Egypt’s real estate developers are underscoring the importance of the local property market as a springboard for international expansion, particularly targeting Saudi Arabia and the UAE.
The developers point to the promising investment opportunities in the Gulf markets, driven by robust economic growth and extensive development projects in these countries. This collaboration between Egypt’s private and public sectors is fostering regional expansion and contributing to the growth of the Egyptian real estate sector.
Developers stressed the importance of collaboration and partnerships between Egyptian and Gulf companies to enhance regional expansion and exchange expertise and knowledge. They also discussed ways to export Egyptian properties to Gulf markets and attract foreign investments to the Egyptian real estate market. They showcased success stories of Egyptian companies that have achieved significant success in Gulf markets, paving the way for more Egyptian companies to expand in these regions.
Fathallah Fawzy, Vice Chairperson of Egyptian Businessmen Association and Chairperson of MENA for Real Estate Development Consultancy, stated: “The Egyptian real estate sector has significant potential for expansion in regional markets, thanks to the high competencies of Egyptians and the distinguished real estate projects being implemented in Egypt.”
He highlighted the importance of collaboration and partnerships between the private and public sectors to enhance regional expansion and achieve further growth and prosperity for the Egyptian real estate sector.”
Ahmed Shalaby, president and CEO of Tatweer Misr, confirmed that Egypt is among the top five countries where Saudi Arabia and Saudi investors are investing, noting the strong ties between the two countries.
Shalaby pointed out that Saudi Arabia is keen to provide substantial incentives for Egyptian real estate developers after they have demonstrated significant success over the past few years, contributing to the growth of the Egyptian real estate sector.
He said: “We will soon announce our first project in Saudi Arabia.” Shalaby emphasized the need to focus on real estate funds, which represent one of the easiest and simplest mechanisms for attracting investors, as well as the importance of implementing corporate governance at the company level.
Amr Soliman, the founder and chairperson of Mountain View, highlighted the strong relationship between the Egyptian and Saudi communities.
Soliman pointed out that real estate system in the Egyptian market is robust and well-established, with many promising areas now bearing fruit, noted that Saudi Arabia is targeting the entry of Egyptian developers, especially given the growth of Egypt’s real estate sector in recent years. He also confirmed that Saudi Arabia offers significant incentives to foreign developers.
He said: “Our first acquisition in Saudi Arabia was in Riyadh. We are pleased with our partnership with Maya Real Estate Development and Al Saidan Real Estate, our successful partners in the Saudi market. We aim to expand further in the Saudi market in the coming period.”
Meanwhile, Mohammed Al-Qarnas, Executive Director of Real Estate Development at the General Real Estate Authority in Saudi Arabia, highlighted the Saudi focus on developing the real estate sector. He said that the General Real Estate Authority is an independent entity responsible for all real estate matters in Saudi Arabia.
The authority was keen on strengthening its strategic partnerships with various sectors in the kingdom to achieve its goals of developing the real estate market and raising professional standards in the sector. He also noted the kingdom’s eagerness to benefit from Egypt’s successful real estate development experience and to provide all necessary facilities to enable Egyptian developers to work in the Saudi market, he said.
Al-Qarnas confirmed that the General Real Estate Authority is working on organizing and developing the real estate sector in Saudi Arabia by enacting regulations and legislation that enable industry players to conduct their business according to the highest approved standards. The authority also contributes to training specialists in various fields, including real estate development, real estate finance, property management, and real estate investment. These efforts aim to achieve sustainable and comprehensive real estate development, in line with Saudi Arabia’s vision for the sector.
Maged Marie, CEO at Magnom Properties, stated: “The company is the exclusive developer of Forbes Towers in Egypt and the Gulf. The Forbes Tower in the New Administrative Capital comes with Saudi investments and will rise to a height of 250 meters. It is being built near the Iconic Tower, the tallest building in Africa. The project is being designed to be environmentally friendly, and we are working to achieve zero carbon emissions by powering the 50-story administrative tower using clean hydrogen, in addition to solar panels on its façade.”
