In a high-level meeting, Assem El-Gazzar, the Minister of Housing, Utilities, and Urban Communities, engaged in discussions with Yukio Kanazawa, the distinguished figure behind Titan Capital and a prominent real estate developer in Japan
Also present was Niwa Kashiroa, the CEO of Titan Capital and former head of Goldman Sachs Japan, accompanied by their delegation. The focus of the meeting was to explore avenues of collaboration in the realm of real estate development, localization of cutting-edge technologies in Egypt, and the presentation of investment prospects available to the Japanese counterparts.
El-Gazzar emphasized the ongoing surge in development and urban expansion in Egypt, characterizing it as one of the most significant in the nation’s history. He highlighted the substantial involvement of private real estate developers engaged in projects encompassing expanses exceeding 10 million square meters. Additionally, he underscored the extensive capabilities of Egyptian contracting companies, including their experienced personnel, specialized equipment, and streamlined processes, enabling them to execute projects at an accelerated pace.
The Minister elucidated the inception of new cities in Egypt, a venture that commenced in 1979 under the aegis of the New Urban Communities Authority (NUCA). To date, over 48 new cities have been established, distributed across different generations.
“Since 2014, we have embarked on the creation and development of 24 new fourth-generation cities, with the New Administrative Capital standing out prominently. The real estate prospects vary from one city to another, contingent on their unique characteristics and functions,” added El-Gazzar.
He further pointed out the escalating demand for certain components, such as elevators and air conditioning systems, necessitating imports. Consequently, the Ministry of Housing is actively pursuing strategies to localize the production of these components. He expressed support for partnerships in these sectors, provided the partner has a viable market and access to the African market, facilitated by Egypt’s strategic location. El-Gazzar also highlighted Egypt’s annual population increase of 2.5 million, demanding an annual provision of approximately 850,000 to 1 million housing units, signifying a burgeoning demand in the real estate sector and its associated components.
NUCA, as explained, extends various avenues for real estate developers, including outright sale, usufruct arrangements, and collaborative projects with major developers. The available spaces for real estate development range from individual buildings to expansive residential complexes. With the exception of elevators and air conditioning devices, Egypt boasts local manufacturing capabilities for various real estate-related components. The Egyptian real estate market is also characterized by its diversity, featuring a broad spectrum of local, regional, and international developers.
El-Gazzar concluded, “We are receptive to all forms of collaboration in development and real estate. The new cities under NUCA’s purview encompass a comprehensive range of urban industries: trade, services, infrastructure, and various other facets of urban development. Additionally, around 10% of Egypt’s population currently resides in these new urban communities, and there is a growing demand within these burgeoning hubs.”
Yukio Kanazawa, a venerable figure in the Japanese real estate arena and the proprietor of Titan Capital, conveyed his admiration for Egypt’s endeavors in establishing a plethora of intelligent cities, embodying sustainable development and unprecedented urban expansion. He expressed a keen interest in furthering this progress through collaborative efforts between the two parties.
Kanazawa articulated that his delegation comprises experts from diverse fields actively seeking investment opportunities in Egypt, particularly in the New Administrative Capital. He delineated his company’s areas of expertise, spanning real estate funds, transactions, consulting services, management consultancy, and bond trading. Additionally, the company specializes in the refurbishment of commercial establishments and the development of hotels. Notably, one of its subsidiaries collaborates with the Ministry of Military Production in the production of atmospheric water generators, a venture that has yielded significant achievements in Egypt.
Kanazawa outlined three primary objectives for his current visit to Egypt: to continue the collaboration with the Ministry of Military Production on the atmospheric water generation project, to explore investment potential in the realm of real estate development, and to fortify the bilateral ties between Japan and Egypt.
In conclusion, he extended an invitation for collaboration, underscoring the employment of specialized experts across diverse domains to ensure optimal outcomes. He encouraged the Egyptian side to embark on a collaborative journey in real estate development, mutually benefiting both parties.