Latest news with #MohamedFouad
Zawya
2 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. (
Daily News Egypt
2 days ago
- Business
- Daily News Egypt
Egypt urged to establish real estate regulatory authority to boost market transparency, attract FDI
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.
Egypt Independent
19-04-2025
- Business
- Egypt Independent
Will the US dollar rise after the CBE cut interest rates?
Economic expert Mohamed Fouad revealed the impact of the Central Bank of Egypt's (CBE) recent decision to reduce interest rates on the exchange rate of the US dollar against the Egyptian pound. During a phone interview with TV host Amr Adib on the 'al-Hekaya' (The Story) show on Friday, Fouad said that despite the interest rate cut, Egypt remains one of the countries with the highest interest rates. He added that it is also the most stable compared to other countries such as Argentina and Turkey, which are currently experiencing some severe turmoil. The dollar's amount decreases when investors say that Egypt doesn't pay much interest, he explained, and they go and take their dollars and leave, but he assured that this is not happening now. Fouad explained that the global market places interest rates in Egypt at lower than the current rate. 'The current interest rate is comfortable. It's not the rate that puts pressure on the currency, causing people to withdraw their dollars, and this withdrawal is what raises the dollar's value,' he continued. Reducing interest rates will not lead to an increase in the price of the US dollar against the Egyptian pound in the Egyptian market, the expert added.
Egypt Today
22-03-2025
- Business
- Egypt Today
Egypt, Nigeria discuss boosting coop. in energy, electricity
CAIRO - 22 March 2025: Egypt's Ambassador in Abuja Mohamed Fouad has discussed in a meeting with Nigerian Energy Minister Adebayo Adelabu, ways of fostering the existing cooperation between the two countries in the fields of energy and electricity, as well as activating a memorandum of understanding signed in January 2023. During the meeting, the Egyptian ambassador highlighted the quantum leap witnessed by Egypt in the past years in terms of enhancing the capacity and efficiency of the national grid, and expanding the use of new and renewable energy sources, according to a statement released by the Foreign Ministry on Friday. Fouad expressed Egypt's willingness to transfer its experience in electricity production and distribution to Nigeria, which is currently implementing an ambitious program for developing the electricity sector and addressing chronic problems in electricity generation capacity and distribution efficiency. On his part, the Nigerian minister commended Egypt's achievements in the energy sector, expressing hope to benefit from distinguished Egyptian expertise for executing the Nigerian Presidential Metering Initiative aimed at strengthening electricity generation capacity and raising the efficiency of distribution networks. The two sides probed the possibility of contracting Egyptian energy companies to put into force the Nigerian Presidential Metering Initiative.
Middle East
22-03-2025
- Business
- Middle East
OPEN// Egypt, Nigeria discuss boosting coop. in energy, electricity
CAIRO, March 21 (MENA) - Egypt's Ambassador in Abuja Mohamed Fouad has discussed in a meeting with Nigerian Energy Minister Adebayo Adelabu, ways of fostering the existing cooperation between the two countries in the fields of energy and electricity, as well as activating a memorandum of understanding signed in January 2023. During the meeting, the Egyptian ambassador highlighted the quantum leap witnessed by Egypt in the past years in terms of enhancing the capacity and efficiency of the national grid, and expanding the use of new and renewable energy sources, according to a statement released by the Foreign Ministry on Friday. Fouad expressed Egypt's willingness to transfer its experience in electricity production and distribution to Nigeria, which is currently implementing an ambitious program for developing the electricity sector and addressing chronic problems in electricity generation capacity and distribution efficiency. On his part, the Nigerian minister commended Egypt's achievements in the energy sector, expressing hope to benefit from distinguished Egyptian expertise for executing the Nigerian Presidential Metering Initiative aimed at strengthening electricity generation capacity and raising the efficiency of distribution networks. The two sides probed the possibility of contracting Egyptian energy companies to put into force the Nigerian Presidential Metering Initiative. (MENA) M R E/R R N
