Minister of Housing and Acting Prime Minister Mostafa Madbouly said the government is not a competitor to the private sector in real estate, but it seeks to play a complementary role to meet the needs of the market.
Madbouly added during “Egypt’s Real Estate Industry: Investing in the Future” conference held Tuesday, by the American Chamber of Commerce in Cairo, that he hopes to increase and multiply the number of investors in order for the government to withdraw and only act as an observer and provider of land for companies.
Madbouly pointed out that the state does not have the luxury of time now due to the increasing pressure on it in the housing sector, noting that the real estate sector is the engine of the national economy and will remain a strong engine in the coming period.
He added that the real estate sector has very promising opportunities, not limited to specific areas, and extends to Upper Egypt and other areas such as New Alamein city.
“Nobody believed that the New Administrative Capital project would become a reality, but with time and work, it now represents a great opportunity for the private sector.” the minister said. “Now is the time for the private sector to launch projects and invest heavily.”