The Real Estate Development Chamber has convened a crucial meeting to discuss the government’s initiative permitting real estate companies to sell their projects abroad in dollars, Invest-Gate reports.

The meeting brought together the members of the Board of Directors of the Real Estate Development Chamber, along with developers and officials from the Ministry of Housing, Utilities, and Urban Communities.

In attendance were Walid Abbas, Assistant Minister of Housing for the Affairs of the New Urban Communities Authority (NUCA); Abdel Khalek Ibrahim, Deputy Housing Minister for Technical Affairs; and Tarek Shoukry, Head of the Real Estate Development Chamber, alongside various real estate developers.

Moreover, Shoukry affirmed that the initiative reflects a strong governmental interest in real estate export.

“The initiative benefits all stakeholders in the real estate system, including the government, clients, and real estate developers,” Shoukry added.

Furthermore, during the meeting, the Chamber proposed several ideas that contributed to the initiative’s success, aiming for optimal results for the Egyptian economy and real estate companies.

Also, proper implementation and incentives ensure a high dollar return supporting the Egyptian economy. The discussion also touched upon the initial proposed incentives by real estate developers to encourage foreign clients to purchase properties in Egypt and motivate developers to expand their marketing efforts abroad.

It is noteworthy that Prime Minister Mostafa Madbouly had previously announced a government initiative allowing real estate companies to sell units abroad in dollars, supporting the real estate export agenda and providing much-needed foreign currency for the Egyptian economy.