00:00 The idea is that if you say that 50% of the market is outside Egypt, imagine if this 50% became a foreign currency.
00:11 I estimate that it would be worth 10 billion dollars annually, and it would be in the country.
00:21 The solution is that the client will see that the price of the currency is different from the price of the bank.
00:31 So it is normal for him to buy the currency from the bank.
00:35 If I made him a competitor to the price of the currency, I would make him buy a foreign currency,
00:39 so that I would cover the difference and compromise with him with a foreign currency.
00:43 I would guarantee him that if there is an official compromise in the bank, we will change the value of the currency by the difference of the compromise.
00:51 So he would be completely secure.
00:53 So I gave him a special feature, assuming that he would pay me with a foreign currency.
00:58 This is done in the legitimate channels through bank transfers through the legitimate channels to the state.
01:04 In this case, we as developers need to be protected from the state,
01:07 so that we can do this and give this competitor a way to pay the foreign currency.
01:11 I don't know how, but we need to be protected from the state.
01:15 The state will benefit from the fact that there is a foreign currency that is being issued every year.
01:20 This is a very big story, and unfortunately we are not benefiting from it.
01:25 The state can sell with dollars, but the private sector cannot.
01:29 And to make it clear, we are talking about selling outside of Egypt.
01:33 We are not talking about selling inside of Egypt.
01:35 We want to make this model attractive, so that we can ask the client to give us proofs
01:41 that it is being sold outside of Egypt and that the transfer is being made from Egypt,
01:45 as it was happening in the state before.
01:47 Have you discussed this with the state?
01:50 We have discussed the title, and the title is agreed upon.
01:54 The state is looking for a dollar currency, and this is being discussed more than once in more than one meeting.
01:59 But no comprehensive model has been proposed, and this is what we as the Real Estate Council will work on and propose in the coming period.
