Minister: Egypt’s real estate market is very promising

Minister of Transport Kamel al-Wazir said that the Egyptian real estate market is currently very promising, requiring the concerted efforts of many state agencies to fully utilize the sector in supporting the country’s economy.

During the Egypt Builders Forum, Wazir added that there was an urgent need to attract investors from abroad to work in industrial and educational real estate, as well as in the areas of dry ports and logistics, as this is a central activity of the state and the Egyptian economy during the current stage.

He called to extending the scope of real estate investment to areas other than residential properties, which currently attracts the attention of many investors.

According to Wazir, seven dry ports and logistics areas will be launched in Borg al-Arab, Beni Suef, New Sohag City, 10th of Ramadan City and 6th of October City, to be linked to industrial zones to support the transfer of products from various Egyptian ports to the country’s various industrial zones.

He pointed out that Egyptian companies are implementing a number of national projects involving roads, tunnels, bridges, fish farms, animal production farms and more, adding that although Egyptian companies that implemented the Suez Canal tunnel projects did not have sufficient experience, they proved highly efficient in carrying out the project.

Wazir added that means of domestic transport greatly facilitated the transfer of raw materials and goods to ports and industrial areas, to be exported to Africa. The state currently plans to further focus on the development of land and sea ports and and the railways to various ports, he said.

The development of the port of Salloum has been completed with a total investment cost of LE 1.5 billion, in order to facilitate export to friendly countries, mainly Libya.

He said that 8,000 kilometers of the National Road Network have been rehabilitated, while one million housing units as well as some important industrial areas and a textile city in Sadat City are currently being implemented.

He added that the State is working on the establishment of sewage treatment plants. The largest wastewater treatment plant is currently being constructed in west Port Said area to treat wastewater in Lake Manzala.

Edited translation from Al-Masry Al-Youm

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