During his participation in the Invest Gate roundtable titled “Going Commercial: The Future of Egypt’s Real Estate Market”, Edris Mohamed, managing director of Akam Developments, reveals the challenges facing the small industrial developers in new cities, Invest-Gate reports.

Mohamed points out that despite small industrial investors acquire the largest share of the market, their industries are not sufficiently developed, which reflects on the significant challenges facing this sector.

During its first session on industrial development, he affirms that the state has begun implementing strong infrastructure projects in new cities to attract industrial developers yet more incentives are needed to attract industrial developers.

Mohamed calls for directing investors towards new cities by providing investment incentives for small, medium and large industrial investors, including lowering land prices and setting up a mechanism to postpone payments until the start of operation and stability of the project.

Addressing more mechanisms to empower the industrial developers, Mohamed asserts that the idea of the state being the sole industrial developer must be changed, calling for further incentives and facilities to attract small and medium industries and integrate them into the formal economy.

During the second session on administrative and commercial units, Mohammad highlights that the Egyptian market is witnessing new types of administrative and commercial real estate products due to the state’s efforts in implementing the new cities and new projects such as skyscrapers.

Highlighting the developers’ achievements in this segment, he reveals that the developers are hiring foreign expertise in new projects to provide Egyptians with new experiences. “Such efforts are consistent with the state’s plan to localize new industries in the Egyptian market across various sectors,” he says.

Finally, he concludes that the real estate developer must have the experience to implement any project based on excessive market studies to achieve investment goals and maintain customers’ confidence. Such experience empowers the developer to implement a distinguished project, regardless of the activity of this project.