Egypt has participated in the MIPIM 2022, the largest real estate exhibition in the world that is being held in Cannes, France.
To complement the success of Egypt’s participation in MIPIM in 2019, the government, represented by the Ministry of Housing, Utilities and Urban Communities, and the private sector, represented by 13 real estate development companies and advisory offices, are participating in the current exhibition. The most important projects in this sector were presented.
Khaled Abbas, Deputy Minister of Housing, Utilities and Urban Communities for National Projects, Mostafa Abdel Wahab, member of the Minister’s Technical Office and Amr Khattab, Member of the Minister’s Technical Office, participate in the Egyptian delegation.
The Egyptian government presented its experience in this sector through its new city projects, on top of them the Central Business District in New Administrative Capital, New Garden City district, as well as the central parks “Green River”, in the New Capital. Additionally, a package of projects in New Alamein city projects namely, beach towers, Latin Neighborhood, and Heritage City, as well as a number of projects in New Mansoura city. At the same time, efforts to develop the existing areas in the old cities are presented, on top of which the development of Sour Magra El-Oyoun area, and Mamsha Ahl Masr [People of Egypt’s walkway] and others.
At the same time, a number of real estate development companies and consulting offices are presenting their projects, namely City Edge, GV, Palm Hills, Mountain View, Sodic, Tatweer Misr, LMD, Castle Landmark, Prime, Pavilion, and Okoplan.
Abbas said that the private sector’s participation with the Egyptian government, increasing investment opportunities, and inviting real estate and investment funds, emphasizing the state’s plan to export real estate and access to global expertise.
He further pointed out that the MIPIM exhibition is considered one of the largest real estate exhibitions in Europe and the world, with the participation of more than 50 countries and more than 1,000 real estate projects, as well as more than 5,000 investors, investment funds and major real estate funds. Besides, the largest banks in the world and the largest specialised companies in the real estate sector.
Abbas pointed out that the exhibition is an opportunity to meet real estate investors around the world, and this year’s participation in Egypt is the second in this exhibition. Accordingly, Egypt participates in an official pavilion within the participating countries that includes major Egyptian companies in the field of real estate development and investment. Moreover, it is an opportunity to market Egyptian projects and increase foreign investment opportunities in the country and is considered a step towards exporting real estate outside the country.
Egypt is one of the most important countries in the region that is characterized by the quality of the real estate product, he disclosed.
Abbas explained that Egypt is one of the oldest countries in establishing new cities. The first generation of new cities was established in 1979. Furthermore, New Urban Communities Authority (NUCA), affiliated to the Ministry of Housing, is currently establishing fourth generation cities, and this generation of cities is being planned and built to be smart cities.
The Deputy Minister of Housing added: “These cities have various levels of housing, educational and health services and a quality of life available in these cities, referring to the award given to the NUCA by UN-Habitat in establishing new cities, low-income housing, and providing a quality of life for its residents.”
On his part, the Director of English CBRE pointed out that what is currently happening in Egypt in terms of giant infrastructure projects must be recorded, documented and studied so that it can be measured, and the proportions of its effects on the environment and society, in the context of the sustainable development plan adopted by Egypt.
Abbas stressed that sustainable urban development that serves the environment and society is one of the common goals with the World Bank, noting: ”The private sector in Egypt has begun to adopt modern and advanced ideas in the development process within the fourth generation cities established by the Egyptian state.”
He further pointed out that COVID-19 pandemic has made the topic of taking care of environmental standards much more difficult because many factories have stopped and raw materials are scarce.
Over and above, historic Cairo is currently being revived, and preparations are being made to launch Sharm El-Sheikh as the first green city in Egypt, as an attempt by Egypt to showcase its experience to the world in the field of reducing carbon emissions and preserving the environment.
On the other hand, Hugh Jones, chairperson of RX GLOBAL, the owner of the MIPIM exhibition, inspected the Egyptian pavilion, and expressed his great admiration for the size of government investments and the huge projects implemented by the Egyptian state.
The Deputy Minister of Housing also invited Jones to visit Egypt and study the idea of holding a similar exhibition in Egypt, in the field of investment and global real estate marketing. Jones welcomed this idea, and offered his willingness to help the Egyptian government in the coming years in any coordination in organizing the MIPIM exhibition.