Future Cities of Egypt Conference Kicks off

The activities of the Future Cities of Egypt conference (Business and Investment Opportunities) kicked off on Sunday under the patronage of Prime Minister Mostafa Madbouly.

The conference is organized by Al-Iktissad Wal-Aamal in partnership with the Ministry of Housing, Utilities and Urban Communities, the Ministry of Investment and International Cooperation.

It is also organized in partnership with the Federation of Arab Chambers, the General Union of Egyptian Chambers of Commerce, the Egyptian Businessmen Association as well as the Egyptian Lebanese Businessmen Association, and the Egyptian Real Estate Council.

The conference will host housing, investment, and communications ministers, officials from the relevant ministries, real estate developers and bankers to discuss investment incentives in Egypt and in new cities, investment opportunities, especially in the new administrative capital, New Alamein, New Mansoura, and Upper Egyptian cities.

The conference will also discuss the role of banks, financial institutions, private sector as well as local, regional and international funds in financing new city projects and managing real estate assets.

On his Part, Egypt's Minister of Housing, Utilities and Urban Communities Assem El-Gazzar, said on Sunday that the ministry seeks to promote urban development, through the implementation of the Strategic Plan for Egypt 2052, which aims to double the built-up area.

He added during his speech at the Future Cities of Egypt conference, that the population increase in Egypt is about 2 million citizens annually, and this rate of increase cannot be absorbed within the current urbanization, which reached a critical stage of overcrowding.

El Gazzar pointed out that the state was able to prepare 8,500 km of regional roads with their services to help citizens move easily from the valley to the delta, and also provide services between the new cities.

Also, President of the Euro-Mediterranean Parliament Assembly (EMPA) Mohamed Abou el-Enein called for establishing more specialized industrial zones in each governorate, giving an example of other developed countries, which established dozens of new cities.

Abou el-Enein added that he will put investments worth billions in the new administrative capital as of the year 2020.

Sahar Nasr, Minister of Investment and International Cooperation, said that construction and real-estate is one of the bigest sectors in Egypt that have achieved most growth during the past periods, due to its  sustainable dimension.

During her speech, she added that the government has provided many legislations and procedures for investors in this sector, which is evident in the investment law, and the amendment of some decisions of customs and tax exemptions of up to 50% ؜.

Nasr pointed out that it is aimed to achieve a comprehensive and sustainable development of modern Egypt, which includes the establishment of industrial zones, free zones, urban communities, as well as schools and public facilities.