The Egyptian government announced, last week, the establishment of the Urban Development and Real Estate Export Committee, with a goal to transform the country's real estate sector into a sustainable and growing source of foreign currency, akin to the Suez Canal's long-standing contribution. The committee, which includes both governmental and private sector experts, is tasked with implementing a bold economic vision aimed at positioning Egyptian real estate as a key export to global markets. The initiative seeks to attract both foreign investors and Egyptian expatriates, leveraging real estate as a means of securing foreign currency and boosting national revenue. A primary focus of the committee is to improve the quality of real estate developments to meet international standards, ensuring that Egypt remains competitive in the global market. The government aims to make Egypt a leading real estate investment destination in the Middle East and North Africa, thereby strengthening its regional and economic standing. Naguib Sawiris The committee is composed of influential figures from the real estate development sector, including Khaled Abbas, Chairperson of the Administrative Capital for Urban Development (ACUD), and Naguib Sawiris, Chairperson of Ora Developers. Other prominent members include Yasseen Mansour, Chairperson of Palm Hills Developments; Mahmoud El-Gamal, Chairperson of New Giza; and Amr Soliman, Chairperson of Mountain View. The committee also includes Ahmed Shalaby, CEO of Tatweer Misr; Tarek Shoukry, Chairperson of Arabia Holding; Ashraf Arafa, Chairperson of Arafa Group; and Amgad Hassanein, Vice Chairperson of Housing and Development Bank. Osama Saad El-Din, Executive Director of the Real Estate Development Chamber, commented that the establishment of a company dedicated to supporting the export of Egyptian real estate, a promise made by Prime Minister Mostafa Madbouly, has now become a reality. He stressed that the government has shown strong support for the initiative, which aims to place Egypt on the global real estate export map. Saad El-Din also highlighted that the participating companies are major players in the market with strong reputations, bolstering confidence in the success of this endeavor. He noted that these companies are well-equipped to handle large-scale projects and will play a key role in expanding Egypt's capacity for real estate exports. Ahmed Shalaby The Real Estate Development Chamber has been actively working to identify target markets and determine the specifications required by these markets. Saad El-Din revealed that countries like the United States and Australia have already expressed interest in importing real estate with specific features. Egyptian developers are already aligning their projects to meet these requirements, showcasing the sector's ability to compete in global markets. Saad El-Din emphasized that Egypt's real estate sector is more than capable of competing with developed countries, adding that this new initiative presents a critical opportunity to expand Egyptian real estate exports to untapped markets. Khaled Abbas Daker Abdallah, a member of the Real Estate Investment Division at the Federation of Egyptian Chambers of Commerce and the Real Estate Development and Contracting Committee at the Egyptian Businessmen's Association, noted that Prime Minister Madbouly's announcement of advisory groups, including business leaders, to propose plans for various sectors—including real estate—will play a vital role in driving economic growth. Abdallah emphasized the importance of expanding private sector participation and incorporating its insights into the country's economic strategy. Amr Soliman Abdallah also advocated for revising payment methods for contractors to ensure the continuity of work and avoid operational disruptions. He urged the government to consider lowering interest rates through a well-developed economic plan, which would support key growth sectors like tourism and industry. As inflation is gradually curbed, this approach is expected to attract foreign investment, stimulate economic activity, and improve affordability for citizens. He concluded by underscoring the private sector's pivotal role in driving economic development, highlighting its potential to attract foreign investments and foster partnerships that will reshape Egypt's real estate market.
