El-Gazzar welcomed Kanazawa and his delegation, stressing that Egypt is currently witnessing a major boom in development and urban development.

He noted that Egypt has a large number of real estate developers working on developing large areas of land, with some projects exceeding 10 mn sqm. The Minister also discussed the experience of new cities in Egypt, which began in 1979.

He explained that the New Urban Communities Authority (NUCA) is responsible for establishing and developing new cities, which so far number more than 48. Since 2014, the authority has begun to establish and develop 24 new fourth-generation cities, the most prominent of which is the New Administrative Capital.

El-Gazzar pointed out that due to the increase in the volume of real estate and urban development in Egypt, there is a steady increase in demand for some components that the state is forced to import from abroad, such as elevators and air conditioning devices. The state is therefore aiming to localize the industry of these two components.

The Minister said that the NUCA makes land available to real estate developers in various ways, whether by sale or usufruct system. The authority also undertakes real estate development projects in partnership with major developers.

Mr. Kanazawa said that his company’s delegation includes a group of experts in various fields, who are searching for investment opportunities available in Egypt, especially in the new capital.

He reviewed the company’s fields of work, which include real estate funds, real estate buying and selling, real estate consulting, management consulting, and buying and selling bonds.

Kanazawa added that his company is interested in rebuilding commercial facilities and developing hotels. One of its subsidiaries also works with the Ministry of Military Production to manufacture devices for generating water from atmospheric air.

The two sides agreed to continue discussions on potential areas of cooperation.