A bigger role recommended for the private sector, City Scape
Khalid El Asmer - Nora Hosney
Egypt saw a mammoth construction boom in the past five years, according to chairperson of Mena Investments and head of City Scape Conference Eng. Fatah Allah Fauzy.
In his closing speech at City Scape Egypt conference, Fauzi said that the conference has issued several recommendations, including the following points:
- Making use of the key economic potentials necessary for creating job opportunities in the New Urban Cities in order to meet occupancy goals and to make urban development work in tandem with the manufacturing drive.
- Enrolling employees in charge of pricing state-owned lands in training courses to make them literate about world construction criteria, besides hiring real estate appraisers who are accredited by Central Bank of Egypt's Financial Supervisory Authority.
- Allocating lands for the private companies.
- Setting up financing instruments enabling property funds to meet the industry's requirements.
- To revisit and fine-tune the privately-owned funds to allign them with world peers.
- To highlight the importance of attracting investments for the private sector nationwide through setting up and upgrading infrastructure, using advanced technologies to keep pace with consumption rates and avoid greater pressure on the state public budget.
- To take an interest in hastening the issuance of a code for Developers' Federation regulating the real estate industry and protecting the rights of buyers.
- To take an interest in speeding up the real estate registrations.
Attendees underscored the important role played by the private sector in Egypt's 2030 vision.