Islam Hamdy: Egypt’s huge urban development stimulates investments
Islam Hamdy CEO at Reportage Properties stated that Egypt is experiencing an unprecedented urban development based on a specific and ambitious vision. The development process is supported by rapid execution of development projects, and the provision of all facilities that enable private sector in all sectors to participate in development process, which in turn is stimulating investments.
Hamdy added that Egypt is currently seeing remarkable volume of investment opportunities in a number of promising new cities, which attract local and foreign investors to take advantage of these distinguished investment opportunities and legislations contributes to maximizing these investment opportunities.
He further noted that the country is developing a national road network linking all new cities together in order to reach comprehensive reconstruction, as roads are heart of development that achieve rapid reconstruction of these new cities and facilitate movement of citizens, which serve the state’s goal of distributing population over area of Egypt and transferring urban congestion from the capital to new cities.
He said that Egypt’s real estate market enjoys competitive advantages that make it at the forefront of markets that foreign investors are looking for. Accordingly, it enjoys a real and strong demand based on population increase and a large gap between supply and demand, in addition to the presence of investment opportunities to develop projects with various types, whether residential, commercial or administrative.
Reportage CEO pointed out that his company has a pioneering investment experience in Egyptian real estate market through its subsidiary Reportage Egypt which is developing Montenapoleone project in Mostakbal City, east Cairo in partnership with Al Ahly- Sabbour Developments.
He explained that this development is featuring facilities provided by the Egyptian government to support foreign investment.
Montenapoleone is an integrated urban project spanning over 111 acres in Mostakbal City, east Cairo, he noted, pointed out the project is being carried out in partnership with Al Ahly Sabbour Developments and it is scheduled to be delivered by 2025.