Egypt’s Ministry of Housing, Utilities, and Urban Communities has approved the establishment of two headquarters for the Real Estate Development Chamber in the New Urban Communities Authority (NUCA) and the 6th of October City Development Authority’s buildings, Invest-Gate reports.

The new head offices will offer an integrative set of services to the chamber’s members, while facilitating their communication with the executives of the aforementioned government bodies, Chairman of Real Estate Development Chamber Tarek Shoukry said in a press statement on September 30.

“We aim to establish a network of premises to provide financial and technical support to our members,” Shoukry added, praising the housing ministry’s quick response to the chamber’s requests.

Earlier, the chamber obtained the Ministry of Investment and International Cooperation’s (MIIC) consent to establish its offices at General Authority for Investment’s (GAFI) headquarters, and it is now fully operational.

On another note, the chamber’s chairman hailed the recent interest rate cuts made by the Central Bank of Egypt (CBE), noting that such monetary policy decisions pose positive imprints on the property industry and pave the way for a more flourishing mortgage finance sector.