Business Today Egypt published a Q&A with Philip Blumberg, chairman and CEO of the Blumberg Capital Partners group of companies and chairman of the firm's investment committee. An excerpt from the March edition follows:
Q: It has been said that investors are now showing their willingness to consider opportunities in the Egyptian real estate sector. How would you describe these investors?
BLUMBERG: I'd describe those investors as leading edge, and leading-edge investors success is key to attracting the larger mainstream companies and investors. It's this increase in economic activity that gets the real estate economy going as well.
We see long-term opportunities in quality office development, retail and residential projects. In the short term we see very considerable opportunity in the industrial and warehouse sectors. There is tremendous built-up demand for warehousing at ports, free zones and in the new projects being contemplated in the economic plan known as the Nahda, or Renaissance Plan.
These are more than just words, as we are preparing now to commit to a large scale investment in Egypt in this sector and to move to expand our manufacturing business with construction of a manufacturing plant and export hub in Egypt. The Hub will employ 1,000 Egyptians and potentially increase Egyptian exports by $6 billion (LE 40.39 billion) and the country's GDP by 2.2%.
We have faith in Egypt and in our working with government leadership see a very strong and decisive effort to generate and support economic development projects like ours. As long as this continues we are optimistic about prospects for Egypt.
To read the full article click here. For more news and information, visit Blumberg Capital Partners.
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