Egypt’s Prime Minister Highlights Real Estate Projects as Key Economic Drivers

egypt-and-uae-sign-3-billion-investment-partnership/">Dr. Mostafa Madbouly, Egypt’s Prime Minister, emphasized the government’s commitment to fostering significant investment partnerships that drive economic development and create job opportunities. He noted that comprehensive real estate projects are pivotal to economic growth due to their connections with various industries and economic activities.

During remarks at the Cabinet headquarters in the New Administrative Capital, Madbouly pointed out that this venue has witnessed the signing of numerous major projects, reflecting both local and foreign investors’ confidence in the Egyptian economy. This underscores Egypt’s status as an important investment destination and a key developmental hub in the Middle East.

The Prime Minister mentioned that the government recently launched the second edition of the State Ownership Policy Document, outlining the state’s role in the Egyptian economy until 2030. He indicated that the real estate sector is among those where the government aims to enhance private sector involvement and leadership in development efforts.

Madbouly explained that real estate development extends beyond merely constructing residential units; it encompasses a comprehensive urban development system that includes residential, commercial, recreational, tourism, and hospitality activities. This holistic approach contributes to economic growth and sustainable development.

The new project in ‘Mada City,’ covering an area of 553 acres with investments exceeding $3.1 billion, serves as a model for collaboration between Egyptian and Emirati private sectors in urban development. The Prime Minister stressed that the true significance of such projects lies not just in their investment volume but also in their extensive impact across various economic sectors. He highlighted that implementing a comprehensive urban project relies on products and services from dozens of different industries, creating a continuous demand for production from thousands of factories over its execution period.

He affirmed that real estate projects directly contribute to employing hundreds of thousands of Egyptian workers while also paving the way for more economic activities once completed, particularly in commercial, recreational, and service sectors. This support fosters ongoing economic growth and generates new job opportunities.

Madbouly reiterated that the real estate sector is a key strength of the Egyptian economy due to its ability to stimulate various related sectors. He assured that the state is keen on encouraging such projects by providing necessary facilitation, especially when they result from successful partnerships between Egyptian investors and their counterparts from the United Arab Emirates and other countries.

He expressed optimism about expanding major developmental projects to create more job opportunities for youth and bolster the national economy. Madbouly concluded by wishing success for the new project and its timely completion alongside other ongoing projects across the country.