During his participation in the Invest Gate’s roundtable “Going Commercial … The Future of Egypt’s Real Estate Market”, Basheer Mostafa, CEO of First Group and a member of the Egyptian Businessmen Association, calls for an integrated legislative to be provided, Invest-Gate reports.

At the roundtable’s first session, discussing he role of the private developer in industrial real estate, Mostafa argues that the industrial and agricultural sectors in Egypt are vital to the state’s national income because it turns untapped low-value materials into a high-value final product that countries can rely on as a major source for national income.

He also states, “We used to have skilled labor, but now these hands have decreased due to the lack of an organized educational process, training and skills development. Therefore, many countries preceded us in stages and began to elevate and diversify their product, forcing us to rely heavily on importing.”

Moreover, Mostafa clarifies, “If the state’s vision is to prompt its industrial sector, then a complete package of laws and legislation must be updated.” Such packages must not be rushed but well studied to preserve the industrial businesses, especially after the infrastructure lift that the government underwent recently to meet the needs of exporters, for example.

He also points out that with the transfer of labor to the new industrial zones, there will be a need for a residential area for this labor like that of 6th of October City. He goes on explaining, “The development of 6th of October City began with the establishment of an industrial zone then the July 26 Axis, which then on attracted real estate developers to invest in that city.”

During his talk on administrative and commercial units, Mostafa states that research, carried out by developers, are the measure of a developer’s success in the continuity with administrative buildings. “The Operational needs of any building must be taken into account following its implementation,” he explains to reach the correct model for commercial and administrative developments.

He clarifies that the main criteria of the success of administrative projects are the location, operation and real estate developer expertise. He concludes that the entry of some companies that do not have sufficient experience to invest in administrative buildings will inevitably lead to their failure.