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The announcement appointing Salim Sayegh was made during a three-day conference on the establishment of the Union held recently in Cairo, Egypt under the patronage of Ahmed El Maghraby, Egyptian Minister of Housing. The proceedings were headed by Dr. Ahmed Goueli, Secretary General, Council of Arab Economic Unity, and attended by representatives from all Arab countries.
This latest development reflects the important position of the real estate market in the Arab World. The industry is valued at around USD 23 trillion and provides employment opportunities for about 4 million Arab nationals. It also contributes 18% of the total Arab economy, value of which reached $1.5 trillion in 2007.
Salim Sayegh, President of Sayegh Group and a Founding Member of the Arab Union for Real Estate Development, said:
"This conference marks the first step towards establishing strong cooperation between Arab real estate companies and organisations. We will work effectively to lay the right foundations and to explore the best opportunities that will allow us to fully leverage available resources. We aim to meet the requirements of all business activities related to the sector, and firmly believe that this initiative will have a positive impact on the development and support of Arab real estate activities. We shall promote the exchange of experiences and unified efforts to overcome the challenges faced by this sector."
Jess Stoffer, President of the World Conglomerate of International Real Estate Unions, delivered a speech in which he confirmed the approval of the inclusion of the Arab Union in the international group. He invited attendees to participate in both the international conference to be held in Madrid in April 2009 and the scientific conference scheduled in San Diego, USA, in November 2009.
At the end of the meeting, the attendees approved the main policy of the Union as well as the plan of action for 2009 to 2010. They also agreed on the opening of 17 branches for the Union in Saudi Arabia, UAE, Bahrain, Qatar, Yemen, Oman, Jordan, Iraq, Libya, Egypt, Sudan, Somalia, Algeria, Tunisia, Morocco, Palestine, and Kuwait.
With regards to the regional positions, Sheikh Yousef Bin Hatem Al Balushi was appointed as President of the Regional Office of the GCC countries; Fehmi Shaaban as President of the Regional Office of Arab Maghreb; and Adel Lutfi as President of the Regional Office of East Asia. The newly-formed Real Estate Union is the first Arab organisation to include 250 members of major real estate companies and banks in the Arab World. It will be actively participated in by the chambers of commerce federations of Saudi Arabia, Bahrain, and Syria; the businessmen associations of Morocco, Algeria, Palestine, Yemen, and Iraq; the Kuwait Real Estate Union; and the general real estate divisions in Oman and Tunisia.
Nadeen El Ajou
