Economist: Real estate developers demand greater role for the sector In urban development

Economist: Real estate developers demand greater role for the sector
 In urban development

Economist: Real estate developers demand greater role for private sector in urban development Welcome to our dear visitor on the website of economic, economic: Mtorn real estate are demanding a greater role for the private sector in the development of urban, where we strive to be at the good follow-up to our site, real estate developers are demanding a greater role for the private sector in urban development, Dear visitor, the economic site is a news site The latest developments in the Arab and international arena, the economic: Real estate developers are demanding a greater role for the private sector in the development of urban, where we search for the most important and latest news from all sites and news agencies, the economist: We are looking for a bigger role for the private sector in urban development, so that you can follow up everything new in the news world. Tuesday 13 March 2018 06:06 AM Economist Abbas: put ten thousand acres in the third phase of partnership projects with real estate developers Development of the new Alamein system of comprehensive development .. and projects for the middle segment and bridging the gap «Talaat Moustafa» renews his call for the establishment of a sovereign fund to support the housing of the most needy Amjad Hassanein: The state assumed the role of regulator and regulator of the market and provided the full opportunity for companies Tamer Wajih: The private sector is a key partner in infrastructure projects Ahmed Al-Mufti: Land proposals and facilitations stimulate investors to implement projects Real estate developers reviewed the opportunities of the private sector to participate in the development process and face the challenges of the real estate market and its mechanisms during a session of the Cityscape Real Estate Conference entitled “How to achieve the vision of 2030 and address the challenges.” Investors presented their vision on the mechanisms of urban development in the country, Real demand for real estate in Egypt. The meeting witnessed the presentation of a special vision on the current economic conditions and the impact of currency rates on the real estate market movement. Participants called for defining mechanisms to regulate the work in the real estate market, aiming at tightening the supervision of the market and ensuring the development of the real estate system. The meeting was attended by Mr. Khalid Abbas, Deputy Minister of Housing and Utilities for Technical Affairs, businessman Hesham Talaat Mustafa, Chairman of Talaat Moustafa Group Holding, Amjad Hassanein, Head of Operations at Capital Group Properties, Tamer Wagih, Assistant Head of the Central Unit of the Ministry of Finance, Director General of Trade Affairs of East Port Said Development Company. Eng. Khaled Abbas, Assistant Minister of Housing for Technical Affairs, said that the ministry is keen to take care of all regulations and laws that challenge the real estate market in order to accelerate development rates and interest in a wide range of customers. In the supply of units to that large segment. He said that the ministry has implemented several projects to meet the needs of the middle income segment and to meet their needs in obtaining suitable housing units. This is in the projects of the Arab Republic of Egypt and the Arab Republic of Egypt. . He pointed out that the ministry is currently preparing for the third phase of the partnership projects, which is expected to include about 10 thousand acres, in many new cities that developers are interested in investing in, which represents an extension of the development of urban areas, and the population increase will reach weakness by 2052, It is necessary to implement a development that anticipates and accommodates that population increase. He added that the ministry is working to implement comprehensive development in the new cities, including the new Al Alamain, which is developed by the integrated city system and not the tourist resort, to include employment opportunities, residential areas, recreational places and services for citizens. He said the state is now offering land with different bidding systems, such as bidding, partnership and selling, which has made the land supply very large. He added that the mortgage finance provided support to many customers through the Central Bank’s initiative to finance limited and medium income, but the segment has not yet entered the umbrella of mortgage finance, especially with the high interest rate on mortgage financing, as well as a crisis in awareness of the importance of mortgage finance and its role in supporting the client To make a purchase decision. He said that the value of mortgage finance provided through the Central Bank’s initiative exceeded 10 billion pounds, which reflects the efforts exerted by the Ministry of Housing and the State in general to solve the crises facing this important and distinguished sector. He said that the Egyptian real estate market is characterized by the real demand for the different segments of the housing, which eliminates any fears of a crisis in sales and activity in that market, which supports the decision of local and foreign investors to inject investments in this important sector. He pointed out that the real estate market despite its strength, but it is not organized, which requires working on several mechanisms to achieve this organization, the most important of which is the launch of a consortium of developers and the existence of a database on this sector includes all figures for all employees in the real estate investment system, Mortgage finance, and other entities operating within the mortgage finance system. He pointed out that the Arab Republic of Egypt should follow the technology used in the construction and real estate development sector and keep abreast of the developments in the construction and real estate investment sector and implement various real estate products that meet the needs of all customers. This will enable the marketing of Egyptian real estate abroad, Of the foreign exchange teams, and diversification between the local and foreign client portfolio. Hisham Talaat Moustafa, Chairman of Talaat Moustafa Group Holding, renewed his call to the government and central bank to establish a sovereign fund in the Arab Republic of Egypt away from the public budget to support