Mr. Abdel Wahed said that the Real Estate Development
Chamber has played a pivotal role in recent years in supporting companies in
the sector and addressing the challenges facing real estate developers. He
explained that the chamber has served as an effective link between the
government and the private sector. This cooperation helped resolve many issues
quickly and contributed to advancing development and growth in Egypt’s real
estate market.
He added that the chamber aims in the coming phase to
establish clear regulatory mechanisms for the real estate sector. These
mechanisms will help organize the market and strengthen the role of serious
developers. They will also improve the investment climate and raise the level
of efficiency within the industry.
The elections of the Real Estate Development Chamber
resulted in the uncontested selection of twelve candidates representing the
three categories of real estate development companies: large, medium, and
small. Four candidates were nominated in each category in accordance with the
Federation of Egyptian Industries Law and its executive regulations.
The General Assembly of the Real Estate Development Chamber
includes 240 members. The required quorum was reached within the first hour
after the signing session began.
The law stipulates that the Ministry of Trade and Industry
appoint three additional members to complete the legal formation of the board.
The chamber will later elect its chairman, vice chairmen, members of the
executive bureau, and its representative to the federation.