Real estate in Egypt set to rise due to new Suez canal

August 11, 2015 2:28 pm

As Egypt celebrates the rewards of a sustained period of endurance following historic official opening of the new Suez Canal, this national victory signals a wave of new opportunities for the countrys major real estate developers who are being tasked with satisfying the demand for new facilities in surrounding areas.

With huge prospects opening up for energy, manufacturing and construction related industries at large, it is clear that Abdel Fattah al-Sisis declaration to complete the ambitious waterway expansion within a single year in late 2014 has proved to be a positive move in the interests of FDI and job creation.

Optimism is high, not least for the scores of real estate developers who are set to take part in the fifth and largest ever edition of Cityscape Egypt on 16-19 September at the Cairo International Convention Centre.

Recognising the potential opportunities that are now surfacing in order to provide much needed amenities in the cities of Suez, Port Said and Ismailia, Ahmed Shalaby, Managing Director of TatweerMisr explains;

The current gap between demand and supply and in light of recent positive government initiatives places Egypt as an attractive investment opportunity in the real estate industry with interest focusing on the Gulf of Suez.

TatweerMisr is presenting its flagship project Galala – Sokhna in the Gulf of Suez in addition to Fouka Bay North Coast at Cityscape next month. We sincerely believe that Cityscape this year will see a new level of interest that is reflected in the attention this industry is receiving.”

Major ports, industrial cities, residential centres and mega agricultural projects are set to spring up along the entire length of the canal and a wave of residential projects are now pushing forward following plans to create integrated urban cities that will generate new housing and employment opportunities within the region.

The impetus generated by such a large scale success story is also encouraging an appeal for further progress in the construction of the New Cairo Capital, which is now thought to be aiming for an ambitiously reduced completion date.

Hany EL Assal, Chairman of Misr Italia Group elaborates; “Cityscape is becoming increasingly important this year amid greater optimism on the part of investors. Misr Italia is completely confident in the real estate sectors ability to drive the national economy. The Group supports all efforts to advance this vital sector, in addition to its commitment to participating in events that bring together the biggest investors and real estate developers, particularly Cityscape, which has become a unique annual event for the development of the real estate sector.”

Ismail Yehia, Chief Executive Officer of Trends Real Estate agrees:”Having Cityscape Egypt exhibition right after the grand opening of the new Suez Canal will definitely boost the event which is expected to witness a magnificent growth in real estate demand in the Egyptian Market specially the New Urban Developments.”

Cityscapes exhibitions, conferences and seminars are the leading events that bring together key industry decision makers, international investors, developers, government and investment authorities, leading architects, designers, and consultants active in the design and construction of real estate

Sponsors for the 2015 event include Gold Sponsor Al Ahly for Real Estate and Taamir for Mortgage Finance Company Aloula and Associate Conference Sponsor Colliers International.

 

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