Cityscape Egypt, the largest real estate investment and development platform in Egypt, concluded its 2022 conference with a heightened focus on the conference theme “Egypt – At the forefront of change,” Invest-Gate reports.

The event, under the patronage and support of the Ministry of Housing, Utilities and Urban Communities, provided an unparalleled platform where developers and real estate experts engaged in meaningful discussions while learning about the latest investment opportunities, market trends and to discuss the future of Egypt’s real estate property market.

During the conference, Khaled Abbas, Chairman of the New Administrative Capital, confirmed that the New Administrative Capital Company owns more than 32,000 acres of land, positioning it as the largest real estate development company in the world, and contributing to 20% of Egypt’s national income. It is estimated that the second and third phases of the NAC will be launched by the beginning of 2023 while more than 50,000 employees will be transferred to the government district by the end of 2022.

Also, Fathallah Fawzy, Chairman of The Cityscape Egypt Conference and Chairman of MENA for Real Estate Development Consultancy, discussed a number of challenges facing real estate developers who are planning to execute projects at the Administrative Capital.

For his part, Managing Director at The Board Consulting, stated that there are 28 developers operating in the North Coast area with sales exceeding EGP 70 bn. Zaki noted that Emaar is top of the list in terms of sales revenues with EGP 16 bn in the North Coast region followed by New Giza with EGP 7 bn.

On the sidelines of the conference, Fawzi discussed the draft of the reconciliation law and shared various viewpoints.

Walid Abbas, Deputy Minister of Housing and Supervisor of the Planning Sector at the New Urban Communities Authority, Ahmed El Seginy, Chairman of the Local Administration Committee in the Egyptian House of Representatives, Ahmed Mansour, CEO of Cred Development, Bashir Mustafa, CEO of First Group Development Company, and Alaa El-Basiouni, Head of the Construction and Real Estate Investment Division at the Alexandria Chamber of Commerce, attended the conference.

The discussions reviewed the Egyptian real estate investment policies, ensuring strict regulations for the sale of housing units still under construction, activating real estate funds, and regulating the real estate ownership for non-Egyptians to attract foreign currency. Additionally, the national strategic plan for sustainable development was emphasized, portraying urban expansion from 7% to 14% through the implementation of 37 new urban communities and 22 other communities that are still under construction.

Finally, the discussions urged policymakers to re-examine the real estate financing laws, and the replacement of tax breaks within a safe and stable climate for investment.

It is worth noting that the Cityscape Expo is set to take place from September 21st to 24th at the Egypt International Exhibition Centre (EIEC) in New Cairo. Cityscape Egypt is organized by Informa Markets, the leading organizer of exhibitions. The event will present over 70+ local and international developers, brokers and citizenship by investment companies aiming to cater to all levels of property buyers in the region.