The Canadian Chamber of Commerce is currently negotiating with the Ministry of Housing to participate in developing the infrastructure of real estate projects headed by the New Administrative Capital through Canadian companies operating in the Egyptian market, according to chairperson of the chamber Fayez Ezzeldin.
Ezzeldin told Daily News Egypt that he will meet Minister of Housing Mostafa Madbouly on 29 November to agree on all details and outlines of the projects for which Canadian companies will develop infrastructure, including the New Administrative Capital.
Ezzeldin said that as of now, five Canadian companies have requested to engage in water desalination projects in the New Administrative Capital and the North Coast. He refused to disclose more details until the final contract is signed with the ministry.
Further, many real estate developers and IT companies expressed their desire to participate in the implementation of real estate projects in the Egyptian market as it is attractive for investment, according to Ezzeldin.
“The recent liberalisation of Egypt’s exchange rate contributed to increasing the appetite of investors to operate in the Egyptian market through the implementation of projects in various sectors of the local market. The flotation of the Egyptian pound helped resolve the crisis of financing projects and the elimination of informal market,” Ezzeldin noted.
He pointed out that the chamber previously promoted the Egypt Economic Development Conference, which took place in Sharm El-Sheikh in March 2015, by inviting Canadian investors to attend the conference, as well as 28 participating companies.
Commenting on the implementation of the monorail train project linking 6th of October City and Sheikh Zayed to Cairo and Giza at a cost of $1.5bn, Ezzeldin revealed that the chamber is waiting for the Ministry of Transportation’s decision on the project.
He previously told Daily News Egypt that Canadian investors are interested in investing in the exploration of Egypt’s mineral resources, and that Canadian companies are experts in that field.
The value of Canadian investments in Egypt totals $4bn, with the most important and successful projects in the fields of car assembly, education, and technical training.