CAIRO: Egypt’s Housing Minister Moustafa Madbouly opened Sunday the first “Government and Developer: Partnership for Development” conference, which is aimed to promote relationships between the state and private sector real estate developers, according to a statement.
Under the theme of “The New Egyptian Experience for Reconstruction,” Excellent Communications, an agency specialized in public relations and events managements, launched the initiative which was held under the auspices of many governmental bodies, including the Ministry of Housing, New Urban Communities Authority, Egyptian Financial Supervisory Authority, the Egyptian Exchange, and the Egyptian Federation for Construction and Building Contractors.
Speaking at the conference in front of some 400 executive officials of major real estate developers, financial and banking institutions, Madbouly said “the state is keen on activating a partnership system with the private sector with the aim of achieving urban development.”
The Housing Ministry, real estate developers, and the contractors are all partners in achieving this development, said the minister, urging all sides to cooperate in the coming period to implement the MoUs signed at the Egypt Economic Development Conference held in Sharm el-Sheik last month.
“The major challenge for the Housing Ministry is translating these memorandums of understanding into final legal contracts to kick off the implementation of these projects,” said Madbouly.
Egypt’s Housing Ministry showcased 13 real estate projects during the March economic summit to be constructed through partnership with the private sector. Egypt signed MoUs for six of these projects, one of them was signed with the UAE government to establish a new administrative capital city “Cairo Capital” halfway between Cairo and the Suez Canal area.
The ministry has set a three-month timeframe to finish the final contracts, said Madbouly.