Building code violations are costing the state bns as a result of the lack of proper local administration, says Adel El Zanaty. Violations should only be settled once a team of engineers ensure that the building in question is structurally stable and safe, and real estate taxes should only be imposed on the owners of these buildings rather than their inhabitants, he says. El Zanaty stresses the importance of having firm local governance through the passing of the Local Administration Act in order to begin resolving these issues.
More from Enterprise
Banque du Caire’s blockbuster IPO holds firm against EGX selloff
The IFC and the EBRD are in for USD 100…
Can AI promise Egypt’s lenders more borrowers and fewer bad loans?
Banks are cautious about letting AI judge a borrower. Local…
Egypt’s funds crossed EGP 500 bn in 3Q on retail money and a stalling core
Money market funds stalled while retail piled into equity, index,…
DPI closes Egypt-born fintech fund Nclude at USD 112 mn
The final close adds roughly USD 7 mn to a…