Real Estate – Daily News Egypt https://dailynewsegypt.com Egypt’s Only Daily Independent Newspaper In English Tue, 19 Mar 2019 07:00:54 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.1 Housing Ministry surpasses real estate developers in sales of new cities https://dailynewsegypt.com/2019/03/19/housing-ministry-surpasses-real-estate-developers-in-sales-of-new-cities/ https://dailynewsegypt.com/2019/03/19/housing-ministry-surpasses-real-estate-developers-in-sales-of-new-cities/#respond Tue, 19 Mar 2019 07:00:54 +0000 https://www.dailynewsegypt.com/?p=693234 No competition exists between state, developers in new cities, says NUCA assistant housing minister

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The Ministry of Housing, through the New Urban Communities Authority (NUCA), has achieved significant sales in the cities of New Mansoura and New Alamein, in contrast to the expectations of real estate developers regarding the deceleration in sales of the real estate market during the current year.

The ministry announced in early March that 536 distinguished housing units were electronically booked in New Alamein in just 26 minutes. This is a great indicator of the popularity of the ministry of housing, which is almost the sole developer in the New Alamein city.

The substantial sales are not merely for the New Alamein city, but the ministry has also achieved sales which exceeded EGP 1.5bn in the Zahya project in New Mansoura in just three days, contrary to what was expected by City Edge Developments, the marketer and the project manager on behalf of the NUCA.

Additionally, in late February, Amr El-Kady, the CEO of City Edge Developments, elaborated that the company has achieved EGP 8.5bn in sales of New Alamein by the end of 2018, and has achieved EGP 500m in sales in the city in the first two months of the current year.

Moreover, the company achieved EGP 1.5bn in sales in New Mansoura in 2018, and EGP 600m in the first two months of 2019, according to El-Kady.

Some developers believe that this represents a significant competition for them, and not in favour of developers, but rather in favour of the ministry, which may affect their sales in the coming period.

Chief Projects Officer at Capital Group Properties, Amgad Hassanein, said that the government’s offers of luxury or distinguished housing projects are not its role, but rather the role of private sector companies.

Hassanein added that the continuation of the state in offering luxury housing may lead to problems in the real estate market, which may lead to the reluctance of some companies to exist in some areas where the ministry strongly competes.

For his part, Alaa Fekri, chairperson of Beta Egypt for Urban Development, said that this competition is unbalanced, especially after increasing the implementation cost by about 80%, in addition, developers incur the payment of the value of land purchased from the state.

Fekri explained that the companies’ advertising expenses are rather extensive and therefore companies are working under financial pressure, and at the same time are required to pay the instalments of the land’s value, so it is strongly seeking to accelerate marketing rates.

He elaborated that real estate companies currently face major challenges because they are competing for the same housing category, as well as facing intense competition from the ministry of housing.

Meanwhile, Ayman Sami, the JLL country head-Egypt, believes that the state had to first start by entering these new markets such as New Mansoura and New Alamein in order to reassure investors wishing to operate in these new cities–expecting that there will be a great presence by developers in those cities in the coming period.

Furthermore, Waleed Abbas, the assistant housing minister of the NUCA, said that there is no competition between the state and developers in new cities, especially New Alamein and New Mansoura, proving that the NUCA has offered four plots of land to investors in these two cities in November.

Abbas denied that the state is the only investor or the winning competitor in those cities.

He explained that competition exists if the ministry is offering the same features in projects provided by the investors, noting that develops must distinguish their products in order to be more attractive to the client than what the ministry offers.

He also pointed out that the ministry’s prices are not competitive but are rather market prices as the ministry calculated the cost and profit margins much like developers, in the case of units offering in any of the new urban communities.

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Real estate sector to prosper by 2020 following inauguration of 14 new cities https://dailynewsegypt.com/2019/03/18/real-estate-sector-to-prosper-by-2020-following-inauguration-of-14-new-cities/ https://dailynewsegypt.com/2019/03/18/real-estate-sector-to-prosper-by-2020-following-inauguration-of-14-new-cities/#respond Mon, 18 Mar 2019 21:36:13 +0000 https://www.dailynewsegypt.com/?p=693355 Country suffering from gap between offered, required social housing units due to high population growth

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The real estate sector will prosper by 2020 following the implementation of 14 new cities in Egypt which are worth about EGP 388bn, the Minister of Housing, Utilities and Urban Communities, Assem El-Gazzar, said on Monday at the fifth real estate summit that was organised by the American Chamber of Commerce in Egypt (AmCham Egypt), entitled ‘Scaling up: Egypt’s Real Estate Industry.’

“Is it better to spend on new urban communities now because most Egyptian cities are old and cannot supply the needs of its citizens in the future? Some experts say that spending on education and health is better, but we are very late in building new cities,” he noted.

Currently, the country is suffering from a gap between the offered and required social housing units because of the high population growth, he added, noting that Egyptians live on about 6% of their land area.

The land area we live on is not enough to build the necessary businesses for the economy, he mentioned, asserting that all the ministry’s plans are being implemented in line with the country’s master plan until 2052.

“We will exert considerable effort to expand in the country’s land area which has a developmental potential,” he noted, praising the government’s road network project which links all the new destinations together.

Furthermore, the minister affirmed that his government believes in the role of the private sector in supporting the economy, pointing out that the New Administrative Capital is a prototype for new smart cities which the country plans to implement.

“The New Capital is a commercial name, it is a New Administrative Centre,” he said, adding that the ministry offered 350,000 social housing units over the past two years.

“We will offer about 700,000 units in 2020 which is a huge number of social housing units, and we still have a gap because of the population growth,” he explained, stressing that the ministry is not responsible for offering the units as it is the role of the private sector.

He also said that he will meet representatives of the World Bank Group next week to discuss how to engage the private sector in the social housing projects.

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Wadi Degla to invest EGP 5.3bn in construction projects in FY 2020 https://dailynewsegypt.com/2019/03/18/wadi-degla-to-invest-egp-5-3bn-in-construction-projects-in-fy-2020/ https://dailynewsegypt.com/2019/03/18/wadi-degla-to-invest-egp-5-3bn-in-construction-projects-in-fy-2020/#respond Mon, 18 Mar 2019 18:03:27 +0000 https://www.dailynewsegypt.com/?p=693282 Wadi Degla Holding will invest EGP 5.3bn in construction projects in the fiscal year (FY) 2019/20, Invest-Gate cited the Chairperson and CEO of Wadi Degla, Maged Helmy. During a roundtable discussion, Helmy announced 2019 as the Year of Accomplishments and Deliveries since Wadi Degla will deliver around 2,200 units in seven residential and touristic projects, in …

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Wadi Degla Holding will invest EGP 5.3bn in construction projects in the fiscal year (FY) 2019/20, Invest-Gate cited the Chairperson and CEO of Wadi Degla, Maged Helmy.

