Construction of businessmen: Activating the decisions of the Supreme Council for investment quickly, supporting the real estate sector and developing investment

Fathi Al-Sayeh

said Eng. Daker Abdullah, a member of the Real Estate Investment Division of the Federation Chambers of Commerce and a member of the Construction and Building Committee of the Egyptian Businessmen Association that the real estate and construction sector is currently facing many challenges related to the rise in building materials as well as high inflation rates, which led to a slowdown in the real estate and construction sector than before, and the meeting of the Supreme Investment Council came to give an impetus to move the investment wheel in general.
2023 Eng. Daker Abdullah indicated that the recent decisions of the Supreme Investment Council came at a very important time and we are in a A need for speedy implementation and implementation as soon as possible, and the completion of draft decisions that have been announced to support the investment wheel, whether through government decisions and facilitations for investors in general, or for these decisions to be an attractive element to attract new capital and investors from foreign investors and Arab brothers.
2023 He stressed that among the decisions issued by the Council was to assign the Ministry of Justice to prepare a set of legislative amendments necessary to overcome the restrictions related to ownership Lands, and facilitating foreign ownership of real estate, and this issue is long overdue, and we must accelerate the amendment of legislation and take decisions now in this direction in order to attract the largest number of foreign investors, as well as those wishing to buy lands to establish new projects on them that provide job opportunities and achieve more activity and investment boom.
2023 Eng. Daker Abdullah appealed to quickly adopt a package of incentives that were approved in support of a number of sectors and projects, including the housing sector and what It concerns real estate developers and investment projects in new cities so that real estate development and contracting companies can overcome the difficult conditions that befell many of them in light of the global economic conditions that cast a shadow on the Egyptian economy.

And he stressed the importance of setting a timetable for this package of incentives to be applied and announcing what these incentives are and the extent of their impact on supporting and supporting the real estate sector and real estate developers and commensurate with the current conditions locally and globally.

Eng. Daker Abdullah praised the results of the meeting of the Supreme Investment Council headed by President Abdel Fattah El-Sisi, including the approval of a draft decision that no party may Issuing general regulatory decisions that add financial or procedural burdens related to the establishment or operation of projects subject to the provisions of the Investment Law, imposing fees or fees for services on them, or amending them, except after taking the opinion of the Board of Directors of the General Investment Authority and the approval of the Council of Ministers and the Supreme Investment Council.
2023 He also commended the approval of a draft regulatory decision binding on clear mechanisms and controls for cases of imposing improvement fees in accordance with the regulating laws, and the basis for calculating each case. And consider making classifications of the required values ​​according to the purpose of the investment, whether it is health, tourism, or hotel, and it is circulated to all administrative agencies to reduce the multiplicity of agencies that impose improvement fees on investors.