Minister of Housing, Utilities, and Urban Communities Assem El Gazzar has met with members of the Export Council for Real Estate Investment to discuss future mechanisms to catalyze exporting real estate in Egypt, Invest-Gate reports.
During the meeting, which was held on September 8, meeting participants presented their proposals for boosting the country’s real estate export, while also highlighting the hurdles associated with real estate export to be tackled in the short and long terms, as the property sector is deemed one of the key pillars for economic growth and development, according to a recent ministerial statement.
Council members include Rooya Group CEO Hisham Shoukri, Tatweer Misr President and CEO Ahmed Shalaby, Iwan Developments CEO Waleed Mokhtar, City Edge Developments CEO Mohamed Mekkawi, Hassan Allam Properties CEO Mohamed Allam, in addition to real estate experts Amr El Kady and Fathallah Fawzy.
On his part, El Gazzar said the Egyptian market has been showing promising growth, especially in terms of real estate investments, thanks to the National Strategic Plan for Urban Development 2052 that aims at doubling the current urban area to reach 14% through the introduction of new cities, slums development projects, as well as the National Road Project and Historic Cairo Development Project.
In June 2019, Prime Minister Mostafa Madbouly had revealed that total real estate exports worldwide is estimated at USD 70 bn per year. Egypt’s share, however, does not exceed USD 400-500 mn annually, according to a previous statement.