During a roundtable discussion, Helmy announced 2019 as the Year of Accomplishments and Deliveries since Wadi Degla will deliver around 2,200 units in seven residential and touristic projects, in addition to speeding up the implementation rates in one of the company’s biggest projects, Neopolis compound in El Mostakbal City.

Helmy noted that around 1,790 units are expected to be delivered at Neopolis by 2020, with the construction work doubled during the first three months of 2019, compared to 2018.

He stressed that Wadi Degla aims to achieve a feat in the construction sector through its residential and touristic projects, as the company’s projected construction spending in 2019 and 2020 was estimated at EGP 5.3bn. 

Moreover, the conformity assessment for 22 buildings in the Promenade Residence – around half of the project – has been completed, while the conformity of the rest of the project will be assessed within a month, with the project’s entire delivery to be completed in 2019, Helmy said.

The project was built on an area of 233,000 sqm and includes 960 housing units, with the first phase’s total investments amounting to EGP 745m. 

He also revealed that the first phase of the Blumar El-Sokhna project has been entirely completed, and the company sent 600 delivery letters to clients, with earlier units already delivered in 2018, while the rest will be delivered in 2019. 

The project was built on an area of around 1.1m sqm and includes 3,000 units with total investments of EGP 2.8bn.

For Neopolis, Helmy said it is one of the company’s biggest projects, built on 545 feddan and consisting of 15,000 residential units ranging between apartments and duplexes, with an investment value of EGP 20bn. 

As to the company’s touristic projects, Wadi Degla will start delivering 300 units in 2019 in its Murano Ain El-Sokhna project, which is considered half of the first phase’s units. The project extends over 470,000 sqm and comprises of around 2,000 units, in addition to a hotel, with total investments valued at EGP 1.8bn, he elaborated.

“Wadi Degla will also start delivering the units of Promenade New Cairo project, located in the heart of New Cairo, in December 2020. It contains 1,000 residential units built on an area of 140,000 sqm, with investments worth EGP 1.350bn,” Helmy noted.

“Blumar Hills Sokhna, overlooking the Galala Mountain, was built on an area of over 45,000 sqm. The project will be delivered during the second half of 2019. It includes 190 residential units,” Helmy concluded.

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Private firms, government agree to issue real estate sector regulatory law https://dailynewsegypt.com/2019/03/18/private-firms-government-agree-to-issue-real-estate-sector-regulatory-law/ https://dailynewsegypt.com/2019/03/18/private-firms-government-agree-to-issue-real-estate-sector-regulatory-law/#respond Mon, 18 Mar 2019 17:43:32 +0000 https://www.dailynewsegypt.com/?p=693281 May Abdel Hamid, the CEO of the Social Housing Mortgage Finance Subsidy Fund, agreed with representatives of real estate companies on the importance of issuing a new law which will regulate the real estate sector during her speech at the fifth real estate summit which was organised by the American Chamber of Commerce in Egypt …

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May Abdel Hamid, the CEO of the Social Housing Mortgage Finance Subsidy Fund, agreed with representatives of real estate companies on the importance of issuing a new law which will regulate the real estate sector during her speech at the fifth real estate summit which was organised by the American Chamber of Commerce in Egypt on Monday, entitled ‘Scaling up: Egypt’s Real Estate Industry.’

“We have worked on many draft laws over the past period. It is important to regulate developers’ activities, as we have to protect this field,” she added, noting that some developers offer a 0% down payment interest rate which is unexpected.

Some consumers buy units as storage spaces for their valuables which is highly risky, she mentioned, noting, “if we aim to export the real estate sector, we have to develop our own law that protects consumers, as well as companies.”

Moreover, she added that the market has to promote the real estate sector’s exportation during participations in global exhibitions.

Managing Director and board member of Tatweer Misr, Ahmed Shalaby, affirmed the importance of the proposed new law, adding, “We are in a bad need for a new regulation, with the collaboration of all stakeholders, in order to discuss its main pillars.”

The government has to play the initial role in developing the new cities through facilitating the services and the main infrastructure, he said, adding “The government has to support the private sector and encourage them to invest in the new cities.”

Mohamed El-Akad, member of the parliament’s housing committee, also affirmed the importance of exporting the real estate sector, noting that issuing a law allowing foreigners to own units on some conditions will support that plan, and will offer the country new foreign resources from the hard currency, which will support the economy. 

Turkey set a plan in 2009 to promote the exports of the real estate sector, and now it remarkably developed the sector, stated Hesham Shoukri, the chairperson of Rooya Group, while calling on authorities to increase their exerted efforts in order to promote the sector’s long-term plans for exports.

   

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Opening of GEM will increase real estate demand, sales in west Cairo: SODIC  https://dailynewsegypt.com/2019/03/18/opening-of-gem-will-increase-real-estate-demand-sales-in-west-cairo-sodic/ https://dailynewsegypt.com/2019/03/18/opening-of-gem-will-increase-real-estate-demand-sales-in-west-cairo-sodic/#respond Mon, 18 Mar 2019 17:15:03 +0000 https://www.dailynewsegypt.com/?p=693268 Government exerts substantial efforts to internationally promote Egypt’s real estate sector

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The west side of Cairo is expected to witness an increase in the real estate demand and sales in 2020 following the opening of the Grand Egyptian Museum )GEM), Managing Director of the Sixth of October for Development and Investment Company (SODIC), Magued Sherif, said during his speech at the fifth real estate summit which was organised by the American Chamber of Commerce in Egypt (AmCham Egypt) on Monday, entitled ‘Scaling up: Egypt’s Real Estate Industry.’

The presence of Cairo Airport in the east side of Cairo, as well as many businesses there, has encouraged more activities and sales, he noted, adding that the government has increased its engagement in the sector over the last couple of years.

The real estate sector is a vital sector of the economy, he affirmed, noting that the government exerts substantial effort to position Egypt’s real estate sector on the international map.

In emerging markets such as in India, China, and the UAE, the average contribution of the real estate sector to the GDP is about 6%, or 6.5%, while in the US it is about 7% to the GDP, Sherif stated.

Furthermore, SODIC’s managing director declared that real estate companies listing in the Egyptian Exchange represents a good opportunity for the companies to develop themselves and deposit new investments.

Infrastructure projects are essential for the country and are aligned with the country’s economic reform programme in order to achieve sustainable growth. However, the devaluation of the Egyptian pound was a significant challenge for the sector, he acknowledged.

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Think Commercial’s roundtable discuss future of non-residential real estate projects https://dailynewsegypt.com/2019/03/17/think-commercials-roundtable-discuss-future-of-non-residential-real-estate-projects/ https://dailynewsegypt.com/2019/03/17/think-commercials-roundtable-discuss-future-of-non-residential-real-estate-projects/#respond Sun, 17 Mar 2019 19:27:49 +0000 https://www.dailynewsegypt.com/?p=693221 The first roundtable in Egypt on non-residential real estate projects, including commercial, medical, and administrative, on 20 March, titled ‘Think Commercial’ at the Nile Ritz Carlton hotel, under the sponsorship of the Minister of Housing and Urban Communities, Assem El Gazzar. The roundtable discussion will be attended by the Deputy Minister of Housing for National …

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The first roundtable in Egypt on non-residential real estate projects, including commercial, medical, and administrative, on 20 March, titled ‘Think Commercial’ at the Nile Ritz Carlton hotel, under the sponsorship of the Minister of Housing and Urban Communities, Assem El Gazzar.

