Dubai: Egypt has been named the country of honour at the 2018 edition of Cityscape Global, a reflection of the substantial real estate development underway as the country provides solutions to its ever-growing population and expanding urban areas.

Dr Mustafa Madbouly, Egypt’s Minister of Housing, Utilities and Urban Communities, witnessed the Memorandum of Understanding signing ceremony between Engineer Khaled Abbas, Deputy Minister of Housing, and Chris Speller, Director of the Cityscape Group.

The agreement was made to shine a spotlight on Egypt’s economic and social development at Cityscape Global, the region’s largest real estate investment event which returns to the Dubai World Trade Centre from October 2-4, 2018.

Visitors to the event will be able to learn more about the range of investment opportunities in Egyptian real estate, find out about new projects and new cities such as New Cairo and the new administrative capital — a smart city expected to accommodate five million people, create jobs, house Africa’s tallest tower, and include green space twice the size of New York’s Central Park.

According to real estate consultant JLL, Egypt is witnessing a positive investment climate, with the residential sector seeing an uplift and providing attractive market conditions for local and foreign investment, in line with the government’s ongoing focus on economic development.

In light of recent changes to the country’s residency law, changes which now provides foreign nationals with a path towards citizenship, a swathe of developers have joined the show’s ranks.

In addition, the Egyptian government recently introduced a new investment law designed to eliminate bureaucracy and promote new opportunities to a wider pool of investors, thereby streamlining the entire investment process through one body.