Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), emphasized that Egypt is a significant hub for real estate investment due to its attractiveness in terms of its prime location and status as a distinguished tourist destination worldwide, Invest-Gate reports.
The cultural diversity further attracts numerous investors from various regions, supported by the state’s role in developing the sector.
Heiba expressed his delight in participating in the twelfth edition of the Cityscape exhibition and highlighted that the government had taken several measures to encourage investment, including various incentives provided by the Investment Law and other procedures. These initiatives are part of a plan to expand the provision and development of facilities that contribute to urban expansion.
As a result, a network of roads spanning 7,000 km has been implemented, along with infrastructure development and the construction of several new cities. This has opened up significant opportunities for real estate development in previously inaccessible areas.
Moreover, Heiba further explained that the achievements have positively impacted the advancement of the real estate sector.
Notably, in 2023, the sector successfully attracted and encouraged investors from countries such as the United Arab Emirates, Kuwait, Saudi Arabia, China, and the United States to invest in real estate. Foreign investment in the sector reached $190 mn, a modest figure indicative of the sector’s attractiveness to foreign investors. This motivates us to work diligently to double this number shortly.