What do you believe is the single most important factor driving up the cost of living in Nigeria?

Businessman Naguib Sawiris, Chairperson of Ora Developers Egypt, announced that his company delivered the first phase of the ZED Sheikh Zayed project without making any profits.

He said: “We made zero profit,” attributing this to the rising inflation rates and the depreciation of the local currency.

Speaking at a press conference on Sunday, Sawiris pointed out that the increase in bank interest rates to 30% poses a major obstacle to achieving profits.

He also cited it as one of the main reasons for the rising property prices in Egypt, emphasizing that these high rates negatively affect developers’ ability to deliver projects on time as promised to customers.

He further explained that the prices of construction materials, especially steel and cement, have significantly increased over recent years, adding pressure on real estate developers who are committed to delivering units on time, despite incurring heavy losses.

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