Idris Mohamed

Idris Mohamed, Managing Director of Akam Real Estate Development Company: Infrastructure and providing investment incentives to manufacturers supports the idea of an industrial developer in new cities

Idris Mohamed, Managing Director of Akam Real Estate Development Company, said that there are challenges facing the small industrial developer in the new cities, explaining that just as the state cares about real estate development, industrial development requires more attention and developing the concept of the industry itself, pointing out that although small industrial investors acquire the largest percentage of the market, however, their industries have not been sufficiently developed.

He said during his participation in the round table "Direction for commercial real estate and the future of the real estate market in Egypt" in the first session on industrial development, that the state has begun to implement a strong infrastructure in new cities that attracts industrial developers to these cities, and it is required to guide investors to these new cities by providing investment incentives to small and medium and large industrial investors, with the provision of land prices of lower value to support the industrial developer and investor, or to put in place a mechanism to postpone the payment of the land price until the project starts and stability.

He pointed out that the orientation of most of the investment currently is for residential, commercial and administrative investment despite the importance of industrial investment to provide job opportunities and rebuild new cities and achieve the state plan for comprehensive urban development and the transfer of the population congested to new cities outside Cairo, noting that the idea of an industrial developer must be a state system It must be developed by continuing to give incentives and facilities to industrial investors in the beginning to attract small and medium industries and integrate them into the formal economy.

During the second session, on administrative and commercial units, he stressed that the implementation by the State of new cities and urban communities and the implementation of new projects on the local market, such as skyscrapers, had allowed real estate developers to start new projects on them and implement such projects. The private sector had begun to implement skyscrapers, just like the State, on the basis of the encouragement given by the State to developers to break through new industries.

He explained that the developer had become using foreign expertise in new projects on the local real estate market, in preparation for Egyptians to gain new experiences and in implementation of the State's plan to settle new industries in the Egyptian market in various sectors.

He added that a real estate developer must have expertise to carry out any project planned, carry out adequate market studies that fulfil its investment objectives and maintain customer confidence in the developer's name, in order to carry out a distinctive project regardless of the activity of the project.