Osama Saad El-Din, CEO of the Real Estate Development Chamber (REDC) at the Federation of Egyptian Industries, disclosed the Chamber’s involvement in a trip undertaken by an Egyptian delegation, spearheaded by the Federation of Egyptian Industries, to Libya, Invest-Gate reports.

During this visit, pivotal agreements were formalized, with two memoranda of understanding being inked between the Federation of Egyptian Industries and the Federation of Chambers of Commerce, Industry, and Agriculture in Tripoli and Benghazi, Libya.

Representing the Egyptian delegation, Mohamed El-Bahi signed the two memoranda on behalf of the Egyptian side, one with the President of the Federation of Chambers of Commerce, Industry, and Agriculture in Tripoli, and another with the President of the Federation of Chambers of Commerce, Industry, and Agriculture in Benghazi.

Saad El-Din elucidated that the primary objective of these memoranda is to bolster collaboration, facilitate the exchange of investment acumen between Egyptian and Libyan entities, and streamline the participation of Egyptian firms in Libya’s reconstruction efforts. The intention is to leverage the diverse expertise of Egyptian companies across various domains to aid in Libya’s reconstruction initiatives. The Egyptian delegation comprised business leaders and industrial chamber directors affiliated with the Federation of Industries.

Highlighting the adeptness of Egyptian real estate development firms in creating comprehensive urban communities, Saad El-Din emphasized that Libya stands to benefit from this expertise during the reconstruction phase. He emphasized the successful implementation of new cities and integrated urban projects in Egypt by Egyptian companies, underscoring the pivotal role of the private sector in Egypt’s recent developmental strides.

Moreover, Saad El-Din underscored the deep-rooted economic and historical ties between Egypt and Libya, facilitating the seamless operation and involvement of Egyptian enterprises in Libya. He also emphasized the potential for Egyptian construction materials to penetrate the Libyan market as reconstruction endeavors gain momentum, thereby presenting a burgeoning market for Egyptian exports in the construction sector. Saad El-Din noted the longstanding presence of Egyptian laborers in Libya, showcasing their diverse skill sets and capabilities over the years.