On behalf of the Prime Minister, Sherif Ismail, Minister of Housing H.E. Dr. Mustafa Madbouli graced a press conference on the premier Egypt Building Program (EPS) 2017 held at the JW Marriot Marques, Business Bay in Dubai a day prior to the event's much-anticipated formal kickoff on Might 5, 2017. The media occasion was organized to highlight significant financial investment possibilities in the Egyptian property market.

EPS 2017 will showcase an array of megaprojects that are recurring and in the pipe, with participating Egyptian property developers shedding light on their cutting-edge services and products. Local property, among one of the most eye-catching markets for straight investments today, offers considerable roi and high development rates for regional and international investors.

Real estate influences of around 90 domestic construction-related markets and employs 8 per cent of Egypt's total manpower. The demand in the household real estate segment, in particular, is accelerating alongside the nation's booming populace. According to information launched by Egypt's Ministry for Real estate, an approximated 500,000 new houses should be built each year for the next 5 years to deal with the local real estate demand.

H.E. Dr. Madbouli said "EPS is one of the possibilities for us to highlight our country's growing property sector; put the limelight on its essential function in Egypt's financial development; and attract a variety of financiers from different components of the world. The UAE is the perfect venue in order to help us accomplish these goals as the Gulf nation is home to a huge expat base, majority of whom are seeking investment opportunities in key property markets such as Egypt. We are confident that we will successfully advertise Egypt and its affordable realty financial investments and offerings throughout the three-day exhibition.

Throughout press conference, coordinators likewise presented Egypt's two major property advancements, the New El Alamein City and The New Capital of Egypt. The New Al Alamein City, which will cover a 33.6-million-sq-m location on the north-western shore of Egypt for its first stage, is proclaimed as the country's next tourist hotspot. As part of the midtown area, the project will certainly additionally include modern property houses, after conclusion.

The New Capital of Egypt, on the various other hand, was formally introduced in 2015. The new, yet-unnamed city will certainly lie 45 kilometers east of Cairo and just outside the regional greater Cairo ring road in a presently mostly primitive location halfway to the port city of Suez. When completed, it will come to be Egypt's new management and financial resources, with various federal government bodies, ministries, and foreign consular offices establishing their head office in the area. The new resources is expected to have a populace of five to seven million.

As per records, from 2013 to 2015, the Egyptian property industry experienced exponential development. In 2015 alone, we experienced a 30 per cent increase in residential property investments, while we introduced greater than 15 brand-new projects and introduced new programmers in 2016. Additionally, the Egyptian government has spent more than EGP 43 billion to sustain the field's upward trajectory and achieve our objective of bringing the number of new cities to 59 from 27 by the end of 2017.

This year's Egypt Property Show will certainly run until May 7, 2017 at the Dubai World Trade Centre (DWTC). It will certainly work as a platform for both regional and global investors to discover potential property chances, in addition to giving an interactive global networking channel for all individuals and visitors.