Eng. Sherif El Sherbini, Minister of Housing, Utilities, and Urban Communities, met with Eng. Tarek Shoukry, Chairman of the Real Estate Development Chamber (REDC) at the Federation of Egyptian Industries (FEI), along with members of the Chamber’s Board of Directors, Invest-Gate reports.
The meeting focused on enhancing cooperation to support the real estate development sector and continue the urban development process.
Officials from the Ministry and the New Urban Communities Authority (NUCA) also attended.
El Sherbini affirmed that the Ministry extends its support to all those working in the real estate development sector, emphasizing that they are partners in the journey of development and success.
“We are a single team, working to provide more investment opportunities across various sectors, expanding partnership projects with the private sector, and fully supporting all forms of investment given their attractiveness in new cities. We aim to provide all the elements of success for them,” he stated.
Developers presented several requests, including the continuation of incentives previously offered to the real estate sector, such as extending project implementation timelines, maintaining existing interest rate reductions, and facilitating the licensing process for operating shops.
In response, El Sherbini announced the continuation of all incentives for real estate developers, including a six-month extension for project implementation periods, a decision to reduce interest rates, and other benefits granted to developers.
The Chairman and Board Members of the REDC expressed their gratitude to the Minister for his efforts in supporting the real estate sector, allowing developers to voice their demands and concerns, and promptly addressing them.
El Sherbini indicated the Ministry’s readiness to enhance cooperation with all real estate developers regarding various investment opportunities in the coming period. He noted that significant flexibility and numerous incentives are in place to support real estate investment.