Al-Bustani: Preparing an executive regulation that preserves the rights of consumers and does not harm the sector
The most important features of the candidates’ electoral programs in the Real Estate Development Chamber elections in the Federation of Industries are to draw up an investment map for the real estate sector and discuss the repercussions of “the decision to require the implementation of 30% of residential projects before they are announced, and discuss the “real estate developer” law.”
The Chamber’s elections were decided by acclamation after some candidates withdrew in favor of others, as there were only 4 candidates in the final list for each category of large, medium and small enterprises.
Engineer Mohamed Al-Bustani, head of the Al-Bustani Real Estate and Tourism Development Company, said that he places, at the top of his electoral program, the development of an investment map for the real estate sector in accordance with the state’s strategy 2052, as the draft law of the Egyptian Federation of Real Estate Developers will contribute to achieving those goals.
He added to the “bourse” that he will discuss with the concerned authorities the implications of the “30% decision”, and the development of an executive regulation that preserves the rights of consumers and does not harm the interest of the sector, and ensures the continuation of the pace of urban expansion.
President Abdel Fattah El-Sisi had directed that no housing projects be announced to citizens until after 30% of them have been implemented to secure citizens’ money.
Al-Bustani said that the number of candidates for the board of directors elections of the Real Estate Development Industry Chamber had reached 18 in the beginning, before the members agreed and some of them withdrew.
He explained that the final list of candidates includes 4 names in the category of large enterprises: Tariq Shoukry, Arab Company for Development and Urban Development, Abeer Essam, Ammar Company for Real Estate Development, Amjad Hassanein, Housing and Development Company for Real Estate Investment, and Muhammad Al-Shennawi, Emaar Misr Company for Development, after the withdrawal of Mohamed Al-Assal from Misr Company. Italy Real Estate Investment.
The list of contenders for the medium-sized enterprises category includes 4 candidates, they are Tarek El-Gammal, Redmon Real Estate Development Company, Hani El-Assal, Misr Italy Urban Development Company, Basil Shaira, Polaris International for Industrial Estates, and Muhammad Al-Bustany, Al-Bustany Real Estate Investment Company, after the withdrawal of Mahmoud Ibrahim, Arabiya for Investment and Real Estate Development. .
As for the small enterprises category, it also includes 4 contenders, namely, Mohamed Rashid, Misr Italia Company for Real Estate Development, Wael Ramadan, Centro Real Estate Investment Company, Ahmed Reda, Arabia Blue Sky Company for Tourism Development, and Yasser Helmy, Egypt Construction Company, after the withdrawal of Amal Abdel Wahed, Redcon Buildings Company. Administrative, Hassan Gouda, Bonyan Construction Company, Mohamed Farid, Farid Real Estate Development Company, and Sayed Al-Shehab, Up Turn Real Estate Investment and Urban Development Company.
Abeer Essam, Chairman of the Board of Directors of Ammar Real Estate Development Company, said that the real estate developer’s law is the most important concern of real estate developers during the current period, and then the chamber will communicate with Parliament to speed up its completion and implementation because of its importance in regulating the real estate market.
She added that it aims to activate the role of the industrial and agricultural developer and provide them with easy facilities, in addition to asking the state to allocate plots of land for agricultural and industrial activities for small developers with areas ranging between 500 and 1,000 square meters.
The new Federation of Industries Law No. 70 of 2019 stipulates that each industrial chamber shall have 15 members, the general assembly of each chamber elects 12 of them by secret ballot, and each category between large, small and medium gets 4 seats, while the competent minister appoints 3 members after Take the opinion of the board of directors of the union.
Companies are classified into categories according to the capital of the establishment in the commercial registry for individual establishments. Small and micro enterprises are registered in the tables of companies whose capital is less than 5 million pounds, while factories with a capital ranging between 5 and 15 million pounds are registered in the tables of large establishments, factories. whose capital exceeds 15 million pounds.
The article “The Real Estate Development Program” .. Drawing up an investment map for the sector and discussing the “developer” draft law was written in Al Borsa newspaper.