Real estate developer with over 20 years of experience in the construction industry. He started his career in the USA, New Jersey. Where he worked on a number of high-profile projects. Then he moved to Egypt to develop in the real estate market.
During an interview with Engineer Girgis Youssef, Ceo of New Jersey Developments, he discussed the current economic situation and key issues in the real estate sector.
Engineer Girgis Youssef spoke with Realty Catalogue about the current economic situation and the challenges facing the economy, such as the high dollar exchange rate and import difficulties.
He elaborated on potential solutions to revive the current economic situation, emphasizing the importance of retaining current investors and attracting more foreign investment to Egypt despite the challenges they face. He stated that this is a direct method to improve the economy.
He highlighted his company, New Jersey Developments, as a contributor to Egyptian real estate investment, supporting the economy. Engineer Youssef pointed out that among the current challenges facing Egypt is the high inflation rates and rising prices, which shapes a severe economic challenge in Egypt.
Regarding the government’s measures to address these challenges, Engineer Girgis Youssef stated that the government is implementing financial reforms aimed at reducing the budget deficit by increasing revenues, reducing expenses, and attracting foreign investment through improving the business environment and offering incentives to investors.
He also mentioned the developments in El-Galala City and the New Administrative Capital, describing them as significant opportunities for investors.
He elaborated on the Jura project El-Galala, considering it a comprehensive project. Jura Resort in Ain El- Sokhna is a fully integrated resort. The project combines hotel units, chalets, and duplexes.
Regarding the future economic outlook for Egypt, he expected continued pressure on the Egyptian economy due to current challenges. However, he highlighted a great potential for long-term economic growth, especially with ongoing structural reforms and investment attraction.
He emphasized the economic importance of the New Administrative Capital, stating that it will become an attractive destination for investments.
He noted that his company was among the first to believe in the idea and work on administrative and residential projects there. The administrative project is Genesis Tower, a unique integrated administrative tower.
He also introduced the residential project, Green Avenue, a fully integrated residential compound in the New Administrative Capital’s R7 area. It features extensive green spaces, swimming pools, and natural landscapes for privacy.
During the interview, he focused attention on the importance of real estate conferences and exhibitions for investors to discuss and explore new horizons for the Egyptian real estate market.
When asked if real estate investment remains secure, he generally affirmed its safety, especially with their projects offering high returns resulting from in-depth project studies and proactive site selection, leading to excellent returns on investment in their various projects under all economic conditions and challenges.
In conclusion, Engineer Girgis Youssef expressed confidence in his company as a result of its consistent provision of the best services to clients, earning their high trust and continuous support. This positions the company at the forefront of real estate investors in Egypt, aiming at further successes as national investors contributing to the country’s development, Driven by their love for Egypt and providing job opportunities for its youth, and attracting foreign currency.