Invest-Gate Provides Recommendations on the Role of Government Incentives in Attracting Investment Opportunities

Fathy Elsayeh and Eman Elwasly

Invest-Gate concluded its roundtable activities on November 13, 2023, in cooperation with the Egyptian Businessmen Association, titled “Unveiling Government Incentives for Lucrative Real Estate Investment Opportunities”. The roundtable highlighted the government’s recent efforts to support the real estate sector, in addition to discussing the role of the stock market in supporting the real estate sector.
The roundtable was moderated by Eng. Fathallah Fawzy, Vice Chairman of the Egyptian Businessmen’s Association and Chairman of the Real Estate Development and Contracting Committee. Prominent real estate experts and industry leaders participated in the roundtable, including D.Eng. Waleed Abbas, Deputy Chairman of The New Urban Communities Authority for Planning and Projects (NUCA); Mr. Mohamed Selim, Research Manager & Risk and Indices Supervisor at The Egyptian Exchange; Dr. Ahmed Shalaby, President & CEO of Tatweer Misr and Chairman of Egyptian Real Estate Council; Eng. Hisham Shoukry, Chairman of the Real Estate Export Council; Mr. Emad Saad Hamouda, Member of the Housing Committee in the House of Representatives; Dr. Hashem El Sayed, Chairman of ODIN Investments and Executive Chairman of Egyptians Real Estate Fund; Eng. Waleed Mokhtar, CEO of IWAN Developments; Eng. Mohie Farag, Chairman of Upwyde Developments; Mr. Hassan Nasr, Gates Developments CEO; Eng. Ahmed Amin Massoud, Menassat Developments Chairman; Eng. Alaa Fekry, Chairman of BETA Egypt for Urban Development and a board member of the Real Estate Investment Division; Eng. Bedeir Rizk, CEO of Paragon Developments; Eng. Mohamed Al-Taher, CEO of Saudi Egyptian Developers; Mr. Ahmed Sherif, Country Manager at Prime Properties Egypt; Ms. Maha Abdel Razek, CEO of Misr Real Estate Assets Management; Mr. Ayman Abdel Hameed, Vice Chairman and Managing Director of Tameer for Mortgage Finance (Al Oula); Eng. Tarek Bahaa, CEO of MENA Real Estate Development Consultancy; and Mr. Mohamed Al Husieny, CEO of Ethmar.
The participants agreed on the following recommendations:
1. Creating a mechanism for sales outside Egypt in foreign currency, whether to Egyptians abroad or foreigners.
2. Issuing legislation regulating those dealing with the real estate sector, such as those in force in Dubai.
3. Facilitating coordination between private companies and the government in the field of Egyptian citizenship for property buyers.
4. Establishing a mechanism that allows refugees in Egypt to purchase real estate in foreign currency.
5. Facilitating regulating procedures to increase the number of companies listed on the stock exchange and offering shares to increase capital.
6. Unifying the models of unit sales contracts and charging rates for services to ensure the rights of customers.
7. Speeding up work on activating the real estate stock exchange and real estate investment funds.
8. Activating the laws issued to facilitate real estate registration.
9. The need for state support for foreign exhibitions specialized in real estate.
10. Granting incentives to building materials industries in new cities inside Egypt to reduce dependence on imported goods.
11. Banks should provide a mechanism that allows financing to foreign customers.
12. Searching for new markets for real estate investment, such as the Russian market and African markets.
13. Accelerating the implementation of a unified national real estate ID in the new cities.
14. The necessity of cooperation and coordination with international marketers to support real estate export.
15. Applying mechanization, accelerating the issuance of licenses, and setting a time frame for implementing procedures.
16. Relying on promoting tourism to stimulate the real estate market.