With unofficial figures projecting an increase to approximately 20 million unemployed across the Arab World, Sheikh Suleiman Bin AbdulAziz Al Majid, Chairman of Tanmiyat Investment Group has discussed the role of the property sector in reducing this rate to a more reasonable level via the exploitation of the property sector.
Speaking during the investment session in property development, which is currently being held at the ‘Cairo Investment Forum', Al Majid added that the ability of the property sector to employ more than 80 different activities in a direct and indirect way will help in reducing a good number of the Arabic unemployment.
He added: "The property developments that we see occurring in the GCC are a good template for what good happen in the rest of the Arab world and can add true economic value to its countries. For example, if Egypt witnesses a property revolution akin to what we see occurring in the UAE or Saudi Arabia, this will truly add to the economy of that country.
"In the current development of our nations' infrastructure, we have traditionally depended on Asian workers, as they have a good understanding of the system of work in the Gulf. However if the level of development the Gulf is experiencing happened in Egypt, then all those jobs that would normally be taken by guest workers, will be filled by Egyptian workers instead, thus helping their country's economy extensively. '
Sheikh Al Majid has focused on the importance of creating an investment environment by the government to ease the work of the investor. The property developer is not like the typical investor in the stock market, which can facilitate his investment portfolio in limited hours and can easily adapt to changing situations. The property developer has to bear through the nation's days of recession and days of wealth concurrently, therefore any foreign developer must be sure of the rules and regulations of the country he is investing in to ensure his investments are protected.
© 2006 Al Bawaba (www.albawaba.com)
