The Real Estate Development Chamber presented several important proposals regarding the government initiative allowing real estate companies to sell their projects abroad in dollars. This occurred during a meeting that included members of the Real Estate Development Chamber’s Board of Directors, several real estate developers, and officials from the Ministry of Housing, Utilities, and Urban Communities.
The meeting was attended by Dr. Waleed Abbas, Deputy Head of the New Urban Communities Authority for Planning and Projects – overseeing the office of the Minister of Housing. Also present were Dr. Abdelkhalek Ibrahim, Assistant Minister of Housing for Technical Affairs, Engineer Tarek Shukry, Representative of the Housing Committee in the House of Representatives, Chairman of the Board of Directors of the Real Estate Development Chamber at the Egyptian Industries Federation, and the head of the Real Estate Investment Sector at the Chamber of Commerce Federation, in addition to several members of the Chamber’s Board of Directors and several real estate developers.
Engineer Tarek Shukry, Chairman of the Board of Directors of the Real Estate Development Chamber at the Egyptian Industries Federation, affirmed that this industry reflects a solid governmental interest in the real estate export file. He pointed out that this initiative benefits all parties in the real estate system, whether the government, the client, or the real estate developer. He also emphasized developing ideas for attractive, successful mechanisms that benefit all parties.
He highlighted that this initiative benefits the government by providing hard currency. The real estate developer will receive the unit’s value, directing it towards implementing existing projects or expanding into new investment opportunities. The client can also benefit by obtaining a unit with investment incentives of up to 80% of its value.
During the meeting, he explained that the Chamber presented several proposals that contributed to the initiative’s success and achieved the best results for the Egyptian economy and real estate companies. Proper implementation and the provision of incentives ensure achieving a high dollar return, supporting the Egyptian economy. He noted that the meeting discussed the initial proposed incentives from real estate developers to encourage foreign clients to purchase property in Egypt and to encourage developers to expand marketing projects abroad.
He indicated that the Chamber continues its discussions with officials from the Ministry of Housing and relevant authorities to establish an effective mechanism for implementing this important initiative. This is especially noteworthy given the openness of Ministry of Housing officials, led by Dr. Assem El Gazzar, Minister of Housing, to consider applicable proposals that simultaneously benefit the local economy and the real estate market.
Dr. Mostafa Madbouly, the Prime Minister, had previously announced a governmental initiative allowing real estate companies to sell units abroad in dollars, supporting the real estate export file and providing hard currency for the Egyptian economy
