Latest news with #BEBA
Zawya
4 days ago
- Business
- Zawya
Egypt urged to establish real estate regulatory authority to boost market transparency, attract FDI
Egypt - Mohamed Fouad, real estate expert and member of the British Egyptian Business Association (BEBA), has urged the urgent establishment of an independent Real Estate Regulatory Authority (RERA) in Egypt. He emphasized that such a body, modeled on successful international experiences in countries like the UAE and India, is crucial for creating a structured and transparent legal framework for real estate transactions. Fouad explained that RERA plays a central regulatory and legislative role in mature markets. It safeguards the interests of buyers, investors, and developers by issuing licenses, enforcing compliance, ensuring transparency, and overseeing project implementation according to approved timelines and budgets. 'In markets witnessing rapid urban expansion and increasing investment flows—such as Egypt—an independent regulatory authority is no longer optional; it's a strategic necessity,' Fouad stated. He highlighted that the absence of a unified regulatory entity in Egypt has led to overlapping roles between institutions, resulting in delivery delays, contractual disputes, and inconsistent enforcement. A RERA-style authority, he said, would bring order to the sector by clearly defining the roles and responsibilities of key stakeholders: the government, developers, and buyers. Such a body would also bolster investor confidence, both local and international, by ensuring accountability and reducing risks. Regulatory oversight would include developer classification based on financial and technical criteria, stricter controls on marketing and advertising, and protection of buyers from fraudulent or stalled projects. Fouad cited Dubai's RERA as a global benchmark, noting how it has transformed the city into a trusted international hub for real estate investment. He also pointed to India's experience, where the implementation of RERA reduced legal disputes by over 60% in its early years. Without an independent authority, Fouad warned, the Egyptian real estate market remains exposed to mismanagement, undermining its attractiveness to foreign investors—particularly Egyptians living abroad who demand a clear, reliable legal framework. He proposed that the new Egyptian RERA be established under the Prime Minister's office or the Ministry of Housing, in cooperation with the Central Bank of Egypt and the Financial Regulatory Authority. It should have wide-ranging legal and supervisory powers, including dedicated departments for licensing, compliance, evaluation, and dispute resolution. Fouad also stressed the importance of launching a unified digital platform to centralize information on licensed real estate projects. This platform would provide real-time updates on implementation status, developer credentials, licensing and contract details, and facilitate electronic applications and transactions—supporting Egypt's broader digital transformation strategy. In conclusion, Fouad reiterated that the creation of a Real Estate Regulatory Authority in Egypt is a national imperative. It is key to achieving transparency, safeguarding stakeholders' rights, and turning the Egyptian real estate market into a sustainable, globally competitive investment destination capable of attracting foreign currency and exporting real estate. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Zawya
13-03-2025
- Business
- Zawya
Private sector now 63% of Egyptian investment, Al-Mashat says
Egypt - Private sector investment now accounts for 63% of total investment in Egypt, Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat has said. Al-Mashat made the announcement during a meeting with the British Egyptian Business Association (BEBA), highlighting the shift as a key indicator of Egypt's economic progress. Speaking at BEBA's annual Sohour ceremony, she emphasized the government's aim to transition towards an economic growth model based on manufacturing, exports, and tradable sectors. Al-Mashat also emphasized that the diversity of the Egyptian economy presents significant opportunities to enhance Egypt's regional position, particularly in the energy and logistics sectors. 'We aim to shift towards an economic growth model based on manufacturing, export, and tradable sectors,' Al-Mashat said. 'Integration among Economic Group Ministries [is key] to adopt policies that enhance the confidence of the business community and the private sector and stimulate investments.' The minister pointed to the government's efforts to consolidate macroeconomic stability through clear policies, including the implementation of Egypt's National Structural Reform Programme. She also noted the IMF's approval of the fourth review of Egypt's program and the decrease in inflation rates as factors boosting investor confidence. She added that 45.3% of government investments in the upcoming fiscal year's plan are directed towards human development, compared to 42% in the current fiscal year, with 35% for industrial development and 19% for local development. Regarding financing for development, Al-Mashat said that blended financing to stimulate private sector investments amounted to about $4.2bn during 2024, while the total concessional development financing from development partners to the private sector in Egypt from 2020 to 2024 amounted to about $14.5bn. Al-Mashat emphasized that the ministry is working to attract more development financing to the private sector through the 'HAFIZ' platform. The meeting also covered developments related to the implementation of the country platform for the 'NWFE' program and the volume of investments attracted by the platform in the renewable energy sector. Preparations are underway for the launch of Egypt's Integrated National Financing Strategy for development and the ministry's annual report for 2024. Al-Mashat underscored the strong trade and investment partnership between Egypt and the United Kingdom, with trade exchange reaching approximately £4.7bn last year. She noted the UK is one of the largest investors in Egypt through various private sector companies, and highlighted the British International Investment (BII), which has an investment portfolio of approximately £547m in 64 companies in Egypt. The event was attended by British Ambassador to Egypt Gareth Bayley, BEBA Chairperson Khaled Nosseir, former Minister of Petroleum Tarek El Molla, former Minister of Tourism Hisham Zaazou, and representatives of the business community and financial institutions. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. ( Daily News Egypt
Daily News Egypt
12-03-2025
- Business
- Daily News Egypt
Private sector now 63% of Egyptian investment, Al-Mashat says
Private sector investment now accounts for 63% of total investment in Egypt, Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat has said. Al-Mashat made the announcement during a meeting with the British Egyptian Business Association (BEBA), highlighting the shift as a key indicator of Egypt's economic progress. Speaking at BEBA's annual Sohour ceremony, she emphasized the government's aim to transition towards an economic growth model based on manufacturing, exports, and tradable sectors. Al-Mashat also emphasized that the diversity of the Egyptian economy presents significant opportunities to enhance Egypt's regional position, particularly in the energy and logistics sectors. 'We aim to shift towards an economic growth model based on manufacturing, export, and tradable sectors,' Al-Mashat said. 'Integration among Economic Group Ministries [is key] to adopt policies that enhance the confidence of the business community and the private sector and stimulate investments.' The minister pointed to the government's efforts to consolidate macroeconomic stability through clear policies, including the implementation of Egypt's National Structural Reform Programme. She also noted the IMF's approval of the fourth review of Egypt's program and the decrease in inflation rates as factors boosting investor confidence. She added that 45.3% of government investments in the upcoming fiscal year's plan are directed towards human development, compared to 42% in the current fiscal year, with 35% for industrial development and 19% for local development. Regarding financing for development, Al-Mashat said that blended financing to stimulate private sector investments amounted to about $4.2bn during 2024, while the total concessional development financing from development partners to the private sector in Egypt from 2020 to 2024 amounted to about $14.5bn. Al-Mashat emphasized that the ministry is working to attract more development financing to the private sector through the 'HAFIZ' platform. The meeting also covered developments related to the implementation of the country platform for the 'NWFE' program and the volume of investments attracted by the platform in the renewable energy sector. Preparations are underway for the launch of Egypt's Integrated National Financing Strategy for development and the ministry's annual report for 2024. Al-Mashat underscored the strong trade and investment partnership between Egypt and the United Kingdom, with trade exchange reaching approximately £4.7bn last year. She noted the UK is one of the largest investors in Egypt through various private sector companies, and highlighted the British International Investment (BII), which has an investment portfolio of approximately £547m in 64 companies in Egypt. The event was attended by British Ambassador to Egypt Gareth Bayley, BEBA Chairperson Khaled Nosseir, former Minister of Petroleum Tarek El Molla, former Minister of Tourism Hisham Zaazou, and representatives of the business community and financial institutions.
