The Worldfolio’s preview of an interview with Moaaz Wessam Eldin, Managing Director of PACT Real Estate Group, provides a glimpse into some of the topics he discussed with United World about Egypt’s uniqueness, its current economic state, and the immense opportunities available in its real estate and construction sectors, typified by PACT’s flagship smart home project, White Bay, in Sidi Heneish on the North Coast.
Egyptian millenarian history and its deep and diverse culture pretty much explain the resilient nature of the people to overcome difficult times and move forward.
At this time, one key thing the Egyptian economy needs is stability. And I believe this right now is given by infrastructure. That’s where the short-term focus should be to mark the recovery process. If we keep up the pace, I think that Egypt, which has all the potential, could become a real hub in three years.
Real estate and construction sectors:
I think safe investment will continue due to the constantly growing demand in the Egyptian market. Plus, there’s still a great amount of land yet to be occupied and developed. Bear in mind that only 5% of the attractive destinations have ongoing projects, meaning 95% of land with potential for tourism development is still pristine. We see this as a huge growth opportunity. But for this to be seized, public and private efforts and collaborations have to deepen more, otherwise we wouldn’t be taking advantage of Egypt’s potential.
Who is PACT?
PACT is an exciting newcomer on the real estate market proving to be a serious player with ambitious long-term aspirations. All of this while recognizing the need of being out there and supporting Egypt.
As for PACT, we entered the market because we found an important gap in a determined segment of it. As newcomers, we wanted to do something different, which is mixing high quality projects and reasonable prices for the people. For this is that we were capable of building a brand based on people’s trust in a relatively short period of time.
We targeted and so far have been able to position ourselves in this competitive market as the ones who focus on details in order to deliver high quality at the same time as minimizing costs. It’s all about innovation for us. Smart building and new destinations rather than the classics are just the tip of the iceberg.
We are open for everything: foreign partnerships, expanding our stakeholders, you name it. For 2020 the idea is to have two or three projects running and we have already positioned ourselves as a rock solid reliable company in the real estate market.