To achieve the Egypt 2030 vision, comprehensive urban development must also be achieved with annual investments of EGP 100bn, according to Mena Group Egypt co-founder Fathallah Fawzy.
In a speech at the Cityscape Egypt conference, Fawzy said that developing this plan requires activation and diversification of available financial instruments. He also said it is necessary to increase rates of foreign investments, in addition to encouraging the private sector to double its role and participation in the urban development in the next phase.
Egypt’s 2030 vision requires the establishment and further expansion of new residential cities in order to accommodate the large population increase over the coming years, Fawzy said, asserting that this requires developing 80,000 acres annually.
He noted that the Cityscape conference has become a milestone in the development of the real estate market in Egypt over the past few years, especially owing to its focus on addressing the challenges facing the industry.
“The challenges are classified within the current priorities of the state to strengthen its ability to achieve the targeted growth rates,” Fawzy said.
Cityscape group director Wouter Molman said that in this year’s conference, about 50 leading figures in the field of real estate will present the expected investment opportunities and plans in the Egyptian market for the coming period.
