Egypt economy shows resilience against shocks: planning minister

Egypt's economy has shown resilience amid ongoing regional and global geopolitical challenges, according to Minister of Planning and Economic Development Ahmed Rostom. During a recent meeting with high-level representatives from international property firms, Rostom highlighted key economic performance metrics indicating sustained stability. The country recorded a growth rate of five percent in the third quarter of the previous fiscal year, with an overall expansion of 5.2 percent over the first nine months of the current period. Rostom met with Forbes Global Properties CEO Michael Gilbert and Magnom Properties CEO Maged Marei to explore opportunities for increasing investments in Egypt and to examine the role of the real estate sector in achieving the nation's long-term development objectives under Vision 2030. The discussions focused on how the construction, building, and real estate investment sectors can serve as pivotal drivers of economic growth. According to the minister, these sectors have emerged as critical components of Egypt's economic strategy. They function as strategic engines that stimulate numerous related industries and contribute significantly to job creation. The real estate industry, in particular, has been identified as one of the leading contributors to employment generation within the country. During the meeting, Rostom emphasized the government's dedication to fostering an environment conducive to investment. He reiterated the administration's commitment to implementing the State Ownership Policy Document, which aims to provide the private sector with more autonomy and room to spearhead national development initiatives. This policy is designed to enhance the quality of life for Egyptian citizens through increased private sector participation in economic activities. The minister expressed confidence in the potential of the Egyptian market to attract foreign investment, particularly in the real estate domain. He noted that the government continues to work diligently to ensure that regulatory frameworks support both domestic and international investors seeking opportunities in the country. These efforts align with broader national strategies aimed at diversifying the economy and reducing dependency on traditional sectors such as oil and gas. The meeting underscored the importance of collaboration between public authorities and private enterprises in driving sustainable development. By leveraging the strengths of both sectors, Egypt seeks to build a resilient and diversified economy capable of weathering external shocks while maintaining steady growth trajectories. The government's focus on the real estate sector reflects its recognition of the industry's capacity to generate substantial economic returns and create jobs. As part of this initiative, officials are working to streamline processes and reduce bureaucratic hurdles that might hinder investment flows into the country. These measures are intended to make Egypt a more attractive destination for international capital and expertise. Rostom's statements come at a time when Egypt faces multiple economic pressures, including fluctuating global commodity prices and regional instability. Despite these challenges, the country has managed to maintain a relatively stable macroeconomic environment, supported by prudent fiscal policies and structural reforms aimed at enhancing competitiveness and attracting foreign direct investment. The minister's remarks highlight the government's optimism regarding the future direction of the economy. With continued emphasis on private sector engagement and strategic investments in key growth areas, Egypt appears poised to sustain its momentum in the coming years. The success of these initiatives will depend largely on the ability of policymakers to implement reforms effectively and maintain investor confidence in the face of evolving global conditions.