The support of the Egyptian government for real estate export enhances chances of foreign exhibitions success, especially Arab countries due to the convergence of culture and language, as well as the large amount of Egyptian expats in these countries who have a desire to buy real estate, according to Sheikh Salem Al Kaabi, chairperson of Emirates-based company Event Gate.
The Egyptian Ministry of Housing strongly supports the export of real estate, and Mostafa Madbouly, prime minister and acting minister of housing, held several meetings with senior developers to discuss suggestions and recommendations for the promotion of Egyptian real estate abroad. The Egyptian government has also issued a law to grant temporary residence for foreigners in return for buying a property.
Thiqa for Real Estate and Event Gate signed a partnership agreement to organise several exhibitions for different activities, starting with the TREEX real estate exhibition in Sharjah, UAE in December.
The exhibition will be held on an area of 4,000 sqm at Expo Centre Sharjah and targets the participation of 70 Egyptian investment, marketing, and finance companies, as well as banks. It is expected that contractual sales will exceed EGP 1bn during the exhibition’s events, according to the marketing plan and the number of targeted visitors.
Al Kaabi noted that the Egyptian real estate market has experienced a big boom in recent years. Furthermore, the Egyptian government provides multiple investment opportunities and opens new horizons for investment by establishing sophisticated new cities that are more in line with the needs of foreign buyers, especially in the New Administrative Capital and New Alamein.
He pointed out that the company is planning to operate in the Egyptian market in various activities, including launching a number of specialised exhibitions, which will include many activities besides real estate.
Moreover, he noted that the company plans to launch investments in the Egyptian market in general in various fields and is studying pumping investments in the Egyptian real estate market in particular.