Mohamed Gad, head of the Main Development Department at the Suez Canal Economic Zone (SCZone), said that the authority is playing the role of regulator and supervisor in financing operations.
He added that the market needs a financial infrastructure, stressing the need for help from investment banks to find professional partners to uncover the best and most efficient financing mechanisms. He added that the capital markets also play a big role in contributing to the support of major national private and public projects.
During the capital markets summit, Alsherif Wahdan, managing director at Naeem Holding Company, reviewed the urbanisation in Greater Cairo spanning the last 10 years, noting that Cairo was one of the 10 fastest growing cities in the world.
He noted that the price of real estate increased by 15-20% for residential units every year.
He explained that many real estate properties are not registered, which makes them hard to develop, thus hindering investments in them. He noted that the role of real estate funds is including investors in the investment cycle again and finding solutions for real estate developers to exit investments crammed with capital.
He pointed out that his company submitted a request to obtain a real estate fund license last year and received the approval of the Egyptian Financial Supervisory Authority on the prospectus with a capital of EGP 10m.