Moustafa Madbouly, Minister of Housing, Utilities and Urban Development, asserted that Egypt is ready to receive Arab and foreign investments in the housing and real estate sectors, referring to the golden opportunities in this sector due to its large growth recently.
The opening of Elite Real Estate Exhibition, took place on Tuesday in the Conference hall, witnessed the presence of some officials, Egyptian and Kuwaiti businessmen. Among the present businessmen were Abdul Aziz Al-Bishr, Kuwaiti official, and Sheikha Fatma Al-Sabah, Chairwoman of Eskan Global Group. In regard of opening this exhibition, Madbouly said that regional and local markets latest updates expect the real estate sector to boost as opposed to last year.
The real estate sector is considered to be the current incentive for the Egyptian economy as many large projects have been launched such as Proposed New Capital of Egypt and New Suez Canal, in addition to other many projects. Consequently, investors, especially Kuwaiti investors, will be given the golden opportunity to invest in such a sector.
Many Kuwaiti investors have attended the exhibition which indicate that Kuwait will support the developmentel sectors in Egypt, Al-Bishr pointed out. He also expresses his wish to address certain issues in the exhibition such as the real estate sector’s role in attracting foreign investment, overcoming real estate investment obstacles and the government’s facilities for Arab and foreign investors, in addition to reaching an agreement upon implementing a number of real estate projects that contribute to a better Egyptian economy. It is worthy to mention that the exhibition will last until Saturday.
In this regard, Al-Sabah highlighted that the exhibition targets supporting the Egyptian economy as Sabah Al-Ahmad, Emir of Kuwait, urged investors to invest in the Egyptian market and provide it with huge capitals.
It is expected that the exhibition will be provided with investment flows worth of EGP 20bn, Al-Sabah said. In addition, partnership agreements will be made among companies which are to enter the Egyptian real estate market for the first time. She asserted that Eskan Global Group has decided to consider Egypt as a regional centre for the group. In addition, Eskan intends to transfer two thirds of its foreign investment to the Egyptian market over the next period MEO Kuwait.
