Minister of Investment and International Cooperation Sahar Nasr on Sunday inaugurated the Second Real Estate Conference held under the title of "Real Estate Debate".

The conference is organized by Al Mal GTM, a private sector think tank.

Addressing the conference, Nasr said the conference will address the vast potentials in the real estate sector, noting that her ministry is working on enhancing investment climate and luring in local and foreign investments with the aim of increasing domestic local production and enhance comprehensive growth as part of a plan to up the foreign investments influx to Egypt.

She also pointed out that the construction and building sector has witnessed a notable growth over the past period as it recorded the highest growth rates reaching to 10.8 percent during the fiscal year 2016/2017.

Contracts of real estate recorded an increase of 77 percent during the first half of 2017 with a value of EGP 956 million pounds compared with EGP 540 million during the same period of the previous year, she added.

Nasr also said she agreed with Head of the Financial Monitoring Authority Mohammad Omran and Chief of the Egyptian Stock Exchange Mohammed Farid on supporting the building and construction sector as the authority has recently worked on outlining special legislations for issuing the real estate investment funds and their amendaments in Egypt.

Responding to questions, the minister asserted that there are applications from foreign investors to establish real estate projects in the mega projects which are currently being implemented in Egypt such as the New Administrative Capital, New Alamein and the Suez Canal Development Corridor.

She also said investment opportunities have been floated during her participation in the Future Investment Initiative hosted by Riyadh.

Source: MENA