Egypt Settles 80 Property Disputes with Local, Foreign Investors in 3 Years – Minister
Egypt has settled 80 disputes with both local and foreign property companies during the last 3 years, notably UAE’s Damac Properties Development Co, Palm Hills Development Holding, and SODIC, the country’s Investment Minister Osama Saleh noted on Tuesday.
The ministry will disclose the details of the settlement agreements within the upcoming period, he added.
During Cityscape Egypt Business Breakfast which was held in Cairo on Tuesday, minister Saleh asserted that the Egyptian government is supporting the real estate sector and keen to increase growth in it since it is considered one of the most active sectors in Egypt. The Egyptian government has reviewed comprehensively the investment laws and amending a package of laws to add more protection to the investors.
“The government is keen to increase growth in the real estate sector, which is considered one of the most active sectors in Egypt,” commented Osama Saleh, Minister of Investment. “We are working aggressively on amending legislations which will create an attractive investment climate. In addition, we are working to finalize all investor settlement cases in order to reinstate investor confidence in Egypt.”
He explained that the proposed amendments to real estate funds will give investors more flexibility, aim at attracting investment and support growth of the real estate sector in the coming period.
“We (the Egyptian government) also want to attract Arab and foreign investors and make them feel protected.”
Moreover, the Egyptian minister said in order to support the economy in a direct way, the government has been entrusted with a political road map which includes to consolidate first the state institutions followed by holding elections; whereas the second map is the economic road map which addresses the pressing issues that have been faced since the outbreak of the two uprisings.
Cityscape Egypt, one of the leading real estate exhibitions in the Middle East and the world, discussed during the business breakfast on Tuesday ways for supporting the Egyptian real estate industry at the Cityscape Egypt Business Breakfast in the presence of Minister Saleh on behalf of Egyptian Prime Minister, Dr. Hazem Al Biblawy and Eng. Ibrahim Mehleb, Egyptian Minister of Housing, Utilities and Urban Development.
It is worth noting that the government is currently adopting new laws aiming to facilitate smooth investments in Egypt to support growth rates in the real estate sector.
Eng. Ibrahim Mehleb, Minister of Housing, Utilities and Urban Development, also stated, “The current government is working to provide a favorable climate for investors by tackling all challenges they are currently facing.”
“The coming period will witness the launch of several new real estate projects in Egypt ranging from residential, administrative and retail facilities to commercial and tourism,” said Wouter Molman, Director of Cityscape Group. We are observing renewed activity in the market following the recent change in the political situation and long-term roadmap that the interim government is working to achieve. The new legislative amendments are key to reigniting confidence in the country and to creating attractive favorable climate for attracting Foreign Direct Investment (FDI).
Egypt has seen notable growth in FDI during the first quarter of the fiscal year recording an unprecedented $1.246b.”