The roundtable discussion will be attended by the Deputy Minister of Housing for National Projects, Khaled Abbas, and several developers specialised in this field.

The discussion is organised by Media Avenue will be seeing the presence of major non-residential real estate developer companies, real estate investment, and funding experts, government officials, and parliament members.

The discussions will be addressing the mechanisms of organising and developing non-residential real estate projects in Egypt, as well as the universal standards for the land areas of these projects, in addition to the technical conditions for the success of retail, medical, and administrative projects.

Specialists and investors will be reviewing the reality of non-residential real estate as well as the challenges developers are currently facing, in addition to the changes that have occurred to the company policies.

Think Commercial aims to shed the light on the developmental side and encourage investment which non-residential sectors contribute toward creating more projects that achieve revenues.

Speakers will also be discussing activating the law organising the process of opening commercial and administrative activities in residential real estate buildings, and the criteria by which the success of the project will be measured, in addition to the variety in the target clients’ segment for each project, based on the studies held before implementation.

The sessions will be discussing the demand and supply in the commercial buildings sector, as well as the advantages of dealing with the concept of these buildings and the basics of pricing, in addition to an individual’s share of commercial areas across the country compared to surrounding countries. The meeting will also be discussing the pricing process of malls after applying the value-added tax on their contracts. 

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Minister of Housing to present government’s real estate, construction strategy at Builders of Egypt Forum in April https://dailynewsegypt.com/2019/03/15/minister-of-housing-to-present-governments-real-estate-construction-strategy-at-builders-of-egypt-forum-in-april/ https://dailynewsegypt.com/2019/03/15/minister-of-housing-to-present-governments-real-estate-construction-strategy-at-builders-of-egypt-forum-in-april/#respond Fri, 15 Mar 2019 11:08:04 +0000 https://www.dailynewsegypt.com/?p=692943 The Minister of Housing, Utilities and Urban Communities, Assem El Gazzar, will participate in the fifth edition of the Builders of Egypt Forum on 21 April, under the title ‘Exporting the Egyptian Contracting and Real Estate: A New Future for Investment’. The minister will present the state’s plan to export real estate property, and promote …

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The Minister of Housing, Utilities and Urban Communities, Assem El Gazzar, will participate in the fifth edition of the Builders of Egypt Forum on 21 April, under the title ‘Exporting the Egyptian Contracting and Real Estate: A New Future for Investment’. The minister will present the state’s plan to export real estate property, and promote the construction sector abroad in light of the current urban development process.

Furthermore, El Gazzar will participate in the main session of the forum, alongside a group of ministers in order to discuss the mechanisms of integration between the African and Arab countries in the construction sector, as there is a great need for these countries to develop their infrastructures in different sectors.

The minister is also expected to participate in an extensive community dialogue with the participants in the forum to identify their needs to develop a property and contracting export plan, with the aim of having a unified plan to ensure the implementation of an efficient strategy export strategy in the best possible way.

The forum’s sessions will handle several new issues and topics related to marketing the real estate sector and the integration of the ICT system in the marketing operations, tackling technological developments in the construction process, and opening new markets to Egypt’s real estate property, in addition to reviving the purchasing and selling process.

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Land Developers launches Armonia project in NAC with total Investment of EGP 3bn https://dailynewsegypt.com/2019/03/13/land-developers-launches-armonia-project-in-nac-with-total-investment-of-egp-3bn/ https://dailynewsegypt.com/2019/03/13/land-developers-launches-armonia-project-in-nac-with-total-investment-of-egp-3bn/#respond Wed, 13 Mar 2019 19:08:52 +0000 https://www.dailynewsegypt.com/?p=692903 The Land Developers (TLD), a privately-owned corporate company specialising in investment, development and management of upscale residential and commercial real estate projects, made its debut in the Egyptian market by introducing its latest project, Armonia, in the New Administrative Capital (NAC).   This is the first project announcement for the joint stock company that gathers …

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The Land Developers (TLD), a privately-owned corporate company specialising in investment, development and management of upscale residential and commercial real estate projects, made its debut in the Egyptian market by introducing its latest project, Armonia, in the New Administrative Capital (NAC).

 

This is the first project announcement for the joint stock company that gathers shareholders of El Tayebi Developments with 40%, Bosch A-Part with another 40%, and the Steel and Concrete Company with 20%, who are investing a total of EGP 3bn in the development of the Armonia project.

During a press conference held on Wednesday, Chairperson Ahmed El Tayebi said that the project investment amounts to EGP 3bn and targets EGP 6bn in sales.

El Tayebi added that obtaining the ministerial approval for the project implementation is underway, and expects to acquire it in the coming few days. He noted that the company has paid 20% of the project’s land cost.

The project, developed on 41 feddan with seven-floors buildings for a total of 1,750 apartment units, will also offer a variety of facilities and entertainment services all complimenting the idea of life within a park by maintaining more than 80% green spaces, said El Tayebi.

He pointed out that the company targets achieving EGP 1bn in sales of the project in 2019, adding that the project will be launched for sale and marketing in April.

 

“El Tayebi Developments is already a well-established name operating since 2006 with completed high-end projects in the finest districts of Maadi to New Cairo, West Golf, and Alexandria. El Tayebi’s strong portfolio of boutique developments which started out catering mostly to an expat clientele with specifically tailored foreign standards has added to their industry expertise with a unique approach of implementation very distinctive to the market,” he stressed.

El Tayebi’s first development project came in 1989 when he built and operated two Nile cruises in Upper Egypt.

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Mountain View to launch ready-to-occupy units expecting EGP 1.5bn sales https://dailynewsegypt.com/2019/03/13/mountain-view-to-launch-ready-to-occupy-units-expecting-egp-1-5bn-sales/ https://dailynewsegypt.com/2019/03/13/mountain-view-to-launch-ready-to-occupy-units-expecting-egp-1-5bn-sales/#respond Wed, 13 Mar 2019 07:30:50 +0000 https://www.dailynewsegypt.com/?p=692792 Mountain View plans to launch ready-to-occupy units in its existing projects in 2019 with expected sales of EGP 1.5bn, according to Amr Soliman, the company’s chairperson. During a press conference held Tuesday, Soliman said that his company is keen on keeping 20% of the total of every project’s units to be offered later at higher …

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Mountain View plans to launch ready-to-occupy units in its existing projects in 2019 with expected sales of EGP 1.5bn, according to Amr Soliman, the company’s chairperson.

