business Breakfast, set to take place on January 17th at the Nile Ritz-Carlton Cairo,will deliver a high-profile platform for debate, discourse and information exchange as it addresses some of these pertinent issues,” says Tom Rhodes, Cityscape Egypt Event Director.
The Business Breakfast, a prelude to Cityscape Egypt, will hone in on the core issues central to Egypt’s real estate sector. It will take a close look at the status of mega-projects in the country, how the fluctuation is affecting the progress of projects, the application of smart and sustainable projects, and lessons learned from mega-project construction – in a panel discussion.
“During our Business Breakfast we want to provide an information platform for real estate investors in light of the economic changes that have taken place in Egypt,” says Rhodes. “Egypt is on the cusp of economic transformation as it introduces reforms that have the potential to trigger an inflow of international investments, and this will be a boon for the country’s real estate sector.”
Speakers this year include: Dr. Ahmed Darwish, Chairman of General Authority for Suez Canal Economic Zone; Dr. Sherif Samy, Chairman, Egyptian Financial Supervisory Authority, Egypt; and Ayman Ismail, Partner – Chairman and CEO, DMG, Mountain View and Non-Executive Chairman, New Administrative City – S.A.E, Egypt. In addition, Craig Plumb, Head of Research at JLL UAE, will deliver a market update for Cairo with a special focus on education investment opportunities.
Following the Business Breakfast, Cityscape Egypt will take place from March 31st until April 3rd at the Cairo International Convention Centre. For visitors, homebuyers and investors attending, the exhibition will represent a unique opportunity to see all of Egypt’s new and existing developments under one roof as well as to explore a wide range of fascinating international real estate projects.