In a significant move towards sustainable urban development, Egypt is actively pushing for the incorporation of green building practices and adherence to sustainable development standards in its new real estate projects. Ayman Abdel-Hameed, the Managing Director of Tameer Real Estate Finance Company, emphasized the need for accessible financing mechanisms to promote green construction and encourage companies to adopt sustainable development standards.
Abdel-Hameed revealed that his company has initiated negotiations with several banks to facilitate funding for projects that embrace these standards. This comes as a global trend, and Egypt is urged to align itself with this approach in its new urban projects.
Speaking at the second session of the Egyptian Today Economic Forum, themed “Egyptian Urbanization and Its New Message towards Implementing Sustainable Communities,” Abdel-Hameed praised the recent real estate financing initiatives introduced by the Central Bank. These initiatives aim to align investments with governance principles and environmental standards, transforming risks and addressing negative aspects of any investment venture.
Mahmoud Mohie Eldin, the Executive Director of the International Monetary Fund, stressed the importance of secure investments, advocating for governance adherence and alignment with environmental standards. Eldin highlighted the anticipation surrounding the Climate Change Conference in Sharm El Sheikh, emphasizing its potential impact on the future of companies, particularly in African nations.
Tarek El-Gamal, Chairman of Redcon for Administrative Commercial Centers, noted the increased private sector participation in real estate projects over the past eight years. He addressed the competition among private companies in the Egyptian market and discussed strategies for enhancing private sector involvement in various fields.
Mohamed Taha, Chairman of the Board of Directors of the Nile and Al-Ahram Real Estate Development Company, pointed out the global movement to preserve environmental rights, extending to the construction and urban development sector. Taha expressed hope that regulations in the new administrative capital would mandate sustainable and green construction, attracting international brands that focus on sustainable development.
Fathallah Fawzi, Chairman of the Construction Committee at the Egyptian Businessmen’s Association and President of the Marina Real Estate Development Consultancy Company, highlighted Egypt’s unprecedented urban renaissance in the last seven years. He emphasized the importance of applying sustainability standards in projects to meet current generations’ needs and safeguard the rights of future generations in terms of natural resources.
Ahmed Abdo, Head of the Commercial and Marketing Sector at Lafarge Egypt, discussed the shift in investment trends towards locations with stronger sustainability regulations. Abdo expressed optimism about Egypt’s opportunity to attract investments, stating that Lafarge Egypt has ambitious plans to reach 50% alternative energy by 2025.
In conclusion, Egypt is witnessing a paradigm shift towards sustainable urbanization, with key industry players actively participating in shaping the future of real estate projects. The commitment to balancing economic development with environmental sustainability reflects a global trend that Egypt is eager to embrace in its new urban initiatives.