During a press conference held Tuesday, Soliman said that his company is keen on keeping 20% of the total of every project’s units to be offered later at higher prices according to the market prices.

Soliman added that the company targets EGP 5bn in total sales of its projects during 2019.

Additionally, he announced a new seven-year instalment methods for ready-to-occupy units, which proves the company’s readiness to deliver property supplied with all services and utilities.

The company has delivered more than 4,800 units and has succeeded in developing 13 projects in four areas: New Cairo, 6th of October, the North Coast, and Ain Sokhna.

He also stressed that initiating such payment methods would contribute to encouraging investment in Egyptian real estate amid the increasing demand for real estate purchase.

Furthermore, he expected real estate prices will hike by 15-20% akin to price increases in 2018.

“The company also plans to deliver more units in the first two quarters of the current year,” he disclosed, adding, “We also plan to deliver units in Chillout Park in 2019.”

According to Soliman, the company’s land bank of 13 projects on a total area of 1,500 feddan are under development, divided equally in New Cairo, 6th of October City, and the North Coast.

In addition, he stressed that 5.7% of the Egyptian citizens are foreigners, which creates an extraordinary opportunity for developers to export their properties abroad.

He also called for the need to classify real estate developers during the coming period to support the market and maintain its continuation.

Moreover, he pointed out that last year saw a 35% increase in sales volume, underlining that the Egyptian property sector does not have a real estate bubble, but there is a strong competition between real estate companies.

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Castle Development invests EGP 800m in East Side at NAC  https://dailynewsegypt.com/2019/03/11/castle-development-invests-egp-800m-in-east-side-at-nac/ https://dailynewsegypt.com/2019/03/11/castle-development-invests-egp-800m-in-east-side-at-nac/#respond Mon, 11 Mar 2019 16:20:22 +0000 https://www.dailynewsegypt.com/?p=692625 Project offers medical, office retail spaces spread over 7,600 sqm, will be delivered by 2021

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Castle Development, a real estate company which focuses on developing high-value residential, commercial, and administrative projects in Egypt as well as the Gulf area, presented East Side, its latest addition to the market. A mixed-use development, East Side offers medical, retail, and administrative spaces covering 7,600 square metres (sqm) of land in the New Administrative Capital’s (NAC) MU23 zone. 

The project’s built-up area of 20,000 sqm, the development sees EGP 800m investment and will be delivered by 2021.

The East Side project is developed between clusters of residential compounds residing in the area’s R2 and R3 zones, which are projected to host 300,000 residents, and within less than 1km from the Capital’s Central Business District and the towers zone developed by CSCEC. 

During a press conference held on Monday, Ahmed Mansour, the CEO of Castle Development, said that his company targets achieving EGP 1.2bn in sales of the project.

Mansour went on to say, according to research, that an integral element in the decision-making process lies in convenient access to transportation, where over 40% of buyers choose property based on the latter.

Furthermore, Mansour noted that the comprehensive project features a 7,500 sqm in retail area set to accommodate banks, pharmacies, an assortment of F&B options with sizes ranging 230 sqm and 53 sqm. Moreover, East Side enjoys a 4,000 sqm in outdoor area, and offers a total of 800 underground parking slots.

“In parallel to the launch of East Side, construction at Castle Development’s project, Castle Landmark, is progressing according to the set schedule. This month also sees the launch of the project’s second phase, which is set for delivery by 2022. With an investment of 550bn, this phase will cover 70,000 sqm, and is expected to offer 378 units with sizes ranging between 120 sqm and 285 sqm,” he elaborated.

The NAC is projected to house 7,000,000 residents accentuating the need to supply the demand for office, medical, and retail spaces, which has been growing exponentially over the past decade. 

Designed and landscaped by the renowned Hany Saad Innovations, East Side exhibits minimalistic, and modern concepts in planning. The project’s master-plan employs an approach called Biophilic Architecture, which is mainly concerned with incorporating elements from nature into every aspect of the layout. 

For his part, Hany Saad, the CEO of Hany Saad Innovations, explained that the project enjoys a 50% dependence on solar energy. East Side is set to reach seven floors, and it comprises of three interconnected complexes offering fully finished multi-disciplinary clinics and office spaces spreading over 5,000 sqm and 7,500 sqm, respectively with sizes ranging between 52 sqm and 91 sqm. 

 

Mansour highlighted the company’s commitment to constructive partnerships, and how it has been stamped on Castle Development’s brand name. The most recent collaboration has seen Dorra Group acting as a consultant responsible for Castle Landmark’s marketing, sales, delivery, operation, and property management.

“Our role is not only about making sure both parties reach their business objectives, but more importantly, we employ our line of services to cultivate a sustainable relationship with customers and maintain the level of quality they expect from us, as well as Castle Development,” said Ahmed Badr El Din, director of Business Development and Communication at Dorra Group.

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Pyramids Developments to launch two tourism projects in North Coast, New Alamein during H2 of 2019 https://dailynewsegypt.com/2019/03/11/pyramids-developments-to-launch-two-tourism-projects-in-north-coast-new-alamein-during-h2-of-2019/ https://dailynewsegypt.com/2019/03/11/pyramids-developments-to-launch-two-tourism-projects-in-north-coast-new-alamein-during-h2-of-2019/#respond Mon, 11 Mar 2019 12:00:31 +0000 https://www.dailynewsegypt.com/?p=692541 Pyramids Developments plans to launch two tourism projects in both the North Coast and New Alamein in the second half (H2) of 2019, according to Tayeb Mohamed Tayeb, the vice chairperson of the company. Tayeb said that the company plans to launch a series of investment projects for the company in real estate, tourism and …

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Pyramids Developments plans to launch two tourism projects in both the North Coast and New Alamein in the second half (H2) of 2019, according to Tayeb Mohamed Tayeb, the vice chairperson of the company.

Tayeb said that the company plans to launch a series of investment projects for the company in real estate, tourism and hotel, educational, cultural and industrial sectors in the Egyptian market that will be announced this week.

He revealed that the company also plans to establish service apartments project in the Fifth Settlement, New Cairo, and establish an international school at the New Administrative Capital (NAC).

Moreover, the company is studying the implementation of a giant industrial project in 10th of Ramadan City, he disclosed, pointing out that the cultural project will be announced to be the first of its kind in the NAC.

“The company’s interest to launch projects in various sectors, whether real estate, industrial or commercial, is a natural result of the improvement of the investment climate in Egypt. Additionally, it is evidence that the market has enjoyed many promising opportunities in light of the political and security stability in Egypt recently, which motivates any investor to pump more investments,” he noted. “Moreover, our expansion plan was within the company’s objectives before operating in the Egyptian market.”

