Madbouly, industry figures review draft law to regulate real estate developers in Egypt
LEGISLATION WATCH- Cabinet, industry figures review draft law to regulate real estate developers: Prime Minister Moustafa Madbouly, Housing Minister Assem El Gazzar, and representatives from the real estate industry met yesterday to review a draft bill that would regulate developers and the industry, according to a Cabinet statement. No details were provided on the developers’ gripes with the legislation, but Madbouly ordered officials to settle the contentious points in the bill ahead of presenting it to Cabinet for approval.
Background: The House of Representatives had been working since January on the law, which would regulate the real estate industry by clamping down on wildcat developers, create the state-sponsored federation, and set up a fund to hedge against sector-related risks. Developers have since voiced objections to stipulations in the law that would impose fines and prison time on developers who miss delivery deadlines.