Experts Call Upon Holding Settlement Talks with Real Estate Companies

A number of experts confirmed that the current situation is appropriate for carrying out a settlement with the foreign real estate companies in Egypt that have violated the contract with the Egyptian side by using agricultural plots for housing purposes,  such as Egypt Kuwait Holding Company (EKH).

They pointed out that Egypt is currently moving towards political and economic stability, highlighting that President’s Mohamed Morsi’s visits which aim at attracting new foreign investments will play a role in achieving stability. Experts also noted that in order to restore foreign investment in its lands, Egypt has to resolve the current issues and create a suitable climate for real estate investment.

According to recent news, the government seeks to reach settlement with Egypt Kuwait Holding Company before the end of this  year, regarding the 23 acres located in Al-Ayat that were allocated to the company in order to reclaim them.

On his part, Eng. Abu Hassan Nassar, Vice Chairman of the Real Estate Appraisal and Pricing Experts Association, stated that this delay will harm the interest of both parties, the government and foreign investors.