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المصري اليوم
Sakan El Shaikh member cautions on fund shifting
The article discussed the risks of cycling clients' funds between multiple real estate projects in Egypt. Member of Parliament Yasser Qoura warned against using buyers' money to finance new projects or purchase land without directly allocating it to complete the projects on which customers have already paid. He clarified that such practices could create a gap between the financial obligations of the projects and the available liquidity, leading to delays in unit deliveries ranging from 3 to 7 years. Citizens would bear the consequences of these delays through additional financial burdens. He also emphasized the importance of regulating the movement of clients' funds through escrow accounts and establishing an independent authority to oversee the real estate market, monitor implementation, and promote transparency. The goal is to protect investors and citizens and to ensure market stability.
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