In cooperation with the International Federation of Real Estate (FIABCI-Egypt), the Greek Embassy in Cairo hosted a delegation of Greek companies chaired by Angela Michalopoulou, director general for investments at Enterprise Greece, the official Greek trade and investment promotion agency, on March 21 to promote investments in the real estate and tourism sectors in Egypt.

Michalopoulou said at a press conference, held at the Nile Ritz-Carlton, that the Greek GDP grew 2.5% in 2017, with a positive outlook for 2018 depending on tourism, exports, and foreign direct investment (FDI).

According to statistics presented by Athanasios Makrandreou, minister plenipotentiary for economic and commercial affairs at the Greek Embassy in Cairo, Greek investments in Egypt reached EUR 1.3 bn, mainly concentrated in the sectors of cement, paper, construction, food, aluminium products, and oil and gas exploration.

He added that the volume of trade exchange recorded EUR 1.5 bn at the end of 2017, as Egypt imports petroleum products, cotton, cigarettes, and plastics from Greece.

In further aims to enhance the tourism sector, Greece aims to attract 35 mn tourists in 2021 and gain EUR 20 bn in tourism investments, which would require EUR 6.5 bn in investments in the next five years from the public and private sectors, Michalopoulou said.

“If we can achieve our goals, the Greek tourism industry will contribute EUR 43 bn to the GDP, offering 1 mn job opportunities,” Michalopoulou noted.

According to Greek Ambassador to Cairo Michael-Christos Diamessis, Egypt ranked fourth on the list of top nationalities carrying the Greek Golden Visa.

Foreigners can obtain the Greek Golden Visa by investing a total value of EUR 250,000 in the real estate sector, then they can enjoy benefits such as gaining a permanent residency in Greece, being automatically granted a Schengen zone visa, and ultimately receiving an EU passport.

The Greek embassy also invited Egyptian attendees to participate in a conference on opportunities in Greece, set to take place in Athens between 17 to 19 October 2018.

On his part, chairperson of FIABCI-Egypt Abdel Nasser Taha said that FIABCI aims to boost ties with real estate companies around the world.

“We are preparing for a lot of activities in Egypt to support solid networking and knowledge of the real estate industry for developers and investors,” Taha said at the press conference.