20220323 Eng. Wissam Tayel, a member of the Egyptian Federation of Construction and Building Contractors, appealed The government quickly took a package of reform decisions for the real estate investment and contracting sectors in order to achieve balance in the market and face economic challenges as a result of the repercussions of the Russian-Ukrainian war. A member of the Egyptian Federation of Construction and Building Contractors suggested that the government and the Ministry of Housing take the initiative to extend the deadlines for the implementation of real estate projects and contracting in order to control the pace of work in the real estate development and contracting market, especially in light of the construction boom that Egypt is currently witnessing. 20220323 And Tayel went on to say, “In light of the exceptional events that the real estate sector, the contracting sector, building and construction, and the economy sector are going through, it is a general result of the acceleration in the pace of global events, so it should be at this time that There is a pause from the government regarding the issuance of an exceptional deadline for the implementation of real estate projects and contracting, explaining that such decisions It will create a kind of relative calm within the investment sector and absorb investors as it was before within the government’s support system for the investment system in general, so that real estate companies, developers and contractors can absorb these increases resulting from the repercussions of the Russian-Ukrainian war, whether by the rise in the prices of raw materials, shipping and others.
20220323 A member of the Egyptian Federation of Construction and Building Contractors demanded that a deadline be given to developers and contractors quickly, pointing out that such decisions at those times give investors an opportunity to capture breathing, rearranging papers, avoiding incurring any losses, and creating a kind of relative calm in the real estate and contracting sector.
Eng. Wissam Tayel, a member The Egyptian Federation of Building and Construction Contractors said, “Supply and demand control the real estate market, pointing out that the volume of supply does not match the volume of demand for raw materials in light of the great openness that Egypt is witnessing in the contracting and real estate investment sectors, especially that the strategic stock of raw materials does not match the needs and great demand, which will lead to raise prices.
And Tayel stressed that giving a deadline and extending the period for implementing projects will calm the market, which will cut off the way for traders, suppliers and monopolists who use the mechanisms of raising prices and exploiting opportunities negatively, in addition to creating a kind of balance in the volume of demand for raw materials And avoiding the sharpening of prices.
Engineer Wissam Tayel concluded his speech by saying, “The Egyptian state always supports investors, supports entrepreneurs and small investors, and provides support to the contracting and real estate investment sector, and this period needs facilities such as extending project deadlines as an ideal and fast solution to calm the market.” Also, financial facilities in a thoughtful manner with regard to payment deadlines with investors during the coming period, as was the case before, especially in light of the changes in the exchange rate.