Sherif El Sherbini, the Minister of Housing, Utilities, and Urban Communities, partook in the inaugural session titled “Investment Opportunities and Prospects in Egypt” during the fifth edition of the Egyptians Abroad Conference, hosted by the Ministry of Foreign Affairs, Immigration, and Egyptian Expatriates Affairs, Invest-Gate reports.
The session was attended by Badr Abdel Aati, Minister of Foreign Affairs, Immigration, and Egyptian Expatriates Affairs; Mohamed Gibran, Minister of Labor; Rami Aboulnaga, Deputy Governor of the Central Bank of Egypt; and Hossam Heiba, CEO of the General Authority for Investment and Free Zones.
El Sherbini emphasized in his address that over the past decade, the Egyptian state, in alignment with President Abdel Fattah El-Sisi’s directives, has made significant strides in urban development.
He outlined the investments and forthcoming yields from national initiatives aimed at realizing sustainable urban progress. These efforts encompass resolving longstanding issues, catering to present and future needs of Egyptian citizens, enhancing quality of life, establishing new development hubs to attract domestic investments, competing globally for select projects, and reinstating Egypt’s standing on the international investment landscape.
Furthermore, El Sherbini underscored that the Ministry of Housing extends full support to Egyptian compatriots residing abroad.
He elaborated on initiatives designed to offer housing projects internationally and bolster real estate investments. These strategies include incentivizing real estate exports to expatriate Egyptians, the “Beit Al Watan” program catering to Egyptians working overseas, land allocation in foreign currency, enhancing marketing strategies to engage and attract expatriates, and enhancing the New Urban Communities Authority’s website to facilitate ongoing land offerings.
Elaborating on the progress made, El Sherbini highlighted the rollout of nine phases of the “Beit Al Watan” project between 2012 and 2023. These phases encompassed the allocation of numerous residential and service plots, a variety of residential units, villas, and burial sites, accumulating total sales nearing $7.3 bn to date. Allocation processes for residential units in the tenth phase are currently underway, with preparations in progress for future project phases featuring additional residential units and land plots, with official announcements to follow upon completion.