the most needy families and the least income seeking housing. He pointed out that the main problem facing the real estate sector is the limited share of the community benefiting from housing projects in light of the problems of inflation and high interest rates. He called for imposing a value added tax on real estate agents, developers and industries that feed this sector, providing annual revenues of at least 35 billion Pounds, and will not cost the state budget anything, and creates social balances, and increases state revenues from direct and indirect taxes, and meet the effective demand for real estate products. He continued that the structural problems in the Egyptian economy, notably the budget deficit and the lack of convergence of supply and demand in the supply of real estate products increase the need to implement this proposal, which was presented in a detailed study of the government and the banking sector. He said that the Egyptian banking system provides only 7% for financing activity and real estate financing, while these rates range globally between 65 and 80% due to higher interest rates locally from banks, which does not meet the demand for real estate. He called for geographic expansion in the new cities Saharan region to achieve sustainable development. He called for the need to find clear mechanisms for the system of real estate development in the state in light of the current economic changes, which overshadowed the movement of the market as a whole, because the market currently lacks good organization and suffers clear problems in the process of pricing land and determine the rates of private sector participation and its role in the development movement, Different methods of working in the market, which did not generate a real development movement to meet the needs of the market in the coming years. Amjad Hassanein, head of operations at Capital Group Properties, said private developers are the key players in achieving urban development and launching new communities in the coming years. The country’s focus on expanding the role and participation of companies in the urban development movement is essential. He pointed out that the real estate companies need good support from the government to integrate them strongly in the development process, and the participation rate of the private sector represented by the real estate development companies in the movement of urban development in the state as well as the government is not achieved the required level does not live up to global proportions and does not achieve the goal required to benefit from the expertise And the capabilities of real estate companies in the current development process. He pointed out that the government has been keen to take the lead in the development of infrastructure in the country, but it did not provide full opportunities for the private sector, which is the main partner in achieving the objectives of the development target at a rapid pace, stressing the importance of increasing the participation of developers in the movement to expand the development of communities New Urbanism. He said that the Egyptian market currently has many private companies working in the field of real estate development and possess the expertise and competencies that qualify them to lead the movement of urban expansion. The reliance on them should be applied in a greater proportion of the development process to their ability to understand the needs of customers and the nature of the real estate market. In the market, as well as being the best in the implementation of maintenance projects to protect the real estate enterprises, which represent the real wealth of the state. He called on the state to stop the role of the real estate developer who works alongside the companies and leave that task to the private sector and play its primary role as a regulator and organizer of the local market. The state played a strong role in social housing projects in line with its objectives in the overall urban development. He pointed out that the company is currently working on the development of the existing Al Borouj project in East Cairo, which is one of the new urban projects aiming to create a distinctive addition to the real estate market in Egypt by offering new residential units and providing excellent services to customers. The first units of the project are slated for delivery this summer and Al Sawy will open the project this year. The project includes the construction of a 70-acre central park to be opened this summer. He pointed out that the company’s focus on investment in the Arab Republic of Egypt comes within the framework of its vision of the strength of the Egyptian real estate market and distinguished by the existence of a real demand for real estate. Tamer Wajih, assistant head of the central unit of the partnership in the Ministry of Finance, during the events of Cityscape Conference, to the role of the private sector in the major national and urban projects carried out by the State, by covering the new urban areas with the necessary facilities such as desalination plants and the network of roads and power stations under A real and serious partnership with the state. He pointed out that the procedures followed in partnership with the private sector, which are stipulated in several laws, including Law 67 of 2010, guarantee the presence of the private sector through the role of an act in the real development process in the country. Housing through the private sector through some other laws such as projects recently proposed by the Ministry of Housing. Ahmed El Mofty, Commercial Director of Port Said Industrial Development Company, pointed to the importance of the role of the industrial developer to establish the infrastructure of the electricity, sewage and other projects, because the first beneficiary of these services is the Egyptian labor and the expansion of the urban space creates more job opportunities for all citizens. He added that this period witnessed the development of huge areas in East Port Said reaching 16 million meters in the framework of Plan 2030, which contributes to the provision of about 800 thousand jobs, and is scheduled to hand over 8000 units in the new East Port Said in 2018. He called on the state to offer more land and facilitate conditions and government support to encourage investors to pump investments, especially the industrial developer and provide services in those areas. 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