The coronavirus (COVID-19) crisis provides Egypt’s real estate market with the impetus to find new opportunities, according to Bassem Fahmy, Chartered Member of the Royal Town Planning Institution UK.
During last week’s Cityscape Egypt conference, conducted via webinar, Fahmy added that the coronavirus crisis may lead to a range of global crises. This potentially includes the loss of income for roughly 700 million employees, and a projected loss of about $70bn in global products.
Fahmy added, however, that cities are likely to see a positive change to their structures and how they develop. With smart city projects such as the Silk Road, King Abdullah City, and the NEOM project under development, the developing world is likely to replace the developed world in terms of technological capabilities.
These smart cities will have, what Fahmy described, a fundamental impact on the form of and development of cities and countries, improving business opportunities whilst also improving quality of life.
He emphasised that the more of an impact technology has in developing these cities and new urban communities the more strongly business will be influenced. Although the effects of technology on the ground have yet to be seen, Fahmy said that technology can play a role in preventing health crises such as the coronavirus pandemic.
Smart cities will have a greater capacity to support people who influence the global economy, he explained. Smart cities use technology to improve citizen lives, and that the current time is useful for thinking outside the box when it comes to making cities smart.
