Darwish Hassanein, CEO of the Saudi Egyptian Construction Company (SECON), said that the decision to float the Egyptian pound was mandatory despite its delayed release; however, it made challenges faced by real estate investors more difficult. He explained that real estate investors are facing two major challenges after the pound’s flotation. He pointed out that banks refused to finance any investment process in the real estate sector if the cost exceeded revenues, which hindered the work of many of the contractors who needed additional funds. He proposed a balanced contract between the government and any other body, whether contractors or investors, to ensure the rights of all parties. Shoukry added that the real estate sector was affected by the liberalisation of the exchange rate, which the government recognises increased contractors’ dues by 35%.

Source: Daily News Egypt January 16, 2017 07:44 UTC