Mostafa Madbouly, Minister of Housing, Utilities, and Urban Communities and Tarek Shoukry, Head of the Chamber of Real Estate Developers at the Federation for Egyptian Industries, signed a cooperation protocol aiming to resolve challenges facing real estate developers, Al Mal reported.
The federation is further seeking to sign agreements with the ministries of tourism and investment to push forward real estate development. The federation will also assign a committee of officials, engineers, and lawyers who will be responsible for resolving problems facing developers, according to Shoukry.
The protocol agreement also includes drafting executive techniques and presenting ideas that will develop the current laws of real estate in collaboration with housing representatives in the Parliament and promoting investment opportunities, stated Al Borsa.
All parties are working collaboratively to support the real estate sector to resolve any obstacles that prevent real estate developers from execution of their projects, added Madbouly.
Shoukry also says the New Urban Communities Authority (NUCA) will review licenses and that a new office will be formed at NUCA’s headquarters specializing in serving investors and facilitating investments approved by the Ministry of Housing.