Egypt is prioritizing attracting foreign direct investment (FDI) beyond its energy sector, aiming to secure approximately $12 billion in FDIs in the current fiscal year.

Likewise, Egypt’s real estate sector faced challenges due to a decline in the face of rising construction material costs, interest rate hikes, increased fuel expenses, and a 25% devaluation of the national currency.

Egypt’s New Urban Communities Authority and the UAE’s UDC Real Estate Development Company have teamed up to launch a $1.9 billion urban development project in New Cairo.

‘The Crest’ project, 665,000 square meters in the Hadayek Al-Andalus, will feature residential, commercial, and administrative buildings, entertainment venues and hotels.

UDC’s CEO, Mohammed Zahid Al-Batarni, emphasized that ‘The Crest’ project seeks to draw companies to Egypt, fostering foreign currency inflows and generating employment opportunities.

With government backing and a burgeoning business landscape, UDC intends to further invest in additional projects. UDC will unveil the project plan for ‘The Crest’ within six months of contract signing.

The Innovation By Design Summit is in Doha on April 24. Attendance at the summit is by invitation only. Delegates can register here to receive their exclusive invite.