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Prime Minister Dr Mostafa Madbouly held a meeting with members of the Board of Directors of the Real Estate Development to discuss ways to support the real estate sector in light of global conditions and challenges.
In the presence of Eng. Mohamed Al-Bostany, member of the Board of Directors of the Real Estate Development Chamber for small companies
In the presence of:-
- Dr. Assem Al-Jazzar, Minister of Housing, Utilities and Urban Communities
- Eng. Tariq Shukry, Senior Undersecretary of the Housing Committee in the House of Representatives, Chairman of the Board of Directors of the Real Estate Development Chamber
- Mr. Hisham Talaat Moustafa, Managing Director of Talaat Moustafa Holding Group,
- Eng. Ahmed Sabbour, Senator, member of the Egyptian Real Estate Council
- Eng. Mostafa El Kady, CEO of Emaar Misr
- Eng. Hani Al-Assal, agent of the Real Estate Development Chamber, Chairman of the Board of Directors of Misr Italia Properties
- Eng. Mohamed El-Minshawy, agent of the Real Estate Development Chamber
- Eng. Amr Soliman, Member of the Board of Directors of the Real Estate Development Chamber, Chairman of the Board of Directors of Mountain View Real Estate Investment Company
- Dr. Walid Abbas, Supervisor of the Planning and Projects Sector at the New Urban Communities Authority, and Assistant Minister of Housing
- Eng. Basil Shaira, member of the Board of Directors of the Real Estate Development Chamber, representing the Industrial Investment Division
- Eng. Mohamed Jasser Bahjat, member of the Board of Directors of the Real Estate Development Chamber.
The Prime Minister emphasized the state’s interest in the real estate sector, as it is one of the pivotal sectors of the Egyptian economy, given its role in achieving many developmental, social and economic goals, pointing out that this sector is one of the labor-intensive sectors that contribute to providing job opportunities. direct and indirect, and therefore it is important to ensure the continuity of development and development of this sector, and that it is not exposed to any problems that affect its performance.
During the meeting, the Prime Minister addressed the state’s continuous efforts to support and develop the real estate sector, referring to the decisions taken by the Supreme Investment Council, which was held recently under the chairmanship of President Abdel Fattah El-Sisi, President of the Republic, within the framework of providing more facilities and incentives for this sector. Vital, explaining that it included granting real estate developers and investment projects in new cities and all state authorities, interest in 10% installments for a period of two years, instead of the applicable interest announced by the Central Bank, in addition to extending the time period for implementing real estate projects by 20% of the total original time period for implementing these projects. Projects, in order to reduce the burdens placed on real estate investors, in addition to reducing the percentage of the project being considered completed, to become 85% instead of 90%.
The Prime Minister added: The state, through the Supreme Investment Council, took an important decision regarding allowing foreigners to own more than two properties, provided they pay in hard currency, indicating that this decision comes within the framework of efforts to expand the export of Egyptian real estate, and increase the country’s hard currency earnings.
Real estate developers presented a number of proposals and visions that would contribute to the development and growth of the real estate development sector, and attract more investments to this important sector, in addition to what is related to industrial developers, in order to achieve the growth of the industrial sector and increase the number of factories.
The developers confirmed that they have plans to pump more investments into the real estate market during the coming period, stressing the potentials and potentials of the Egyptian real estate market, which make it possess many promising investment opportunities.
During the meeting, the Prime Minister addressed the state’s continuous efforts to support and develop the real estate sector, referring to the decisions taken by the Supreme Investment Council, which was held recently under the chairmanship of President Abdel Fattah El-Sisi, President of the Republic, within the framework of providing more facilities and incentives for this sector. Vital, explaining that it included granting real estate developers and investment projects in new cities and all state authorities, interest in 10% installments for a period of two years, instead of the applicable interest announced by the Central Bank, in addition to extending the time period for implementing real estate projects by 20% of the total original time period for implementing these projects. Projects, in order to reduce the burdens placed on real estate investors, in addition to reducing the percentage of the project being considered completed, to become 85% instead of 90%.
The Prime Minister added: The state, through the Supreme Investment Council, took an important decision regarding allowing foreigners to own more than two properties, provided they pay in hard currency, indicating that this decision comes within the framework of efforts to expand the export of Egyptian real estate, and increase the country’s hard currency earnings.
Real estate developers presented a number of proposals and visions that would contribute to the development and growth of the real estate development sector, and attract more investments to this important sector, in addition to what is related to industrial developers, in order to achieve the growth of the industrial sector and increase the number of factories.
The developers confirmed that they have plans to pump more investments into the real estate market during the coming period, stressing the potentials and potentials of the Egyptian real estate market, which make it possess many promising investment opportunities.