CAIRO: The fifth annual Exhibition of Cityscape Egypt opened Wednesday at the Cairo International Convention Center to 13,000 visitors, the Ministry of Housing said in a press statement.
The four-day exhibition hosts 100 exhibitors in the real estate and tourism sectors, representing their projects in Cairo, the Northern Coast of Egypt, the Red Sea, and Upper Egypt, the statement added.
In the inauguration, Minister Madboly highlighted the government’s efforts to overcome the challenges that face investors, throughout conducting amendments to the real estate bylaw of New Urban Communities Authority.
The Real estate sector represented 4.6 percent of GDP last year, providing millions of jobs as it connects with around 100 industries, Madboly continued.
“We are so pleased because of the increased number of registered people in the exhibition this year amid strong presence of the real estate companies in Egypt,” said Wouter Molman, Cityscape director.
In a press statement issued on April 8, six leading real estate companies, Al-Futtaim, Misr Itali Holding, Hyde Park Properties for Development, Saudi Egyptian Construction Company (SECON), Palm Hills, and Emaar Misr, announced 5.5 billion EGP ($790 million) in investments in Egypt during 2014. Two more companies Al-Ahly for Real Estate Development and El-Taamir Mortgage Finance, are expected to declare new projects and investments during the exhibition.
Approximately 35 billion EGP was invested in the real estate sector last year, according to the ministry’s data.
Additional reporting by Yasmine Samra