Haytham Torkey, Managing Partner at United Accountants – a member of Nexia International, has celebrated the firm's fourth anniversary and its expansion into the Egyptian, Arab, and Gulf markets. The company broadened its services to include financial technology, strategic consulting, mergers and acquisitions, digital transformation, and international taxation. As a full member of Nexia International, which had 790 offices worldwide, United Accountants served over 480 institutions across various sectors, reflecting its extensive experience in financial consulting and transaction management. Torkey reported a 40% growth in clients in 2024 compared to the previous year, highlighting the trust in their services.
With a team of 9 partners and over 200 experts, the firm also had a transfer pricing unit to tackle tax pricing challenges. Torkey noted that foreign investments are attracting more local and global investors, contributing to the stability of the Egyptian market.
Torkey revealed that the Egyptian real estate sector accounts for 30% of the total GDP, according to government reports. He noted that property values are expected to rise by 30% over the next three years in Egypt, driven by the successful urban renaissance in the country.
Torkey emphasized that the launch of 543 new urban projects in Egypt and the private sector's involvement in acquiring 86% of these projects highlight the government's support for private enterprise. He pointed out that the government has successfully established 38 fourth-generation cities and developed infrastructure, which has improved Egypt's global ranking. He also noted that 30 million Egyptians are employed in the construction and real estate sector, with the construction market in Egypt projected to reach $50bn in transactions during 2024, according to sector reports.
Torkey projected that investment inflows to Egypt will reach approximately $300bn in the coming period, with $200bn earmarked for the Ras El Hekma project from the UAE over the next 15 years. Additionally, $100bn is expected as the Egyptian government plans to offer the Ras Gamila and Ras Banas areas to Gulf investors, particularly given the significant interest from Saudi Arabia. This interest follows the Saudi Investment Fund's announcement of an initial $5bn investment in Egypt.
