Philip Blumberg was recently interviewed by Amwal Al Ghad, a monthly issued magazine that covers all news about economy, Banks, investments, stock market, and all other related financial sectors in Egypt. An excerpt from the article follows:
Amwal Al Ghad En: What is the company's vision over the real estate sector in Egypt even the challenges it facing amid the political turmoil? In addition, what are the market's current demands?
Blumberg: First, my expectations in Egypt it will attract investments as soon as possible because investments in real estate travel very quickly. Secondly, the affordable houses are important and much needed in Egypt, which also the Egyptian government can assist. The housing sector should support the PPP system.
We think there are opportunities in the office-building sector that we can reposition them from the C to A class.
We look to the region of Egypt as it has more jobs; it is a promising market for exports and manufacture, more and above it is the great real estate residential sector for affordable houses.
The companies will not come if they will not see stabilization in Egypt. Therefore, we are looking now for US government support for Egypt
John Kerry, US Secretary of State, has allocated $250 million for Egypt; it will be released as soon as the IMF discussion is over, for the Egyptian government's projects. We believe they go to the infrastructure and job creation to help people.
There is another $ 750 million but the US government is waiting that how the Egyptian government could utilize the $250 million.
To read the full interview, click here. For more news and information visit Blumberg Capital Partners.
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