Eng. Ahmed Masoud, a member of the Real Estate Investment Division, confirmed that the economic conference achieved its goal, by reviewing all the visions related to the various economic sectors, as the government reviewed its vision, and listened to the vision of the private sector, thus agreeing on the state’s economic roadmap for the coming periods. Clear policies and measures were proposed to contribute to increasing the competitiveness and resilience of the Egyptian economy.
Engineer Ahmed Masoud added, to “The Seventh Day”, that the conference discussed in its sessions a very important problem, which is how to find solutions to include the informal economy in the formal economy, which raises the national output and provides good global and local quality and specifications, as well as attention to industries related to construction and building materials, as It is one of the most used materials in the state’s development plan through the construction of housing units for citizens.
He explained that the conference also addressed the problem of real estate financing, how to confront the procedures followed by the banking system, which leads to the reluctance of citizens from real estate financing, as the conference called for the need to change the philosophy of real estate financing in Egypt.
He stressed that the national projects brought about a qualitative leap in the Egyptian real estate market and contributed to raising the rates of development inside Egypt. Establishing national projects that greatly help support the Egyptian economy, as the Egyptian state relies on two aspects of development within Egypt’s Vision 2030, which are national projects and support for entrepreneurship and small and medium projects. There is support from the state on both sides during the current period.
He said that during the conference, the Minister of Housing reviewed the government’s role in implementing urban projects that contributed to the advancement of the real estate sector, pointing out that the state implemented projects in partnership with the private sector (67 developers) on an area of 13,000 acres in fourth-generation cities, with investments amounting to 1.1 trillion pounds. The state’s share of them is 311 billion pounds, and these projects provide about 200,000 job opportunities, and the size of that partnership would not have taken place without the state’s plan for urban expansion, adding that the total number of housing units that were provided from 2014: 2022, amounted to 2.8 million housing units. Of which, the state provided 1.2 million units (250 thousand housing units for the development of unsafe areas – 612 thousand social housing units – 152 thousand medium housing units – 127 thousand units of distinguished/luxury housing), meaning that 72% of the units implemented by the state are directed to alternative housing for slums and low-income), the private sector provided 1.6 million units, or 57%.