New Legislative Amendments To Support The Real Estate Sector, Minister

Cityscape Egypt, one of the leading real estate exhibitions in the Middle East and the world, today discusses ways for supporting the Egyptian real estate industry at the Cityscape Egypt Business Breakfast in the presence of Mr. Osama Saleh, Minister of Investment on behalf of Egyptian Prime Minister, Dr. Hazem Al Biblawy and Eng. Ibrahim Mehleb, Egyptian Minister of Housing, Utilities and Urban Development.

The event will aim to create a platform of open discussion on investment opportunities, challenges, and proposed solutions to support growth in the Egyptian real estate sector.

The event will also sheds light on the recent political developments in the country and will play a role in driving the economy forward and creating an attractive investor climate.

Mr.Osama Saleh, Minister of Investment on behalf of Egyptian Prime Minister Dr. Hazem El Biblawy will deliver the opening address in the presence of leading industry leaders and decision makers including:

•Ayman Ismail, Partner – Chairman & CEO,DMG, Mountain View

•Mohammed Fares, CEO, Al Raya Smart Buildings

•Mohamed El-Mikawi, Ph.D, Managing Director, Al-Futtaim, Group Real Estate, Cairo Festival City

•Ahmed Badrawi, Managing Director, SODIC

•Alex Mavridis, CEO, Al Daw Developments, Sami Saad Holding

“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.

Eng. Ibrahim Mehleb, Minister of Housing, Utilities and Urban Development, also stated, “The current government is working to provide a favorable i climate for investors by tackling all challenges they are currently facing.”

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.

“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.”