Cabinet Approves Deadline Extension for Real Estate Projects

Sunday, 11th December 2016

Following numerous requests from contractors to postpone projects delivery dates, the Egyptian Cabinet has agreed to extend deadlines on real estate projects, according to Head of the Egyptian Federation for Construction & Building Contractors Hassan Abdel Aziz, Al Mal reported.

Deadlines have been extended for a three-month period for residential and a six-month period for infrastructure projects.

This extension, as Abdel Aziz noted, will allow companies to deliver projects in an appropriate timeframe given the limitation all contractors face nowadays with the floatation of the Egyptian pound, low supply of foreign currency, and most importantly the increase of material prices.

Deputy of the Federation Hesham Yousry told Al Mal, “The federation is to establish two committees to investigate  companies’ conditions, the causes of several projects’ delays, and the different prices presented.

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