Yasseen Mansour, Chairman and CEO of Palm Hills Developments, highlighted the substantial impact of the private sector-state partnership model, facilitated by the Ministry of Housing, in propelling sustainable urban development nationwide, Invest-Gate reports.
The government broadened the application of this collaborative approach in 2015, presenting numerous investment prospects in conjunction with developers. This initiative has expedited the progress of real estate ventures by leveraging land value allocations to fund infrastructure and comprehensive services for residents. Such endeavors contribute significantly to the advancement of new cities and the creation of employment opportunities.
Mansour’s remarks were delivered during his representation of the Egyptian private real estate sector at the roundtable of African housing ministers, convened by the Egyptian government in collaboration with the African Union and with technical assistance from the United Nations Human Settlements Program at the Grand Egyptian Museum, as part of the activities of the 12th World Urban Forum “WUF12,” in the presence of Prime Minister Mostafa Madbouly.
Mansour commended the Egyptian government for its remarkable strides in infrastructure development, particularly the establishment of an extensive network of new roads spanning over 7,000 km.
This network has facilitated citizen mobility between new cities and bolstered the private sector’s enthusiasm to engage in collaborative investment opportunities with the state.
The enhancement of the road network, alongside other infrastructure projects, played a pivotal role in Egypt securing its largest foreign direct investment deal to date—the Ras El Hekma development agreement in partnership with Emirati firms.
Emphasizing the efficacy of the partnership model, Mansour noted a novel approach to land sales to the private sector, empowering real estate developers to allocate a greater portion of their investments towards construction and development rather than sizable land acquisitions. This shift has incentivized companies to expand their projects and bolster their sales figures.
Mansour expressed his belief that the state-private partnership model signifies a transformative advancement in the Egyptian real estate sector, creating an appealing investment environment for both local and international enterprises while accelerating urban development.
Furthermore, this collaboration has enabled Egyptian firms to undertake substantial projects employing cutting-edge global technologies, leading to a reduction in residents’ cost of living by up to 30% through innovative water recycling techniques and temperature control measures, consequently diminishing energy consumption significantly.
