The Housing Committee of the Egyptian House of Representatives approved the text of article 22 of the bill establishing the Egyptian Federation of Real Estate Developers.
This is a step forward until the law is finally promulgated, according to Abdel Hamid Al-Wazir, head of Arabesque Real Estate Development and head of the Support and Monitoring Committee of the New Cairo Promoters Association. .
The draft law was sent to four agencies to obtain their opinions on the articles of the law, namely: the Ministry of Housing, Public Services and Urban Communities; the Ministry of Finance; the Ministry of Justice; and the Superior Council of the Judiciary.
Article 22 stipulates that the first board of directors of the federation will be formed by decision of the Minister of Housing, Public Services and Urban Communities within two months from the date of entry into force of this present law.
The board consists of a maximum of 15 members with experience in different real estate sectors, the competent minister choosing from among them a chairman, two deputies and a secretary.
Al-Wazir said the federation aims to defend the common interests of its members, represent them to the relevant authorities and regulate the conditions of the profession.
It will also endeavor to develop its methods, while setting the rules and traditions for the exercise of the profession so as to ensure its protection. The federation will focus on raising its level and work to end disputes that arise between members of the federation and others.
The classification categories take into account the criteria of technical competence, financial capacity and managerial experience. This includes: paid-up capital; the legal form of the property developer; previous experiences in project development; the financial, technical, administrative and legal organization of the property developer; and the size of the work performed.