Egypt’s development is directly linked to increasing growth rates by 7%

In order to achieve development in Egypt, growth rates should increase by 7 percent, Ayman Ismail, Chairman and CEO, DMG, Mountain View, said Tuesday during Cityscape Egypt Conference first session.

Cityscape Egypt 2016 inaugurated today at Royal Maxim Palace Kempinski under the rubric of ‘ The Future of Development: Urbanisation, Regeneration and Partnership’.

Egypt’s strategy vision 2030 aims to put the country among the top-30 economies in the world, however it is currently ranking 42 all over the world, Ismail noted.

He added that all the regulations governing the real estate investment in Egypt should be amended to attract numerous investors and boost the market’s growth rates, stressing that the Egyptian real estate market is considered to be one of the largest markets all over the world.

Ismail noted that the majority of the economic entities exist in Cairo and Alexandria; a factor that directs great number of citizens to these governorates resulting into the creation of slums.

Moreover, he said that the largest real estate company takes up 5 percent of the Egyptian real estate market share, whereas, three or four steel companies dominates 90 percent of the steel industry market share.