Mohamed Mostafa, CEO of Mazaya Real Estate Development Company, revealed during his meeting with journalist Marwa El Haddad, CEO of TBL, in a podcast “TBL”, the extent of the difficulties he faced at the beginning of his private work as a real estate developer who began working in the real estate market a few weeks after the flotation and the influential economic changes that Egypt witnessed at the end of 2016. He also explained some of his personal aspects as a lover and student of ancient Egyptian history He always wanted to link his current work in the real estate sector to his historical studies, stressing that Egypt throughout its history has been interested in construction and building, and history always repeats itself with different methods and technology, but our basic love as Egyptians remains immortality through buildings that have value and an influential role in people’s lives.
Here is the text of the meeting..
In the beginning.. How did you move from history to real estate and what is the connection between them?
I consider myself a link between the two fields. Because I studied history, which has been my passion for a long time, and despite working in a different field, I studied a master’s degree in history after university. I did not have the opportunity to complete it due to the pressure of working in different fields, as I worked at the Ministry of Antiquities for a period in addition to my work in real estate development and marketing activities.
History always opens up different paths for us and all the time we read about people who faced difficulties and how to confront them. I consider that the saying history repeats itself is very correct, so I always like to learn from history and work to constantly link it to reality. Deep down, I feel as if I am in Egypt in the era of the modern state that came after hardships and difficulties and left Imran Khaled until today, and he will not be repeated It may not be a matter of my love for this historical period, but I always feel that our role is to build continuously.
How did you move from a passionate study and work in this field to the real estate sector?
By pure coincidence.. I used to work since I was young with the encouragement and support of my family. After graduation, I moved between a number of jobs before joining the army. I registered for my preparatory master’s degree in the same period. After the army, I moved to work in a real estate company. Although it was a completely new field for me, I became attached to the work and succeeded in it despite the difficulties I faced in the beginning. Despite this, I continued in both fields while trying to balance the requirements of each job, but in the end I had to choose because of the time required The work for each of them is long which I do not have.
The beginning of advantages for real estate development in a difficult economic situation
Engineer Mohamed Allam and I established Mazaya Company at the end of 2016, during a difficult period for all developers on the scene amid high inflation rates, a decision to float the exchange rate that affected the cost of projects, and a state of anticipation for the conditions of the sector. However, each of us was determined to continue despite the difficulty of predicting the coming period and what might happen in it.
Perhaps it is because I used to write my desires in “notebook” and study how to achieve them and strive for this matter, perhaps because I was thinking about the steps for a long time. My subconscious mind helped me transform my desire for my own business “business” into a real thing in a difficult period, even though Engineer Allam and I knew each other several years ago. But our common goal turned into Mazaya Company Each of us complements the other if he has engineering experience, and I have commercial and marketing experience, which helped us work in an integrated manner as a team. Despite the challenges, we were able to overcome a difficult period with our insistence on success and continuity.
Real estate marketing and its relationship to development and success mechanisms
What does the ideal relationship between a marketer and a real estate developer look like?
The ideal relationship involves each party doing their part, but marketing is divided into two parts: an internal part “a team from within our company” and an external part “a marketer ”broker“, and each of them has its own way of dealing. The marketer who works with us must be part of the team and there is understanding and harmony between them. The team as a whole depends on continuous study and training ”not just the marketer because the more you study and gain better experience, the more integrated, good and successful your work will be.
The ideal relationship involves each party doing their part, but marketing is divided into two parts: an internal part “a team from within our company” and an external part “a marketer ”broker“, and each of them has its own way of dealing. The marketer who works with us must be part of the team and there is understanding and harmony between them. The team as a whole depends on continuous study and training ”not just the marketer because the more you study and gain better experience, the more integrated, good and successful your work will be.
As for any broker who deals with developers, and we are one of the developers in the market, he must be knowledgeable about us as a developer and know a lot about our projects and their current and future status so that he can explain them to clients. He must be able to compare developers based on basic points related to the quality of the projects and not the value of the commission or any other reason In order to gain the client’s trust because he is his advisor, and when nominating him for any project, he must explain all its advantages to you and explain it to the client without exaggeration.
If I put myself in the position of a real estate marketer “broker”, I must choose the best developing companies that I deal with, by focusing on the legal and financial conditions of them and their projects, the extent of the previous work and the level of quality of the projects I have already presented, the volume of construction of the project that I am promoting for the benefit of the company, and the extent of the availability of data and transparency in dealing with the developer.
Although some developers blame marketers for exaggerating the features of projects, which creates a crisis with the client later on, as a developer I must choose a good marketer “who understands” and knows the nature of projects well, and often those who exaggerate in describing projects or claim features that do not exist do not complete their path in the market “because their lives are short”.
He also stressed that the ideal real estate marketer must be honest and trustworthy and put the client’s interest above all other considerations. Honesty with the developer and the client enables us to work on a common ground of trust and clarity. We will not tire of dealing with this person together. On the contrary, I will be able to convey all the information to him in a correct manner, and the cooperation between us will be better, clearer and more continuous.
The customer has changed and the market has become different
When the CEO of “Mazaya” was asked about the current Egyptian client and his different vision for the real estate market, he said: The client has indeed become smarter and asks about all the details, but the most important thing is that the market as a whole has changed radically. We had a different situation from 2020 until the beginning of this year. We had speculation on real estate or what can be called quick gains on real estate, contrary to the nature of the activity, which we are accustomed to being a long-term investment But it was an exceptional period and now we are returning to the traditional form of dealing with real estate. Now no one can buy a unit and after a short period of weeks or months sell it with a high “more economical” return because the price movement is now much calmer.
Words from the heart about real estate and people
In professional life, who have influenced you the most?
