The Housing Committee at Egypt’s House of Representatives has given its approval to the text of Article 22 of the draft law establishing the Egyptian Federation of Real Estate Developers.
It is a step forward until the law is finally issued, according to Abdel Hamid Al-Wazir, head of Arabesque Real Estate Development and head of the Support and Follow-up Committee of the New Cairo Developers Association.
The draft law was sent to four agencies to seek their opinion on the articles of the law, namely: the Ministry of Housing, Utilities, and Urban Communities; the Ministry of Finance; the Ministry of Justice; and the Supreme Judicial Council.
Article 22 stipulates that the first Board of Directors at the federation will be formed by a decision from the Minister of Housing, Utilities, and Urban Communities within two months from the date this law comes into force.
The board consists of a maximum of 15 members with experience in different real estate sectors, with the competent minister choosing from among them a president, two deputies, and a secretary.
Al-Wazir said that the federation aims to take care of the common interests of its members, and represent them before the competent authorities and regulate the conditions of the profession.
It will also work to develop its methods, whilst setting rules and traditions for practicing the profession in a manner that ensures its protection. The federation will focus on raising its level, and working to end disputes that arise between members of the federation and others.
The classification categories take into account the criteria of technical competence, financial capacity, and executive experience. This includes: the paid-up capital; the legal form of the real estate developer; previous project development experiences; the financial, technical, administrative, and legal organisation of the real estate developer; and the size of the executed works.
