Chairman of Arabia Group Tarek Shoukry was elected to preside over Egypt’s recently-formed Real Estate Development Chamber, part of the Federation of Egyptian Industries (FEI), Amwal Elghad reported.

The decision came during a meeting held by the chamber’s board of directors, which will remain in office until 2019.

The chamber aims at regulating the Egyptian real estate market, discussing legislations that require approval, and forming a thorough database that includes available real estate investment opportunities.

The chamber will communicate with all sectors working in real estate development, including the Ministry of Housing, Utilities, and Urban Development, the Ministry of Production, and the House of Representatives, in efforts to promote further growth in the real estate sector, and economic growth in general, according to Youm7.

The Real Estate Development Chamber was established by a ministerial decree that was issued to regulate the real estate sector in Egypt.