KUWAIT: Emphasizing on the opportunities offered by Egyptian real estate market, the Eighth Egyptian Real Estate and Investment Exhibition was jointly inaugurated on Wednesday by Egyptian and Syrian ambassadors to Kuwait. It is being held from Jan 11 to 15, at the Movenpick Hotel, Free Trade Zone, organized by the United Marketing and Organizing Exhibition. At least twenty companies are participating in the exhibition.
The Ambassador of Egypt to Kuwait Abdulkareem Sulaiman stressed that the real estate as an investment property, presents a picture of Egypt's economic prospects in the region. "Real estate is considered the main means of investment," he said.
"The importance of this sector lies in its connection with many other supplying industries such as metal, cement, sand, ceramic, wood, electricity, and others. This means that the real estate sector can power many other economic sectors related to it," added Sulaiman.
Being the exhibition as the first to be held after the revolution of Jan 25 in Egypt, Sulaiman pointed out that the reality in Egypt is very different from what is broadcast on international satellite channels.
"After the revolution, small spaces were freed up in up market areas. Some plots there start at 90 meters; it was never available before. This matter reflects youth's interest," he pointed out.
Kuwait serves as an ideal venue to play host to the event. "There are many Kuwaiti and Egyptian companies that are participating in this exhibition - an evidence of the unity between the two nations to support the Egyptian economy and encourage citizens to invest in Egypt," stated Sulaiman.
According to Sulaiman, the price of real estate in Egypt is reasonable, considering the high price of raw materials worldwide. "There are many facilities for the youth in Egypt and I invite Arab and Kuwaiti investors to invest in Egyptian real estate. Investing there is safe and has a good future. And the situation will be safer once the Egyptian Parliament is voted into power," he noted.
He pointed out that there are plans to boost trade and commerce between the two countries once the political situation in Egypt improves. I want to assure investors that any investment made will not be illegally withdrawn from any investor. There is the question of price difference in some projects, and it will be decided by the court," Sulaiman concluded.
© Kuwait Times 2012
