Al-Tibi: Tourism and retail trade are the sectors most affected by the Corona crisis

Al-Tibi: Tourism and retail trade are the sectors most affected by the Corona crisis

Businessman Ahmed Al-Tibi, Chairman of The Land Developers Real Estate Development Company, talked about his expectations for the performance of the various economic sectors after the current Corona crisis, and the strong effects it caused on various activities such as the tourism sector, the retail sector and the real estate development sector.

Al-Tibi said in his speech to “Economy Plus” that the tourism sector in Egypt will be the most affected by the Corona crisis, given that it is a global crisis, pointing out that this sector has been subject to many local crises in the past, but at the same time it was quickly recovering and achieving Great growth after every crisis.

Al-Tibi added that the situation this time is different from previous crises, as it relates to the deterioration of major markets that Egypt depended on in the tourism movement, especially the markets of European countries, and tourism is an entertainment activity that depends on the financial surpluses of individuals in these countries and in the current crisis there will be a retreat for a period In the performance of the Egyptian tourism sector.

Tibi: Keeping workers helps to recover after the crisis
Regarding his expectations for the performance of the retail trade sector, Al-Tibi said that this sector is more closely related to the global system that was greatly affected by the Corona crisis as it is also linked to the movement of import and export to and from other countries, and therefore the effects of the current crisis will be extended until the global markets are restored to normal.

Al-Tibi explained that the big companies that can preserve the human element and continue to pay the salaries of workers and employees and pay new human cadres that will benefit from the great launch that this sector will witness after the decline of the current crisis.

Al-Tibi: The real estate sector is the least affected and the fastest recovering sector
Al-Tibi indicated that the real estate sector is the least affected by the Corona crisis, indicating that activity in this sector is currently not lacking because demand still exists but it is not the same as before, and companies are currently working on their project sites at a rate of up to 50% of their work capacity, especially after President Sisi’s directives to the government that companies should continue to work on major projects.

He pointed out that the real estate sector depends by up to 90% on local resources, whether in the elements of production or marketing, which gives this sector a comparative advantage that makes it more flexible compared to other sectors and will be the fastest recovering sectors, and it will also contribute to moving the wheel of the economy faster because it is more Sectors to absorb employment at all levels.

Al-Tibi: The family history with real estate development started in Tanta
Al-Tibi spoke about his origins in the city of Tanta, where the family history began with work in the field of real estate development since the 1940s, through a number of architectural buildings that still exist today in the most famous fields of Tanta, which is the largest city in the Delta.

According to Al-Tibi, his father then moved to the Maadi area in Cairo and continued his activity in building and construction in housing projects for foreign communities residing in Egypt, while he was completing his studies to start a new march in the history of the family, but this time in the field of tourism.

Al-Tibi: The tourist renaissance in the 1980s led me to experience
Al-Tibi says: “When I decided to become independent in my career, I started my first activity in the tourism sector, due to the renaissance that Egypt was witnessing in the field of the square during this period, so I established my first company in this field in 1986 and specialized in bringing tourist groups from the outside".

Al-Tibi explained that work in the field of tourism was limited to 3 tourist cities, namely Cairo, Luxor and Aswan, to visit tourist attractions with cities, but expansion in cities such as Hurghada, Sharm el-Sheikh and Marsa Alam contributed to doubling the numbers of tourists who come to Egypt every year, so the last numbers The Central Bank announced that tourism revenues before the Corona crisis amounted to about $ 12 billion, the highest rate in its history.

Al-Tibi: We succeeded in bringing international brands to the Egyptian market while working in retail trade
Al-Tibi mentioned in his speech that he established a company that works in the field of industry and retail in the early nineties.

He explained that one of the subsidiaries currently has about 110 branches working in the field of sportswear trading, which is present in various commercial malls at the republic level and provides job opportunities for large sectors of young people, stressing the company's commitment to preserve its human energy and pay their salaries regularly.

Al-Tibi: The state’s vision for urban expansion pushed us to establish The Land Developers
Al-Tibi said that with President Abdel Fattah El-Sisi’s vision for urban expansion, which he announced from his first day in assuming responsibility for the country, it was necessary to establish a company in accordance with the new data that the Egyptian real estate market witnessed in the recent period, hence the decision to establish his latest company, “The Land Developers”. Which started its activity in the beginning of 2019.

He added that the company’s shareholder structure is made up of 3 companies, which are Al-Tibi Real Estate Investment Company, E-Part Bush Company, and Quality Concrete and Buildings Company. The company is developing the “Armonia” project in the new administrative capital on an area of ​​42 acres and includes 1750 housing units with investments amounting to 3 billion pounds.

He explained that the state decided to create 14 new cities for urban expansion, increase the built-up area, and reduce pressure on crowded populated areas, where there are areas where the population density reaches 500 thousand people within the square kilometer, and the state had to step in to solve this matter.

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