Members of the Federation of Egyptian Industries’ (FEI) Real Estate Development Chamber have agreed to deliver projects on the agreed dates with clients.
The chamber has also agree to avoid laying off staff, whilst continuing to work and pay salaries on time. The decision comes as part of their support for state measures tackling the ongoing coronavirus (COVID-19) pandemic.
Tarek Shoukry, Head of the Real Estate Development Chamber, said the chamber’s members discussed, via video conference, the effects of the coronavirus on Egypt’s real estate sector. During the video conference, the members also discussed how to deal with the potential fallout of the pandemic.
“During the meeting, the members agreed to adhere to schedules of implementation and projects delivery, as the current conditions will not in any way affect the schedule of implementation and delivery to clients,” Shoukry said. “Moreover, they are coordinating with contracting companies operating in project sites to take the necessary measures to preserve employment from the spread of the coronavirus, in order to maintain the safety of employment in the first place and then to maintain construction process.”
Shoukry added the importance of maintaining the continued development of the real estate market and taking all measures that guarantee its growth. This comes especially as the sector is an economic engine that also supports a large number of other industries.
Shoukry said that the chamber will hold a second meeting shortly to discuss any new circumstances and determine how to deal with any changes.