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Mahmoud El Sarrag: The new Administrative Capital is Egypt’s new republic icon

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Mahmoud El Sarrag: exporting real
estate is a common responsibility between the state and the private sector

Engineer Mahmoud El Sarrag chairman of Empire State Developments said that the administrative capital is Egypt’s new republic icon, which includes 30 new cities under development, including 14 new cities that are regarded as the fourth generation cities.

He explained that the state has implemented projects with investments exceed 920 billion pounds during the last 7 years, which reflects the size of the urban development that the state is currently implementing and the importance of the investments that have been allocated to achieve that development, pointing out that the state implements various projects between infrastructure, housing projects, road projects and others in order to achieve a complete renaissance.

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He stated that these projects implemented by the state include direct and indirect job opportunities for millions of Egyptian youth, and they are also the nucleus for attracting local and foreign investors to pump investments in new cities, pointing out that 2022 is the gateway in exporting Egyptian real estate abroad.

He added that Egypt occupies a limited
Percentage from the total volume of global real estate export that is incompatible
in comparison with the size of the Egyptian real estate market, adding that the private sector started recently in cooperation with the state, to export real estate abroad,which became a trend capable to increase over the next year, especially with the confidence and stability that the Egyptian economy enjoys.

He noted that the state can expand the marketing of real estate abroad, marketing Egypt as a destination for the customer looking for a unit outside his country, and participate in international exhibitions abroad to export and market Egyptian real estate, noting that marketing Egyptian real estate abroad is a common responsibility between the state and the private sector.

He stressed that the state’s responsibility represented in financing real estate investment companies, expand the launching of real estate investment funds, and clear out the real estate registration file, in addition to launching the Real Estate Developers Association to classify companies operating in the market according to the financial and technical capabilities for each developer.

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