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Tameer achieves 64% growth in sales, profits in 2018 https://dailynewsegypt.com/2019/03/11/tameer-achieves-64-growth-in-sales-profits-in-2018/ https://dailynewsegypt.com/2019/03/11/tameer-achieves-64-growth-in-sales-profits-in-2018/#respond Mon, 11 Mar 2019 11:30:15 +0000 https://www.dailynewsegypt.com/?p=692533 Tameer Engineering Consultants has achieved a growth rate of 64% in its sales and profits for 2018, totalling EGP 742m, compared to EGP 453m in 2017, according to its Chairperson, Saad Al Wazzan. The company said in press statement on Thursday that it has achieved a consolidated profit of EGP 331m before cutting a minority …

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Tameer Engineering Consultants has achieved a growth rate of 64% in its sales and profits for 2018, totalling EGP 742m, compared to EGP 453m in 2017, according to its Chairperson, Saad Al Wazzan.

The company said in press statement on Thursday that it has achieved a consolidated profit of EGP 331m before cutting a minority share, compared to EGP 201m in 2017.

The company’s total assets reached approximately EGP 1.1bn in 2018, compared to EGP 726.5m in 2017.

Al Wazzan attributed the growth to the success of the company’s marketing strategy and the finance structure of its projects.

Additionally, he added that the significant growth in the company’s consolidated sales and profits since 2016 is a direct result of the plan set by the board of directors to develop the company’s performance in line with the requirements of the contemporary Egyptian market.

For his part, Antoine El Khoury, the managing director at Tameer, said that the company has set ambitious targets for 2019, including the launch of marketing and implementation of the second phase of the Diyar 2 project with a total target sales of EGP 1bn and total additional investments worth EGP 600m.

Furthermore, El Khoury added that the company targets completing sales of the first phase’s units in 2019, as well as delivering the Azad project in New Cairo by the end of 2019, in addition to selling the entire residential units in the project with a total sales value of approximately EGP 1.7bn.

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Arkan launches Jessy Hills in Sixth of October with EGP 250m investments https://dailynewsegypt.com/2019/03/11/arkan-launches-jessy-hills-in-sixth-of-october-with-egp-250m-investments/ https://dailynewsegypt.com/2019/03/11/arkan-launches-jessy-hills-in-sixth-of-october-with-egp-250m-investments/#respond Mon, 11 Mar 2019 11:00:07 +0000 https://www.dailynewsegypt.com/?p=692535 Company preparing to implement 10 schools with EGP 2bn investments

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Arkan for Construction and Real Estate intends to implement a variety of residential and educational projects during the current year under the initiative of Ebneha (build it), which was launched in 2017 to provide housing units at half the cost.

During a press conference held on Saturday, the Chairperson of Arkan, Emad Essa, said that the company will launch the Jessy Hills project in the Sixth of October city with a total of 220 units, with an estimated investment of EGP 250m in the current year.

Essa added that Jessy Hills’ unit’s sizes range between 150 to 250 sqm, revealing that the company will deliver the first phase of the project within two years.

Additionally, he disclosed that the company will also implement 10 separate projects in Sixth of October, Sheikh Zayed, and New Cairo cities with a total of 100 housing units and investments of EGP 70m.

The company’s chairperson pointed out that Arkan aims to include an educational field to the initiative, where it signed a cooperation protocol with a Canadian group to manage 10 schools that will be implemented through a stock system over a period of five to seven years with a total investment estimated at EGP 2bn.

He disclosed that his company had implemented 20 separate projects so far under the Ebneha (build it) initiative with a total of 200 housing units and investment worth EGP 185m, pointing out that the initiative provided these units at prices that are about 40% less than the market price.

Essa praised the spread of initiatives that help to provide housing units at low prices than the high market prices since the liberalisation of the Egyptian pound exchange rate, stressing the need for these initiatives to be controlled and supported by the state through providing land at low prices.

Furthermore, he called on the state to tighten the supervision on the prices of building materials and activate the role of regulatory bodies and consumer protection systems to face the drop in prices, and the market manipulation.

Egypt’s real estate market is in a state of stagnation due to the large supply of housing units as well as the government’s entry as a developer besides the private sector, Essa elaborated.

He expected that Egypt’s real estate market will improve during the current year.

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Aristo signs exclusive agency contract to market its real estate projects in Egypt https://dailynewsegypt.com/2019/03/11/aristo-signs-exclusive-agency-contract-to-market-its-real-estate-projects-in-egypt/ https://dailynewsegypt.com/2019/03/11/aristo-signs-exclusive-agency-contract-to-market-its-real-estate-projects-in-egypt/#respond Mon, 11 Mar 2019 10:30:41 +0000 https://www.dailynewsegypt.com/?p=692511 Company handed over 265 projects with investments over $6bn

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Cyprus’ real estate company, Aristo Developers, has signed an exclusive contract with Egyptian company ‘Invest In’ to market its real estate projects in the Egyptian market and the Middle East region.

Aristo has been operating in the real estate market for 38 years and has delivered infrastructure throughout Cyprus and Greece for over three decades, and has also handed over 265 projects with 1,500 agents around the world with investments of over $6bn.

During a press conference held on Saturday, the company announced that the agency’s contract includes the agent company that will launch apartments, villas, and palaces for Egyptians in Paphos and Limassol areas in Cyprus, which includes comprehensive benefits such as secured investments, as well as a great opportunity to obtain the Cypriot citizenship and residence, which is a real gateway to Europe, moreover, obtaining the benefits of a European citizen such as education and launching business.

Regional Manager of Aristo, Essam Nasser, said that Egypt’s relations with Cyprus have developed as a result of the economic agreements between the two countries, therefore, Aristo targets further involvement in the local market to achieve greater cooperation through intensifying the company’s presence in the Egyptian market.

Moreover, Nasser revealed that the company is considering the implementation of real estate projects in the Egyptian market in order to benefit from the volume of comprehensive development that is taking place in Egypt as well as benefit from the depth of relations with Egypt.

He added that Aristo is expanding its offices in the Arab region and Gulf countries as the company has achieved big successes in these countries during the past period.

Aristo currently owns more than 34 projects in Cyprus in different projects at affordable prices targeting all segments of the society.

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Hotels, administrative, residential projects most active in current year: JLL https://dailynewsegypt.com/2019/03/11/hotels-administrative-residential-projects-most-active-in-current-year-jll/ https://dailynewsegypt.com/2019/03/11/hotels-administrative-residential-projects-most-active-in-current-year-jll/#respond Mon, 11 Mar 2019 10:07:33 +0000 https://www.dailynewsegypt.com/?p=692514 Real estate prices expected to hike between 5%-10%, says Ayman Sami

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The most active sectors in the real estate market during the current year will be hotels, administrative, and residential projects, as 43,000 residential units will be launched and delivered in the coming year, compared to 18,000 in 2019, Ayman Sami, the JLL country head-Egypt told Daily News Egypt.

Sami said that the residential tranche serviced by most companies operating in the market has not been saturated with the current offered projects, so this category and others need to obtain more housing units.

