Prime Minister Mostafa Madbouly said that the government supports development projects across all sectors, dismissing claims that state efforts are focused solely on real estate. In his remarks during the signing of a strategic partnership between Midar for Investment and Urban Development and Majid Al Futtaim, Madbouly described the real estate sector as a major contributor to economic growth.
He noted that it supports a wide range of industries and creates extensive employment opportunities. He said the new project, located in New Cairo, will cover 553 feddans with investments exceeding $3.1 billion, reflecting continued confidence in the Egyptian market from local and foreign investors.
Madbouly added that the updated State Ownership Policy identifies real estate development as one of the sectors where the private sector is expected to play a leading role, alongside efforts to expand investment and support sustainable economic growth. The Prime Minister, also, reaffirmed the government's commitment to facilitating investment projects and encouraging partnerships that contribute to job creation and economic development.