Egypt’s GDP Rise Attributed To Good Real Estate And Tourism
The new El-Alamein city is a perfect example of a city on the rise in Egypt. CEO Amr El Kady of City Edge Developments said that large-scale development supported by a high rate of implementation had been good. The vision for the city has also been fueled by different economic activities aimed at making sustainability more possible.
Mena FN reported that El Kady pointed out the different economic activities which El-Alamein is based on during the 2nd Think Commercial Roundtable. El-Alamein is not a seasonal city but El Kady said that there was a "new offering" in New El-Alamein. The CEO also noted that commercial activities are a likely possibility during the coming period to answer the rigorous demands of the people in the city.
Egypt is a highly historical place, especially Cairo, and JLL Egypt's Ayman Sami said that hotel rooms in the historic city could be used for other purposes, or as investment assets. They could be used for residential rentals or for entertainment purposes to attract tourists to the cities, following the example of many other cities in the region.
Egypt's GDP rise affected its economy, in turn. The economic situation had been lauded by many observers. It has since become an "economic safe haven," according to Egypt Today, where investors, as well as entrepreneurs, thrive in spite of having been an "abyss" for investments only three years ago.
The Egyptian economy has been hailed for its progress, being recognized as one of the region's hottest economies. International bond investors that are seeking high yields are favoring the Middle-Eastern country. The uncertain global environment had been unexpectedly kind for the Egyptian economy.
Investors are loving the implementation of bold yet sensitive reforms by the current Egyptian government. The president, Abdel Fatah al-Sisi, is faced with the prospect of trying to create an economy which will improve the fate of the 100 million people in the country. Poverty is one of the main issues that they are tackling.
Their efforts are being recognized. In addition to the strength of their economy and tourism, Morgan Stanley recognized Egypt's "reform story" in the Middle East as one of the best in any emerging market. The company also recognized that Egypt was well on its way to "becoming a breakout nation."
With its tourism only set to grow and the GDP taking off, the sky's the limit for the Egyptian economy, backed by confidence in new and bold leadership.