Egypt is first Arab country to hold IPS after Dubai.
Walid Farghal, director general of the IPS, said that his company is targeting the Gulf Cooperation Countries' (GCC) investors to the Egyptian real estate market, as part of the real estate export initiative through holding the IPS in January.
Daily News Egypt sat down with Farghal to find out the company's plan for holding the IPS in Egypt for the first time, after always being in Dubai. The transcript for which is below, slightly edited for clarity:
How do exhibitions increase Egypt's competitiveness in the global real estate market?
Foreign exhibitions are ideal platforms for attracting foreign investment, given the strong opportunities available in the real estate sector, especially in the Egyptian market.
How do you see the participation of the government with developers in exhibiting projects at the same pavilion?
The participation of the Egyptian government represented by the ministry of housing with real estate developers will help increase foreign investment in the Egyptian market. This cooperation also confirms the government's support, represented by the ministry of housing, for real estate developers and projects, therefore facilitating investments in Egypt, and allowing the efficient communication between all the parties and stakeholders involved.
What is your vision for Egypt's real estate market and its future growth?
Egypt comes at the top of having the highest return on investment in the real estate market, exceeding a lot of others countries and markets. This presents a good opportunity for foreign investors to invest in the Egyptian real estate market, and there are several important advantages provided by the Egyptian government for investors in this market as well.
Walid Farghal, director general of the IPS
When will 'Strategic Marketing and Exhibitions' company hold the IPS in Egypt?
The company announced the establishment of the IPS exhibition in Egypt after several successes over the past 15 years in Dubai, which confirms the success of the Egyptian real estate market on the local and international levels.
However, the company decided to postpone the exhibition to January 2019, after taking experts' opinions, as well as the participating developers'. We wanted to choose the most appropriate time as the Egyptian real estate agenda was crowded during the last quarter of 2018 as several exhibitions and conferences were held. This also reflects the company's and its partners' desire to establish an event worthy of the name and position of the IPS, and its first edition in Egypt. Moreover, the IPS targets large and well-known developers who have distinguished spaces and designs.
Moreover, through the IPS, the company is targeting GCC investors to invest in the Egyptian real estate market, as part of the real estate export initiative.
The show targets prospective customers from the UAE, Saudi Arabia, as well as Kuwait, and international investors are expected to increase during the coming period, especially that investors from the Gulf region are interested in Egypt's real estate market. Furthermore, there are many Arabs who own properties in Cairo, as well as the tendency of others to buy housing units in new cities, as well as the New Administrative Capital.
Why did your company plan to launch the IPS in Egypt for the first time?
Choosing Egypt to launch the first version of the IPS outside Dubai after more than 15 years is very significant for Egypt, namely the strength of the Egyptian market and the confidence of capital flows to Egypt, as well as the depth of relations between Egypt, Dubai, and the other brotherly Arab countries. The IPS is expected to witness a huge demand and attract capital from various countries, especially after several international companies showed their interest in exhibiting at the IPS in Egypt.
What is the value of the IPS' expected sales?
It is difficult to predict the IPS' sales' volume in Egypt because this is the first edition in the country. Yet, 20,000 visitors are expected to come during the exhibition period, given the importance of the IPS for all the stakeholders in the real estate sector, both locally and internationally.
What are the other exhibitions that the company intends to hold?
The IPS in Dubai will be launched from 26 to 29 March 2019, amid expectations of a strong Egyptian participation.
Egypt has achieved a great progress through issuing a law granting residence for foreigners who buy property in Egypt. In your opinion, what are the procedures needed to motivate foreign investment?
The government has to promote real estate not only through the participation in international exhibitions, but it is also necessary to put mechanisms that encourage foreign investors to acquire units in Egypt.
Do you think that the state is a competitor for the developers?
The state does not negatively intervene with real estate developers. On the contrary, it supports the attraction of investment by facilitating the opportunities for various real estate developers both locally and internationally.
[c] 2018 Daily News Egypt. Provided by SyndiGate Media Inc. ( Syndigate.info ).
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|Publication:||Daily News Egypt (Egypt)|
|Date:||Dec 17, 2018|
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