The Real Estate Development Chamber at Federation of Egyptian Industries (FEI) has signed a cooperation protocol with Dubai Land Department (DLD) on the sidelines of International Property Show (IPS) Egypt, to promote mutual real estate investments among developers in both countries, Invest-Gate reports.
The deal is aimed at exchanging expertise on several levels, including technological and technical fronts, comprising a record of all real estate transactions. In addition to issuing indicators of the market’s activity as well as information on several investment opportunities in both countries, according to a recent statement.
It was inked by Head of FEI Tarek Shoukri and Majida Ali Rashid, assistant director general and head of the Real Estate Investment Management and Promotion Center, the investment arm of DLD.
In its statement, Shoukri highlighted that the agreement also includes the cooperation in the legal aspect to study the various legislations regulating the real estate sector in Egypt and the UAE, while sharing their experiences in this regard.
The protocol also includes Egypt’s contribution to solving all issues and obstacles that Emirati developers might encounter in the Egyptian market.
As for Rashid, she said that IPS Egypt, which took place from January 10 to 13, showcased a handful of distinguished projects in Egypt and worldwide, pointing out that the cooperation between the government and the private sector increases the strength of the real estate sector.
IPS Egypt was organized by Strategic Marketing and Exhibitions Company and MREC Integrated Real Estate Services, with the participation of more than 30 real estate developers from Arab and European countries.
Besides, IPS Jeddah will kick off on February 25, with the participation of major Egyptian companies for the first time after years of absence in Saudi Arabia, which is deemed a vital move to Egyptian real estate industry.