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Eng. Alaa Fikry, Chairman

and Managing Director of Beta Real Estate Development Company, emphasized the importance of strengthening Egyptian-Emirati cooperation at this time, given the major development projects currently underway.

He explained that several large-scale projects are being implemented in Egypt, and there are diverse investment opportunities across the country, including in the New Administrative Capital, the North Coast, and the Red Sea region.

He further explained that private sector companies are witnessing a surge in investment and have achieved significant sales over the past two years, which has bolstered their expansion plans.

He added that all these projects are being implemented concurrently and require substantial quantities of building materials.

He pointed out that Egypt already possesses factories and local production capacities, but the question remains whether these capacities will be sufficient to meet anticipated demand. He explained that any potential shortage in supply could lead to price increases, necessitating the availability of alternatives from other markets that offer acceptable quality at reasonable prices to maintain market equilibrium.

He noted that the challenges facing foreign companies in Egypt include port procedures, customs duties, fees, and lengthy clearance times.

Fikri emphasized that entering any new market, whether the Egyptian or Emirati market, presents challenges that vary from country to country. He stressed that true success lies in proactively seizing opportunities rather than waiting for them, for both Egyptian and foreign companies.

Regarding Beta's plans, he explained that the company is fully focused on expanding within the Egyptian market and executing its existing projects, and currently has no plans for international expansion.

Concerning the tourism sector, Fikri noted that Egypt has approximately 250,000 hotel rooms, with a target of adding another 250,000 within five years. This necessitates significant investment in the sector. He explained that the government has launched a financing program to encourage investors to operate hotels within two years, offering subsidized financing at low interest rates.

He added that Beta is considering developing hotel apartments in East and West Cairo, given the existing need for this type of unit, particularly within the Beta Residence project due to its proximity to the Grand Egyptian Museum.