Furthermore, Sami explained that the Egyptian real estate market is the most stable and attractive in the region and among the cities of the world due to the presence of a large population and a high growth rate, as well as low cost and sale prices for foreign clients, in addition to the increase in population, especially the youth.

He added that price increases last year were not high and a relative price stability is expected this year, with slight increases of between 5% and 10% predicted in the current year.

Additionally, he pointed out that the increase in prices of petroleum products does not have a significant impact on the cost of implementation due to their limited proportion of the total cost of real estate project implementation.

He noted that developers are aiming to create new attractive activities within commercial projects in order to attract a larger segment of customers in light of the multiplicity of commercial projects executed in the same place, which are not geographically distributed to meet the population demand in more than one region.

Moreover, he elaborated that this concentration in one area increases the competition between real estate developers to attract the largest number of customers; however, developers became increasingly concentrated on debuting different entertainment activities in malls to meet the diverse needs of customers. Therefore, innovation is required in the coming period, enabling developers to maintain customers to remain present in their projects.

“The developers’ awareness of participation in external exhibitions, in cooperation with the Egyptian Ministry of Housing, has not only been confirmed to promote private projects, but also to market the Egyptian real estate market,” he explained. “The export of Egypt’s property needs a long time and planning on a large level along with waiting for results for a long period.”

He explained that political and economic stability, in addition to currency stability in Egypt provides greater clarity of vision which is attractive to developers and customers in the real estate market, hence making Egypt more attractive than other regional markets.

On the innovation of mechanisms to meet challenges imposed on developers in different sectors, he said that developers have reduced the sizes of units in residential projects, and currently implement open areas in administrative projects to be flexibly rented per day or month as needed, and developers must develop according to demand.

He also pointed out that New Cairo has completed its development, so the urbanisation process and demand will be in new cities such as New Alamein and New Administrative Capital, Sheikh Zayed expansions and the Sixth of October.

Furthermore, he said that hotel occupancy rates reached about 72%, which is high and is expected to continue to increase during the coming period. There are 900 hotel rooms expected to enter the market in the coming years. Therefore, the market does not presently need to produce new hotel rooms until the rise in occupancy rates reaches about 80%.

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Egypt’s real estate market expected to attract foreign direct investment for 2019/21 https://dailynewsegypt.com/2019/03/06/egypts-real-estate-market-expected-to-attract-foreign-direct-investment-for-2019-21/ https://dailynewsegypt.com/2019/03/06/egypts-real-estate-market-expected-to-attract-foreign-direct-investment-for-2019-21/#respond Wed, 06 Mar 2019 20:01:56 +0000 https://www.dailynewsegypt.com/?p=692189 The real estate market in Egypt continues to present positive growth indicators for the upcoming 2019 to 2021 period, according to Ayman Sami, the JLL country head-Egypt. Sami noted that the market is expected to attract foreign direct investment in order to restore the international position of Cairo as a competitive and a leading real …

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The real estate market in Egypt continues to present positive growth indicators for the upcoming 2019 to 2021 period, according to Ayman Sami, the JLL country head-Egypt.

Sami noted that the market is expected to attract foreign direct investment in order to restore the international position of Cairo as a competitive and a leading real estate investment destination.

“The market currently enjoys unique flexibility in conducting business, this is especially evident in Cairo. The increased population growth, reduced inflation, and the prospect of falling interest rates have resulted in an increased demand for real estate investment. This demand is particularly noticeable in alternative real estate assets, including healthcare, education, and industries,” he continued. 

In a press conference on Wednesday, JLL, a real estate investment advisory firm, revealed the key factors the firm believes will determine the outlook of Cairo’s real estate market in 2019, as well as the emerging opportunities and uncertainties that are prevailing in the market.

At JLL’s annual ‘Year Ahead’ event in Cairo, the firm highlighted that the growing foreign investor’s confidence in Cairo’s residential sector performance remained positive across Cairo’s residential sector in 2018.

JLL noted that the growth in the off-plan sector did however impact the secondary market negatively, as buyers preferred to hold off and wait to purchase off-plan units. The rental market has benefited from increased demand for temporary housing.

“Looking ahead in 2019, there is a clear direction toward a decrease in down-payments, flexible instalment plans, and an abundance of offerings in the major cities and coastal locations. In addition, Cairo is rated as one of the most competitive and stable cities in the world when compared to Paris, London, New York, Madrid, and Istanbul. This is due to competitive prices, affordable living costs, and a stable political environment,” Sami noted.

He pointed out the increase in flexible office space demand in Cairo globally–evolving demographics are shaping the office landscape and Cairo is adopting the trend for flexible office space.

Additionally, he elaborated that 75% of millennials will join the workforce globally by 2025 and 5.1 million individuals will occupy 30,000 shared office spaces by 2022. In line with this global trend, the demand for flexible office space in Cairo will increase. This is a relatively new trend in Cairo, with flexible office space representing just 0.72% of the total stock. 

Part of the growth in demand for flexible office space in Cairo is the city’s emergence as the leading destination for small and medium-sized enterprises. Flexible office space is attracting special attention from owners who want to address modern work systems and short-term contracting needs, as occupiers lean more toward flexible than traditional office space, he added.

Vacancies in Cairo’s retail sector could increase during 2019 due to the level of new supply entering the market. However, rentals are also expected to increase, following its 10% year-over-year growth in 2018, according to Sami.

Concerning the hotel sector, he disclosed that it is likely to see more sales and rebranding opportunities in 2019. Moreover, the hotel sector continued its revival in 2018, with hotel occupancies recording the highest rates since 2011. The increase in in-bound tourism continues to be driven by enhanced security, increase in tourist purchasing power, and an overall recovery of the tourism sector. The year 2019 is expected to witness significant re-branding opportunities and new operator deals.   

The overall tourism sector will witness further positive enhancements with significant new openings such as the Grand Egyptian Museum, and Sphinx International Airport. The new airport will reduce pressures on Cairo International Airport, facilitate internal flight traffic, and provide easy access to tourism destinations. 

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Housing Ministry targets construction of 40,000 housing units at NAC end-June 2020 https://dailynewsegypt.com/2019/03/06/housing-ministry-targets-construction-of-40000-housing-units-at-nac-end-june-2020/ https://dailynewsegypt.com/2019/03/06/housing-ministry-targets-construction-of-40000-housing-units-at-nac-end-june-2020/#respond Wed, 06 Mar 2019 06:43:01 +0000 https://www.dailynewsegypt.com/?p=692046 The Minister of Housing, Utilities and Urban Communities, Assem El Gazzar, said that the ministry aims to complete the implementation of more than 40,000 housing units as well as, completing a number of utilities and services projects in the New Administrative Capital (NAC) by the end of June 2020. The projects, due to be completed …

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The Minister of Housing, Utilities and Urban Communities, Assem El Gazzar, said that the ministry aims to complete the implementation of more than 40,000 housing units as well as, completing a number of utilities and services projects in the New Administrative Capital (NAC) by the end of June 2020.

