The Ministry of Housing’s annual investments have exceeded EGP 150 bn due to the implementation of projects in different sectors, Minister of Housing Mostafa Madbouly stated during his speech at the Builders of Egypt IV Forum held on March 4.

Madbouly said that real estate development and investment will strongly continue and will witness the entry of the private sector in the newly established cities in the next four years.

“[The new cities] started from scratch. We developed the city’s infrastructure and other essential facilities; then we opened the field for the private sector to operate,” he said.  

The minister also stated that the volume of expected investments in the second public-private partnership with the private sector amounted to EGP 500 bn, adding that the third partnership offering will be announced as soon as the results of the second one are revealed.

He stressed that the government is strongly interested in the development of Upper Egypt, stating that 90% of the Egypt Countryside Development Project focuses on Upper Egypt. He added that the Minister of Investment Dr. Sahar Nasr issued a decision to set up three or four investment zones in Upper Egypt.

Madbouly said that attracting foreign investment and exporting Egyptian real estate are very important, adding that Egypt is working with all real estate entities to become an attraction to foreign buyers.

“We are working on participating in Egyptian and international real estate exhibitions and conferences to encourage real estate companies and showcase our projects. We will attend an international conference in France this month,” he added.