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Commission Assists Egyptian Real Estate Association

The Real Estate Association of Egypt (REA) has requested the North Carolina Real Estate Commission to provide technical assistance in helping it modernize the real estate industry in Egypt that, the Association proudly proclaims, has “survived seven millenniums”. The Commission has agreed to assist REA by preparing for its use a document identifying the major components of a real estate licensing and regulatory program based upon the North Carolina model and licensing programs in other states.

According to Association General Secretary Fathallah Fawzi and REA founding member Dr. Ahmed El-Sharkawy, “Current market conditions and the increasing sophistication of the market players (buyers and sellers) demand initiating a more formal, transparent and sophisticated framework to better regulate the real estate market in Egypt. REA believes that a framework will create the right environment to foster continuous improvement in the real estate market, which constitutes a considerable part of Egypt’s economy.” They add that the “proposed document identifying the major components of the licensing program shall be the foundation on which REA will work towards defining the blueprints of the REA licensing program.”

Hesham El-Boulaki, MCE, PE, who is both a native of Egypt and a North Carolina resident, will on behalf of REA, liaise with Commission Executive Director Fisher, Director of Education and Licensing Larry Outlaw and Legal Counsel Thomas R. Miller in developing the document and furthering the working relationships between REA and Real Estate Commission.

This article came from the February 2002-Vol32-4 edition of the bulletin.