Ramsco's Women Empowerment Initiative Recognized Among Top BRICS Businesswomen Practices for 2025    Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    Gold prices end July with modest gains    Pakistan says successfully concluded 'landmark trade deal' with US    Egypt's FM, US envoy discuss Gaza ceasefire, Iran nuclear talks    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Federal Reserve maintains interest rates    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Rafah Crossing 'never been closed for one day' from Egypt: PM    I won't trade my identity to please market: Douzi    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt's EHA, Huawei discuss enhanced digital health    Egypt, Oman discuss environmental cooperation    Egypt's EDA explores pharma cooperation with Belarus    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Housing minister says Egypt real estate climate stable
Published in Daily News Egypt on 20 - 02 - 2012

CAIRO: “Real estate investment [in Egypt] will remain an icon among its peers in the Arab world,” said the country's housing minister at a conference on Monday.
Real estate is “connected to important sources of investments and employment,” he added, assuring investors of the government's eagerness to cool down the climate in spite of all the “critical events.”
Speaking at the CityScape Real Estate Summit on Monday, Egypt's Housing Minister Fathy El-Baradei said that progress was underway to reconcile the “few disputes” with some property developers.
He offered pledges of cooperation to local and foreign real estate investors looking to enter the Egypt market.
Cityscape Egypt, in association with Next Move, opened its inaugural exhibition and conference on February 20 in Cairo, where investors and real estate professionals met to discuss the country's sector and economic outlook.
El-Baradei admitted that there was a slowdown in 2011, but reiterated that the market incurred no major losses with real estate prices still relatively intact.
Regarding the legal disputes that forced some major real estate developers to return land to the state as a form of settlement, El-Baradei said that “the percentage of the firms with such disputes was minimal.”
Settlement talks are underway with at least two primary firms, guaranteeing mutual benefit, he said, adding that the ministry was not going to concede the rights of the state.
In the past two years, a number of real estate firms have come under fire and faced lawsuits for purchasing thousands of acres at undervalued prices directly from the government as opposed to through a public auction.
El-Baradei said that it was quite normal to have some administrative quarrels, but that it should not be treated as an indicator for future investments. He added that transparency was the best guarantee, in addition to proper enforcement of the law as “further reassurance for investors.”
When asked about the previously mentioned PPP (public-private partnership) initiative for an affordable housing project of 1 million units, he said that it was part of the ministry's plan to promote social justice.
“We are keen on keeping a satisfactory investment atmosphere for all, but also maintaining social justice,” he said. “Previous experience in national projects has shown that when subsidies are involved, responsibility primarily falls on the shoulders of the government.”
The role of the private sector then, he explained, was to implement the units as a contractor, with the ministry inviting all willing investors as long as they bear in mind the main driving force behind the project: affordability.
Meanwhile, he insisted that the role of the ministry was not a realtor's, but to regulate prices.
Also speaking on the first day of the summit were Neveen El-Shafie and Sherif Oteifa from the General Authority for Investment (GAFI), along with Beltone Financial's Angus Blair.
El-Shafie provided a briefing on the regulatory framework of Egypt's real estate sector, improving investment security and insisted that commitments with local and foreign investors shall be honored, in spite of the challenges of 2011, such as GDP shrinking by 1.8 percent and credit downgrades.
She was still confident of the potential for growth despite the increasing building costs and slow investments, because the primary drivers — stable population growth and unmet housing demands — remained.
She also revealed that figures for foreign direct investment declared by the central bank featured $420 million in the first quarter of the 2011-12 financial year, and preliminary indicators showed around $1 billion in the first half, hoping to match the previous year's performance by June.
On his part, Blair expressed optimism but warned of the obstacles requiring attention: falling foreign reserves, a widening budget deficit and high public debt 85 percent of GDP. He added, however, that the picture was still better than the southern European countries in crisis.
Regarding the rise of the Muslim Brotherhood and its political arm, the Freedom and Justice Party — which currently dominates parliament — and the domino effects of Sharia application and Islamic financing, Blair insisted the situation would not be dire as even in Saudi Arabia, the majority of banking transactions were rather conventional and not Islamic.
Blair noted how retail stores were packed, expressing confidence in that sector and reiterating that the region's retail capital was Cairo and not Dubai.
“[It's] still a relatively liquid economy. The positive areas are in retail and commercial real estate, with enormous opportunities,” he noted, and that the one area that needed attention, was finding ways to improve and maximize the footfall of investing, namely mass public transport.
An exhibition was held featuring some of the major real estate players in Egypt.


Clic here to read the story from its source.