Heiba made the comments during his speech at the third annual The Investor... Real Estate conference, organized by Black Diamond in cooperation with the Real Estate Development Chamber of the Federation of Egyptian Industries. The conference's theme is "The Future of Real Estate: Challenges, Solutions, and the Alternative Market."
Heiba noted that Egypt successfully concluded one of the
largest investment deals in its history with the Ras El Hekma project, which
attracted more than $35.7 billion in investments. He said this deal strengthens
Egypt's position as a promising and attractive destination for foreign direct
investment.
He further explained that government efforts have led to the
inclusion of the housing sector under the Investment Law, granting investors
several key incentives. These include allowing up to 20% foreign labor, granting
foreigners residency for the duration of the project, providing tax incentives
and procedural facilities, applying a reduced customs rate of 2% on imported
machinery and equipment for real estate projects, and special coordination for
integrated housing projects to encourage developers.
The GAFI head pointed out that international institutions
are reflecting this positive trend. He cited Fitch Ratings, which classified
the Egyptian real estate sector as having "clear strengths and tangible
growth," supported by a strong infrastructure and expanded cooperation
opportunities amid improving macroeconomic indicators and lower inflation.
Heiba acknowledged that challenges still exist, primarily
the delay in issuing a new real estate development law. He emphasized that GAFI
is working with relevant authorities to find practical solutions that ensure
legislative and regulatory stability, contributing to an attractive and
effective investment environment.
He concluded by stressing that the partnership between the state and real estate developers is fundamental to strengthening the sector's role as a driver of development. He added that GAFI is continuing its efforts to provide a more efficient and competitive investment climate, which will solidify Egypt's position as a leading regional market in real estate development and investment.