Egypt’s Ministry of Housing, Utilities, and Urban Communities announced its sponsorship and participation in the third edition of the Nile Property Expo, which will be held within the first quarter of 2020 in Saudi Arabia, UAE, and Kuwait.
The ministry will use this event to promote the investment opportunities in 14 fourth-generation cities.
Bassem Kalila, chairperson of Expo Republic, the founder of Nile Property Expo, said that the Ministry will have a booth within the exhibition to promote housing projects at the New Administrative Capital, New Alamein, New Mansoura, and other projects in West Cairo.
Nile Property Expo will kick off in January in Riyadh, Dubai in February, and then Kuwait in March.
The exhibition area in each country will be 2,000 sqm divided into equal areas for each company, fully equipped with displays.
The goal of holding Nile Property Expo is to bring together companies that have an adequate size of projects in real estate industry and to take them out of Egypt to let people outside Egypt to know more about their record, he elaborated.
He pointed out that large banks and several mortgage financing companies will be presented in the expo to facilitate Egyptians purchasing suitable properties through simple and easy financing methods.
“Property export is a great addition to the Egyptian economy by providing hard currency from foreign clients,” he said. “The local market depends on its real estate sales of more than 90% of Egyptian customers and only 10% foreigners, compared to the 25% foreign makeup in other foreign market sales.”
Kalila concluded that the initiative launched by the Central Bank of Egypt to finance middle-income housing units with a value of EGP 50bn will revive the real estate market.