The urban development and real estate investment sector in Egypt is one of the important sectors that contributed to the economic growth in Egypt in the past nine years, at a rate of more than 60%, according to Mohamed Rashid, a member of the Real Estate Development Chamber at the Federation of Egyptian Industries. Rashid said that the sector has received great efforts in the past nine years, as a series of economic reforms were implemented to improve the investment climate and strengthen the private sector. These reforms included liberalising the exchange rate, reducing government subsidies, improving the business environment, and simplifying administrative procedures. Rashid added that Egypt is developing several mega projects, such as New Alamein City and New Administrative Capital (NAC). These projects have created an urban and economic development shift, which has resulted in significant economic growth rates. These projects also aim to provide new job opportunities and enhance investments in various sectors. Rashid noted that the government has taken measures to attract foreign investment in the urban development and real estate investment sectors, such as offering tax incentives and facilities to foreign investors. Rashid highlighted that the measures that supported the urban development and real estate investment sector in Egypt in the past nine years have helped to strengthen the Egyptian economy and achieve sustainable growth in this sector. Rashid explained that the government has plans to further develop the urban development sector in Egypt. He said that the government is expected to pay great attention to this sector and enhance its role in achieving economic growth, through some plans related to this sector, such as developing new cities. Rashid said that the government plans to develop more new cities and urban areas, to create new job opportunities and enhance investments in various sectors. For example, New Alamein City and NAC will continue to grow and develop, he revealed. Rashid also said that the government will continue to improve the infrastructure in Egypt, including developing roads, bridges, ports, sewage networks, and electricity. This will facilitate the movement of goods and services and provide an attractive investment environment. He said that the government will also continue to develop social housing programmes to meet the needs of low-income citizens, as well as provide housing units at affordable prices and improve utilities and services to residents. Rashid added that the government will continue to offer incentives and facilities to foreign companies investing in the urban development sector, through its efforts to simplify administrative procedures and provide a supportive investment environment. He said that the government will also focus on enhancing the use of technology and innovation in urban development, by applying smart solutions and information and communications technology in project management and improving the services provided. Rashid concluded: "These plans will aim to improve the investment environment, enhance economic growth in the urban development sector, and increase foreign investments in the sector, as Egypt has several factors that make it an attractive destination for foreign investments in the urban development and investment sector."