The projects, due to be completed by mid-2020, include 23,412 housing units, with 952 villas and 2,050 mixed-use housing units in the third district, Capital Residence, which is overseen by the ministry of housing and covers an area of approximately 1,000 feddan in the NAC.

Capital Residence comprises eight neighbourhoods, including villas, besides various services buildings. The projects also include the completion of the implementation of about 15,000 units and 230 villas in the fifth district, titled New Garden City.

New Garden City spans over 1,000 feddan and is scheduled to encompass 23,000 housing units consisting of apartments, luxury units, and villas. In addition to this, residential towers for mixed-use purposes, which will include 2,000 residential units and two hotels will also be completed.

The minister added that the construction of Capital Park, the central park project in the NAC with a length of over 10 kilometres and stretching over 1,000 feddan, will also be completed by mid-2020.

El Gazzar also noted that Capital Park is one of the largest parks around the world, which will respect the topographical nature of the NAC, and will harmonise with the general environmental system. Moreover, it will provide recreational areas with an international standard and will be accessible by means of an integrated network of footpaths and bicycles.

Over and above, Capital Park will be enjoyed by the Egyptians masses.

El Gazzar also explained that the ministry also targets completing the first phase of the treatment plant with a capacity of 50,000 cubic metres per day, as well as implementing five international schools, a restaurant complex, and a mosque.

Moreover, it also aims to complete the utilities of the governmental district, the investment zone, and the third and fifth residential districts.

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Video: Hisham Talaat among the 50 most influential figures in the Egyptian economy, why? https://dailynewsegypt.com/2019/03/05/hisham-talaat-among-the-50-most-influential-figures-in-the-egyptian-economy-why/ https://dailynewsegypt.com/2019/03/05/hisham-talaat-among-the-50-most-influential-figures-in-the-egyptian-economy-why/#respond Tue, 05 Mar 2019 17:28:23 +0000 https://www.dailynewssegypt.com/?p=691996 Hisham Talaat Moustafa, is one of the most influential figures in the Egyptian Economy and "Talaat Moustafa Group" is the "Pioneering Real Estate Developer – 2018"

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Hisham Talaat Moustafa, is one of the most influential figures in the Egyptian Economy and “Talaat Moustafa Group” is the “Pioneering Real Estate Developer – 2018”
BT100 is a tribute to the leaders of the governmental leaders, private sector figures, and corporates for their important and effective role positively impacting the Egyptian economy.
Hisham Talaat, CEO & Managing Director of Talaat Moustafa Group holding, was honored as one of the most 50 influential figures in the Egyptian economy.
Whilst Talaat Moustafa Group have been honored as the “Pioneering Real Estate Developer” among the top 50 corporates in Egypt during 2018.

 

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Palm Hills increases its sales by 18% in FY 18 https://dailynewsegypt.com/2019/03/05/palm-hills-increases-its-sales-by-18-in-fy-18/ https://dailynewsegypt.com/2019/03/05/palm-hills-increases-its-sales-by-18-in-fy-18/#respond Tue, 05 Mar 2019 16:51:16 +0000 https://www.dailynewsegypt.com/?p=691978 Palm Hills Developments has achieved EGP 12.5bn sales in its project with an increase of 18% Y-o-Y, according to consolidated financial statements for the last quarter (Q4) of 2018. The statement said that the company has succeeded in selling 3,102 units in fiscal year (FY) 2018, compared to 2,136 units in FY 2017. The company …

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Palm Hills Developments has achieved EGP 12.5bn sales in its project with an increase of 18% Y-o-Y, according to consolidated financial statements for the last quarter (Q4) of 2018.

The statement said that the company has succeeded in selling 3,102 units in fiscal year (FY) 2018, compared to 2,136 units in FY 2017.

The company attributed the growth in sales to the increased demand in the company’s Badya project, in addition to an increase in the sales of residential units in the Palm Hills New Cairo project. Moreover, the continued growth of commercial sales of 168% Y-o-Y are worth EGP 1.8bn.

Additionally, the company has announced a decrease in net debt by EGP 1.9bn. The company has achieved sales of EGP 4.8bn of 1,935 residential units in Badya project since its launch in May 2018.

During the past year, the company also sold clinics in the Hale Town project and retail space at Hacienda Bay’s Lake Yard, as well as units in the Golf Extension and the Lane Mall.

The company concluded the securitisation and factoring of receivables related to delivered units with a value of EGP 942m, which amounted to 663 delivered units during FY 2018, with the aim of reducing the debt in the balance sheet.

“In Q1 of FY 2019, the company expects to complete the discount and consolidation operations of 861 delivered units worth EGP 1bn in projects of Palm Parks, Palm Valley, Golf Views, Golf Extension, Palm Hills Katameya 1, 2, as well as Hacienda Bay and Hacienda White 2, where the total return on transactions will be in partial payment of the current debt,” the statement noted.

Moreover, the company’s revenues rose 12% Y-o-Y to EGP 7.4bn, exceeding its target of EGP 6.8bn. The increase in revenues is due to increased delivery of residential units in Palm Hills, Golf Extension, Hacienda Bay, Hacienda White 2, and Palm Valley, as well as a 19% Y-o-Y increase in new sales, in projects of Palm Hills New Cairo, Badya, and the Golf Extension project.


As part of its strategy to focus on profitable growth, profit margins continued to improve during FY 2018, with gross profit up to 23% Y-o-Y to reach EGP 2.6bn.

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Road development continues to be GCC’s top priority with projects worth over $122bn: report https://dailynewsegypt.com/2019/03/04/road-development-continues-to-be-gccs-top-priority-with-projects-worth-over-122bn-report/ https://dailynewsegypt.com/2019/03/04/road-development-continues-to-be-gccs-top-priority-with-projects-worth-over-122bn-report/#respond Mon, 04 Mar 2019 11:00:37 +0000 https://www.dailynewsegypt.com/?p=691792 The total value of active infrastructural projects in the Gulf Cooperation Countries (GCC) has reached to $1.14tn with roads, highways, and bridges with the highest number of projects, according to the latest report released by Orient Planet Research, an Orient Planet Group venture. The report titled ‘Fast Tracking Development: Road Infrastructure in GCC’ cited a …

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The total value of active infrastructural projects in the Gulf Cooperation Countries (GCC) has reached to $1.14tn with roads, highways, and bridges with the highest number of projects, according to the latest report released by Orient Planet Research, an Orient Planet Group venture.

The report titled ‘Fast Tracking Development: Road Infrastructure in GCC’ cited a total of 1,069 road projects in the region, which are the highest number among all infrastructural projects, with a combined value of $122.6bn.

“Despite the financial challenges that hit the global economy in 2008/09, as well as the fluctuation of oil and gas revenues, the Gulf’s infrastructure development continues at a robust pace. Data shows that Saudi Arabia and the UAE lead the infrastructural spending in the region,” the report read.

