The Real Estate Investment Division at the Federation of Egyptian Chambers of Commerce (FEDCOC) called for the Ministry of Housing to authorise an initiative that would add 500,000 low to median income housing units.
Additionally, the FEDCOC is seeking to present the draft of the Real Estate Developers’ Union Law to the Ministry of Housing before the end of this year.
According to Head of the Real Estate Investment Division at FEDCOC Mamdouh Badr El Din, the division’s members, and the investors, have placed increased emphasis on social responsibility in the housing sector, while also assisting the state to implement its plan for urban development to meet the needs of low-income members of the population.
According to Badr El Din, there are several real estate investment companies that have already agreed to allocate large investments for the construction of the additional housing units, and are only waiting for the approval from the Ministry of Housing to proceed.
In a meeting held at the end of last week, the division discussed the draft of the Real Estate Developers’ Union Law to come to an agreement on a set of provisions that will suit all workers in the sector under the Union’s goals. Primary concerns include: regulating the field, putting controls on the companies, purifying the market, and protecting the interests of all the sector’s workers.
Ahead of the presentation to the Ministry of Housing, investors will provide suggestions and comments on the law, which will be studied in order to form a final draft,
Badr El Din asserted that the Real Estate Investment Division’s members welcomed the involvement of the Ministry of Housing in executing projects concerned with networks of drinking water and sanitation in low socio-economic villages in the governorates of Upper Egypt.