Dr. Mostafa Madbouly, prime minister, reviewed a proposal for a draft law establishing the Egyptian Federation of Real Estate Developers as part of the state’s efforts to establish an integrated legislative framework to regulate the real estate market and achieve a balance between supporting investment and protecting the rights of the state, developers, and citizens.
The meeting was attended by Randa El-Menshawy, minister of housing, utilities, and urban communities; Dr. Walid Abbas, deputy minister of housing for new urban communities; Eng. Khaled Seddiq, assistant minister of housing; Eng. Mostafa Abdel Wahab, CEO of the General Authority for Tourism Development; and Eng. Mostafa El-Naggar, head of the housing and utilities sector at the Ministry of Housing.
The Prime Minister noted that real estate investment represents one of the main drivers of economic growth, stressing the importance of preparing a law to regulate the real estate sector in light of the growing number of urban development projects and the expanding participation of the private sector in a manner that ensures clear rules protecting the rights of all parties.
Dr. Mostafa Madbouly explained that establishing the Egyptian Federation of Real Estate Developers aims to provide a unified professional and legislative umbrella for regulating real estate development activities and bringing entities operating in the sector together within a clear legal framework, thereby contributing to improving market efficiency and strengthening confidence in real estate investment.
During the meeting, Randa El-Menshawy reviewed the measures taken by the ministry to prepare the draft law, explaining that a number of meetings had been held with the relevant ministries, authorities, and specialists to discuss the challenges facing the real estate market and develop appropriate solutions.
The Minister of Housing explained that the draft law aims to strengthen investor confidence by establishing an organized professional federation that contributes to developing the sector, settling disputes, and classifying real estate developers according to the scale of completed projects, financial solvency, and operational capabilities, thereby achieving greater transparency and discipline within the market.
She added that the proposed federation seeks to protect the rights of those dealing with developers by establishing more organized rules for conducting business and raising the quality of projects, while also supporting private-sector participation alongside the expansion of new urban communities.
Eng. Mostafa El-Naggar, Head of the Housing and Utilities Sector at the Ministry of Housing, presented a proposed draft of the Egyptian Federation of Real Estate Developers Law, which included the federation’s objectives and responsibilities, its proposed administrative structure, and mechanisms for its operation.
The Prime Minister directed that the proposed draft law be studied from all technical and legal aspects, in coordination with the relevant authorities, in preparation for reaching consensus on the final version of the law and submitting it to the Cabinet to take the necessary procedures.