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Assem El-Gazzar, the Minister of Housing, Utilities, and Urban Communities, met with Yukio Kanazawa, the owner of Titan Capital and a renowned real estate developer in Japan. The latter was accompanied by Niwa Kashiroa, the CEO of Titan Capital and the former head of Goldman Sachs Japan, along with their delegation.
The meeting discussed ways of cooperation in the field of real estate development, localisation of modern technologies in Egypt, and presentation of investment opportunities available to the Japanese side in Egypt.
El-Gazzar stated that Egypt is currently witnessing one of the largest development and urban expansion booms throughout its history. He said that some real estate development projects executed by the private sector exceed an area of 10 million sqm. Moreover, Egyptian contracting companies have extensive experience, equipment, and trained human resources, which enable them to build projects faster than before.
The Minister of Housing explained the experience of new cities in Egypt, which began in 1979. The New Urban Communities Authority (NUCA) is responsible for establishing and developing new cities, which so far number more than 48 new cities, distributed among different generations.
The minister pointed out that due to the increase in the volume of real estate and urban development in Egypt, there is a steady increase in demand for some components that the state has to import from abroad, such as elevators and air conditioning devices. Therefore, the state, represented by the Ministry of Housing, aims to localise the industry of these two components. Furthermore, the real estate market in Egypt is characterised by diversity, as it includes a large number of local, regional, and international developers.
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Yukio Kanazawa, a renowned real estate mogul in Japan and the owner of Titan Capital, has expressed his admiration for the Arab Republic of Egypt’s efforts to build a large number of new smart cities that aim for sustainable development and unprecedented urban growth. He also stated his eagerness to support more of this development through cooperation between the two sides.
