Egypt is seeking to attract global investment by positioning its New Administrative Capital and New Alamein City as key business hubs, according to the Ministry of Housing, Utilities, and Urban Communities.
The government is currently working to contract with a strategic partner to manage and operate the Central Business District in the New Administrative Capital, according to a conference hosted by the American Chamber of Commerce in Cairo (AmCham) on Sunday.
The initiative includes creating a unique logo to attract investments, as well as managing the Alamein Towers area to position these locations as global destinations that appeal to the business sector and attract foreign direct investments.
“The government is seeking to involve the private sector in the development of Egyptian aviation and airports,” said Minister of Civil Aviation Sameh El-Hafny.
The conference, titled “Egypt’s Real Estate Market: Creating Global Destinations,” highlighted the significant investments made in developing New Alamein City.
“The government has spent $5 billion on developing New Alamein City,” said a conference spokesperson. “Last year, tourists from 105 different nationalities visited the city, and unsafe areas in Cairo have been developed—all part of efforts to transform Egypt into a global destination.”
The conference also addressed the development of the Red Sea area, with plans to increase the number of hotel rooms from the current 10,000 to make it a leading tourist destination and attract more foreign investments.
Sheikh Hamad Bin Talal Al-Thani, Chief Development and Project Delivery Officer (Asia & Africa) at Qatari Diar, spoke at the conference, highlighting his company’s investment of $4 billion in a 40 million square metre land bank in Egypt.
“We see a lot of potential in Egypt’s real estate market and are considering expanding in the real estate market,” said Bin Talal Al-Thani.
Akef El Maghraby, CEO and Managing Director of Suez Canal Bank, stated that Egypt has spent billions of pounds on infrastructure, roads, and hubs to prepare all regions for investment, especially in sectors such as tourism, real estate, and other vital industries.
El Maghraby added that banks finance all projects, whether small or large-scale projects in various sectors. He mentioned that around EGP 10 billion has been made available to the private sector in recent periods.
“Egypt is an excellent destination in the fields of tourism and real estate, with significant potential in both sectors,” said El Maghraby.
The conference included several sessions, covering topics such as financial and regulatory frameworks, building comprehensive cities of the future, creating business opportunities to serve regional institutions, growth and success strategies, and green buildings, all aimed at achieving sustainable real estate development.
Panellists at a session on “Economic and Sustainable Viability of Egypt’s New Destinations”, highlighted the importance of reconsidering banking interest rates, which they say have reached a high level that affects expansions and property prices.
The government has granted management and concession contracts to encourage private sector involvement in the development of Egyptian aviation and airports, said El-Hafny. The government has prior experience in managing five airports in collaboration with ADP (Aéroports de Paris) and is currently studying the lessons learned from this experience.