Many friends and colleagues, but I cannot count their number. Although the journey is still long, I have met various types of people, and each of them taught me something, intentionally or unintentionally.
What is the most difficult moment you have experienced since working in the real estate sector, and what did you learn from it?
My nature is that I love taking risks and find pleasure in challenges. No, all the difficulties I faced may have been faced as an opportunity to learn and know, so I do not claim that there is a specific moment. Although my beginning as a developer was in 2017, and I went through many challenges during the Corona pandemic and others, I feel that the challenge and difficulties in achieving them are a divine gift for me to learn, gain experience, and increase my knowledge and strength I learned that every difficult moment is a prelude to future success. I endure and wait until I find the pleasure of success and fulfillment.
If you weren’t a real estate developer, would you rather work any job?
I was going to work as an antiquities inspector, my academic major, which I still love and am very attached to, and it affected me and my vision of life, as I feel that most of our moments are nothing but a repetition of an important historical event that is repeated in our present in a different way.
Is it possible to accept starting over or from scratch, as they say about any young man in his early days?
I very much accept that I basically used to work since I was young and started from scratch. He added, laughing: The important thing for me is to acquire the habit of waking up early in my new beginning. I believe in my decisions and make them after studying and thinking, so I am at peace with any results that result from them.
If you had the chance to live in the place of a famous historical figure for one day, who would you choose?
Akhenaten.. He was a distinguished personality and sought to change the world. The two most important things in his world at that time were religion and the capital of Egypt. He worked to change both. Perhaps his effort did not succeed in the end, but he tried and resisted the pressure of the priests. He was an example of a man who believes in a goal and seeks to achieve it.
What was the quickest decision you made that had a good outcome?
I am starting my own real estate project, because this step, despite its difficulty at the time, was necessary. If I had the opportunity to return to the time machine, I would have started it a little earlier to work in a calmer period than the one I started because I started in the middle of a crisis that was new at the time to the Egyptian market.
If real estate business was turned into a movie, what would its type be?
Comedy drama.. The real estate market has many features of drama, rapid changes, but it has some nice events that make you happy and can be comedic at times.
What project do you wish to implement, even if it is without profits or small profits?
To contribute to the development and management of an archaeological area because proximity to antiquities is still my passion and I hope that people will find an opportunity to visit archaeological areas in a suitable and good manner and enjoy the visit amidst the availability of all the necessary services to make the time they spend among the antiquities a happy and comfortable memory and they hope to visit them again and again.
Is history inspiring in the work of modern projects and cities?
Of course, and repeatedly, in the past, during the Pharaonic Renaissance of Egypt, the Nile had several branches that disappeared over time, leaving only two branches. However, the state’s interest in agriculture today has made it repeat the experiment and develop new branches that reach the New Delta and other agricultural reclamation areas, so that the Nile returns to having 7 branches as it did in the past, and not just two branches as we have been accustomed to for long periods.
If we wanted to create a real estate project inspired by a period of time in
Egyptian history, what would you choose?
The era of the modern state, because it came after decline and crises, and left behind an unprecedented architectural heritage that humanity bears witness to in beauty and greatness despite the passage of thousands of years since its establishment.
If you decided to name a real estate project with a historical name, what would you choose?
Alexander, builder of cities and empires.
What principle do you follow in life and adhere to all the time?
A principle at work is to always develop an alternative plan “PLAN B”. Although I am by nature a fateful person, at work I am keen to develop more than one plan to face different possibilities, especially when I became responsible for others at work. You are now a train that must constantly run from one station to another. Your stop does not only delay you, but others are with you Of course, there are compelling circumstances that may disrupt us for no reason, despite the existence of a backup plan, but then I will have worked hard enough and cannot bear for the work process to stop because I was lazy to develop more than one plan.
Do you remember your first salary and what you spent it?
I used to work when I was young, but I can’t forget my first salary after graduation because it was stolen from me on the way home and I went home but couldn’t find it. It was a big shock to me, and until now I remember it as a joke from time to time.
Who would you respond to if they contacted you at any time?
Unfortunately, I have a problem answering the phone, even if it is for work purposes. I feel that the phone and the call are not desirable for me, even if it is in my hand. I prefer direct conversations and shortening the necessary calls for the shortest possible time.
If you had a billboard in the heart of Tahrir Square, what would you write on it?
Perhaps an announcement about a project for benefits, then he continued laughing: I will call on people to strive constantly even if the result is delayed “Do what you have to do and livelihood and goodness will come to you”, perhaps I will also write on it a request to everyone who works to work hard to increase the volume of his production, Egypt needs us to strive to produce more. And better than what we are doing now to get the position it deserves with the effort of its people.
What is the most expensive thing you have ever gotten without paying money for it?
I learned order. It is truly a gift from God and part of it goes back to many people I worked with and who taught me. Order and precision are two things that multiply everything in your life. A few hours of work with order produces many times more than those who work without order for longer periods. Order, precision and mastery give you a great blessing in your time and effort.
Back to real estate.. What has changed in the market over the last 5 years?
Almost everything, the type of projects, prices, the form and size of financing, the value of the currency, methods of calculating interest, the real estate sector’s share of the economy and the GDP, the type and form of laws affecting the sector, and although all these variables are a challenge to deal with differently, these changes may be a prelude and preparation for a new boom witnessed by the sector that is most attractive for local and foreign investment in the coming period.
What do you wish for Mazaya 10 years from now?
I hope that we will continue to work well, that its contribution to the national economy will increase with successful and distinguished projects, that it will leave a mark, reputation and credibility on the ground, and that its steps will expand strongly and thoughtfully to obtain a greater share in the Egyptian real estate market.
