The long- awaited Nile Property Expo, bringing together some of Egypt’s biggest property developers, kicks off today in Abu Dhabi at the Abu Dhabi National Exhibition Center (ADNEC) following a lavish launch business summit last night.
Egyptian property developers, along with a number of government officials, met last night to discuss the future of the real estate market, addressing its massive opportunities and minimal challenges. Chairman of Expo Republic, the organizer of the Nile Property Expo, Dr. Bassem Kalila, joined the podium along with H.E Minister of Immigration and Egyptian Expatriate Affairs Dr. Nabila Makram, Assistant Minister of Housing, Utilities and Urban Development for Technical Affairs Eng. Khaled Abbas, Former Minister of Investment and Chairman of ARCO Development Dr. Ashraf Salman, Palm Hills CCO Mona El-Helw, and Chairman of the Egyptian Junior Businessmen Association Amr El Seginy.
Representing both the public and private sector, all guests expressed their delight of having such an exhibition and how it should promote the Egyptian property market internationally. “We are delighted to take part in such exhibition as we are always keen on representing Egypt to the world,” says Minister of Immigration and Egyptian Expatriate Affairs Dr. Nabila Makram. “Egypt is moving forward and its development plans massive,” she comments during a presentation on the New Administrative Capital.
Chairman of ARCO Development Ashraf Salman presented to the audience Egypt in figures. Thoroughly Salman gave all attendees a picture of the development of Egypt and especially its real estate sector through figures and what’s his anticipation of the near future. “Egypt’s real estate sector has alone contributed to the GDP by 41% during the first 9 months of 2017,” he states. Salman also addressed some of the remaining challenges that remain evident in the market today, including the centralization of the property tax and the mortgage and finance plans, to which he offered a number of solutions that were welcomed by Assistant Minister of Housing, Utilities and Urban Development for Technical Affairs Eng. Khaled Abbas. “The government must address the mortgage and finance plans to lessen the burden on the people,” he urges.
Palm Hills CCO Mona El-Helw expressed the major development that took place this year, which is “the government has become a helping hand to the developers by initiating partnerships and granting lands to help boost this sector,” she says. She also voices out the importance of having a proper mortgage and finance plans for the homebuyers to ease the burden. The summit concluded with the Ministry of Housing adopting many of the suggested solutions by the developers, especially in regards to such issues.
The Nile Property Expo exhibition opens today at ADNEC in Abu Dhabi and will last until December 16. Follow our social media channels for our live coverage and exclusive interviews.