Businessman Najib Sawiris praised the government’s signing of contracts for the largest tourism project in the Red Sea in cooperation with two Emirati and Saudi partners, stressing that this will contribute to boosting employment opportunities, increasing economic growth and increasing tourism activity.
These statements came during the opening of the ninth round table entitled "Think Commercial"Under the slogan "Real Estate Industry Leads Investment and Export", under the auspices of the Ministry of Housing, Utilities and Urban Communities and the Real Estate Development Chamber of the Federation of Egyptian Industries.
Sawiris pointed out that inbound tourism has witnessed significant growth recently, which requires an increase in the number of hotel and tourism projects to meet the growing demand. He stressed that the private sector has provided distinctive experiences in this area, especially in the areas of the North Coast and the Red Sea, which enhances the opportunities to attract investments.
Exchange Rate Stability Boosts Real Estate Project Growth
Sawiris added that the support of the private sector by reducing interest rates and stabilizing the exchange rate will have a positive impact on accelerating the pace of projects. He explained that high interest rates and high costs of building materials have weighed on real estate developers and increased the prices of housing units significantly.
He referred to the government initiatives launched to enhance communication with the private sector and overcome obstacles to it, pointing to the success in solving many problems related to troubled factories, which supports investments in various fields, especially agriculture. He called for the continuation of this approach to reach interest rates of about 8% to stimulate growth.
On the project to develop the pyramids area, Sawiris revealed his plan to provide a project commensurate with the value of this archaeological landmark, in terms of improving visits and providing visitor services centers.
The real estate sector is central to attracting investors
Khaled Abbas, Chairman of the Administrative Capital Company for Urban Development, stressed the vital role of the real estate sector in promoting investment and export in Egypt, where he reviewed the current development projects in the New Administrative Capital.
Abbas stressed that the real estate sector will remain a key pillar to attract investors, pointing out that the administrative capital represents a living example of Egypt's ambitions in sustainable urban and investment expansion.
He explained that the Egyptian government has been working in the administrative capital for two years, expecting that there will be a presence of the House of Representatives and the Central Bank in the region after the elections.
He said the company operates a 40,000-acre project that includes buildings and infrastructure to meet the needs of residents and investors, including a water and sewage plant.
Abbas confirmed that the company would raise about 30 per cent of the land available soon, highlighting the strategic location of these lands, which would be attractive to serious developers.
Abbas concluded by stressing the importance of expediting investor needs and stimulating demand, with the project targeting 50,000 citizens at the current stage, expanding to a quarter of a million over the next year.
Discussions also addressed the importance of entering real estate funds as an opportunity to support enterprise development and market opportunities, stressing the need for legislation regulating this activity to enhance market discipline.
At the conclusion of the Conference, participants stressed the importance of strengthening cooperation between companies and governmental bodies to ensure the development of a stable and prosperous real estate market in Egypt.
