Dr. Ahmed Shalbi

CEO of Developing Egypt : The country must put the first nucleus in national projects

That the real estate developer is always looking for the least risks, especially in major projects, and then the country must put the first nucleus in new cities to attract real estate developers, stressing that the real estate market must be prepared to change the business model In it within the next 3 years, and work with the availability of bank and real estate financing, to reduce the risk to the real estate developer, said Dr. Ahmed Shalbi, CEO of Egypt Development Company.

He added at the conference "The Future of Urban Development in Egypt", that the real estate developer has become tolerant of high risks with the current business model of the market and the changes taking place in the global economy and the local real estate market.

He stressed that it was the responsibility of the State to lay the primary nucleus for development in any new city, and that developers were invited to invest in the new cities, explaining that this was the case in the new city of Alamein, which was of great importance and necessity for sustainable development in the northern coast, and that the city of Ras al-Hikma would add another dimension to the development of the region in the coming period.

He added that the real estate market in Egypt is in urgent need of entering a different type of real estate developer and is the general developer to undertake from the beginning the development and development of new regions and cities alongside the State in its initial stages, stressing the need for the State and the private sector to focus on attracting these types of companies during the next stage.

He noted that a real estate developer bears any difference in the cost of building materials such as float or corona and entering the global inflation wave, and therefore the current investment model will not help the developer to continue with meeting these challenges, and therefore the real estate developer must work in cooperation with the banking sector.