Waleed Abbas, Asst. Minister of Housing of Housing, Utilities and Urban Communities, has said that the Ministry has played a key role in shaping the real estate landscape of Egypt and supporting the economy by establishing and constructing new cities.
He continued that last year saw significant growth in the real estate sector, which is connected to approximately 92 industries, representing 32% of the GDP over 1,500 plots of land have been allocated for industrial activities, and the real estate sector is expected to witness further growth this year with the government offering more incentives to the private sector and its strategy to expand smart city construction, such as New Alamein, New Mansoura, and the New Administrative Capital, designed to be sustainable. The state is keen on stimulating investments and fostering cooperation with the private sector to build Egypt’s future and achieve sustainable development.
Abbas’s remarks came at the opening conference of the 13th edition of Cityscape Egypt
on Monday. The event was organized by Informa, under the theme “Unveiling Egypt’s Real Estate Renaissance: Building Tomorrow’s Landscape.” Cityscape Egypt will run from 25 to 28 September under the auspices of the Ministry of Housing, Utilities, and Urban Communities.
The opening conference witnessed the attendance of a distinguished group of high-ranking officials, government representatives, businessmen, and investors in the real estate sector, including Khalid Ahmed Saleh Ahmed Al Obaidli, Chairperson of the Real Estate Regulatory Authority, as well as Fathallah Fawzy, Vice Chairperson of Egyptian Businessmen’s Association and Chairperson of MENA for Real Estate Development Consultancy.
Fawzy stated: “Discussing financing is crucial to ensuring real estate development and achieving Egypt’s Vision 2030, especially as the Egyptian government has taken extensive measures to strengthen the sector. It is now our role as developers to seize these opportunities, but we must also collaborate and forge strategic partnerships to turn these opportunities into tangible realities and achieve sustainable growth. We are currently facing a scene that reflects our ambitions for sustainable growth and a bright future for Egypt and the region, particularly as the built-up area is expected to increase from 7% to 14%.”
Abbas reviewed the ministry’s measures to attract investments, including a variety of allocation mechanisms, and presented indicators supporting investment and their impact on the real estate market.
He also discussed the government’s actions to address potential risks in the Egyptian real estate market, outlining the investment map according to urban development projects and fourth-generation cities.
Abbas stated: “The real estate market has witnessed fundamental shifts over the past two years, driven by the government’s focus on achieving real estate development and transitioning to smart city buildings. The country has succeeded in establishing 38 new cities under the fourth-generation cities initiative, creating a significant transformation in the real estate sector.”
Khaled Mahmoud Abbas, Chairperson of the Administrative Capital for Urban Development (ACUD), said: “In 2016, the New Administrative Capital was just an idea that turned into a reality. For over a year, the government has been fully operational from the New Administrative Capital. The government buildings accommodate around 50,000 employees, and we have over 7,000 families living there. All services are available, and the average green space per citizen is 15 square meters.”
He added: “We have three main elements in the New Administrative Capital: it’s a green, sustainable, and smart city. 50% of the rooftops use solar energy, and we have launched green building certificates to encourage sustainable construction. The city is managed through smart technology with two control centres, aiming to achieve a high quality of life. The ACUD has achieved around EGP 4bn profits before taxes.”
The conference will feature several panel discussions and dialogues addressing promising opportunities in the real estate sector in Egypt and the Middle East, the growth witnessed by the sector, and how it has helped Egypt solidify its position as a leading investment destination in North Africa. Other topics, such as the role of real estate investment funds and their impact on the growth of the Egyptian real estate sector, will also be discussed.
The 13th edition of the Cityscape Egypt is the largest ever, covering more than 40,000 square meters across four exhibition halls, with participation from over 80 leading real estate developers, offering attendees the opportunity to explore exclusive projects and offerings in various sectors, including commercial, administrative, and residential real estate.
