Farid, whose comments came during the inaugural session of the conference organized by Black Diamond company, added that real estate investment funds have faced challenges since their launch in Egypt. In response, the FRA has made roughly 10 consecutive legislative amendments to provide the necessary legal environment for establishing these funds.
He emphasized the FRA's focus on digitalization, which is
evident in the regulations for crowdfunding platforms. The authority has
received 17 applications from companies seeking to establish these platforms,
including 13 for real estate funds and four for underwriting and public
offering promotion.
Farid also pointed out that real estate valuation standards,
which have not been updated since 2015, will be revised to set standardized
criteria for calculating gross and net areas. He stated that the FRA is keen on
creating mechanisms that allow real estate developers to benefit from a wider
range of financing options.
The third "The Investor.. Real State" conference,
titled "The Future of Real Estate.. Challenges, Solutions, and the
Alternative Market," was organized by Black Diamond in cooperation with
the Real Estate Development Chamber of the Federation of Egyptian Industries.
The event brought together officials from the Ministries of
Housing and Finance, the New Urban Communities Authority, the Financial
Regulatory Authority, the General Authority for Investment, and the Urban
Development Fund, along with representatives from public and private banks and
prominent real estate developers. The conference served as a platform for
dialogue aimed at finding practical solutions to current challenges and
supporting real estate investment.
The conference featured three main sessions and a concluding session, with topics including "Organizing the Profession and the Developers Union.. Urgent Issues on the Table," "Balancing the Needs of the State and Developers," and "Alternative Markets."