The report highlighted some of the major projects across the region such as Dubai’s allocation of AED 15bn ($4.8bn) to complete key projects eyed to serve the upcoming Expo 2020, including the upgrade of roads, ramps and flyovers. In Saudi Arabia, over $400m are invested in nine major road projects, including the King Hamad Causeway. In Kuwait, the government is set to implement the construction of the Seventh Ring Road Project, a 93-kilometre road network development.

Apart from individual projects within each GCC country, there are numerous planned and existing roads, bridges, and tunnels across the region. Some of these projects include the Saudi-Oman Highway, a 680-kilometre road which links Oman and Saudi Arabia, paving the way for a much shorter distance, and thereby shorter travel time between the two countries. Another cross-country project is the Mafraq-Ghuwaifat International Highway (UAE-Saudi), a $5.3bn project that links Abu Dhabi to the Saudi border. Meanwhile, King Fahd Causeway is a strategic artery that is undergoing expansion in order to accommodate growing economic activities between Bahrain and Saudi Arabia.

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El Attal’s Park Lane project achieves EGP 122m sales in first day of offering https://dailynewsegypt.com/2019/03/04/el-attals-park-lane-project-achieves-egp-122m-sales-in-first-day-of-offering/ https://dailynewsegypt.com/2019/03/04/el-attals-park-lane-project-achieves-egp-122m-sales-in-first-day-of-offering/#respond Mon, 04 Mar 2019 10:30:31 +0000 https://www.dailynewsegypt.com/?p=691797 Housing units for medium-income individuals should be offered through partnership between state, private sector

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El Attal Holding has achieved EGP 122m in sales of the Park Lane Compoundhood in the New Administrative Capital after a day of the project’s offering, according to Mohamed El Attal, the vice chairperson of the company.

El Attal said that the sales reflect the society’s acceptance of the project’s idea, which is based primarily on creating modern and developed housing communities, mixed with the ownership and interdependence of the past.

Additionally, the sales prove that Egypt’s real estate sector is one of the most powerful and stable sectors, and eliminate the idea of an imminent real estate bubble as some believe, El Attal explained.

He pointed out that there are some channels to address weak purchasing power, namely developing new ideas for projects to correspond with the current economic circumstances, and providing different sizes of units to meet all needs and financial capacities.

He further added that his company expects that the project will succeed in the Egyptian real estate market because it provides an environment suitable for larger categories in society, in addition to basic services such as safety, coherency, and vitality. 

The vice chairperson noted that price of the square metre in the project starts from EGP 10,000, which is a suitable and a competitive price for a project in the NAC, in addition the company provides facilities in payment plans, reaching up to eight years without interest rates.

For his part, the Chairperson of El Attal Holding, Ahmed El Attal, said that despite the weak purchasing power, indicators emphasise the strength of the sector.

Moreover, the chairperson pointed out that the existing problem is that the offered units do not fit the requirements of the Egyptian market, as there are three classes of housing in the community, which are economic housing, middle-income, and luxury housing. The economic housing is the responsibility of the state in full, while luxury housing is the target of private real estate companies.

He elaborated that the market is suffering from saturation in luxury housing. Nevertheless, it is suffering from shortage in middle-income housing units which will not be the target of any real estate investor and therefore the solution is to provide this type of housing through a partnership between the state and the private sector via a clear mechanism which would be beneficial to all parties.

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First Group showcases two projects in Everest Real estate Exhibition in Kuwait https://dailynewsegypt.com/2019/03/04/first-group-showcases-two-projects-in-everest-real-estate-exhibition-in-kuwait/ https://dailynewsegypt.com/2019/03/04/first-group-showcases-two-projects-in-everest-real-estate-exhibition-in-kuwait/#respond Mon, 04 Mar 2019 10:00:45 +0000 https://www.dailynewsegypt.com/?p=691793 Diversity of real estate sector in Egyptian market adds to its regional competitive advantages

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First Group for Real Estate Investment has showcased its two commercial and administrative projects, Kazan Plaza Mall and Kaya Plaza projects in the Sixth of October City, at west Cairo in the Everest Real estate Exhibition in Kuwait.

The exhibition was held from 27 February to 2 March with the participation of Egyptian and Arab real estate companies. 

The Chairperson of First Group, Bashir Mostafa, said that the company is keen to participate in foreign exhibitions, namely in Arab countries, within its strategic plan to export property, which has recently enjoyed tremendous opportunities, especially among Arab and Egyptian expatriates.

Mostafa added that real estate export has become an important step which is necessary in order to benefit from Egypt’s real estate potential, particularly with the large urban expansions and the establishment of new cities, in addition to the full support of the government toward this file, which increases the competitiveness of the Egyptian real estate market externally.

Furthermore, Mostafa pointed out that the diversity of real estate product in the Egyptian market comprises residential, commercial, medical, and administrative units that are implemented at the highest level of quality in a market with a large population which adds to competitive advantages of Egypt’s property in the region.

He noted that the Kazan Plaza Mall is being developed in the Sixth of October City, opposite to Mall of Arabia, and the company has directed EGP 300m in the project’s investments.

The project includes commercial and administrative units, comprising of medical units as well. It includes four buildings encompassing commercial shops, administrative offices, and medical units, with spaces ranging between 50 and 600 sqm, he elaborated.

Commenting on the Kaya Plaza project, he said that the total investment of the Kaya Plaza project is EGP 900m, which is the commercial part of the Kenz Compound project.

“Likewise, it is planned to be delivered by the end of 2020, and includes administrative units and medical clinics that will be sold, in addition to commercial units which will only be rented and self-managed. The mall is located on an area of 12,000 sqm, with two basement floors which are used as a parking lot for the project,” he noted.

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AURD launches first Arab conference for investment in Egypt https://dailynewsegypt.com/2019/03/04/aurd-launches-first-arab-conference-for-investment-in-egypt/ https://dailynewsegypt.com/2019/03/04/aurd-launches-first-arab-conference-for-investment-in-egypt/#respond Mon, 04 Mar 2019 09:30:17 +0000 https://www.dailynewsegypt.com/?p=691784 Event aspires for Arab common market, economic integration, trade exchange, economic unity

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The Arab Union for Real Estate Development (AURD), affiliated to the Council of Arab Economic Unity at the Arab League, signed a cooperation protocol with Akhbar El Yom Foundation and Al-Oula Real Estate Development Company in order to organise the first Arab conference for investment in Egypt, in conjunction with the celebrations of the October victory this year.

The conference aims to discuss opportunities of sustainable investment in various economic sectors, the most important of which are the real estate sector and the industries which are based on it, as well as the tourism sector as it is of interest to the Arab world in general and Egypt in particular, as they are promising investment sectors in Egypt.

In its first edition, the conference looks forward to hosting more than 50 leading investment agencies from around the world as well as the Arab world, in addition to leaders of Arab and international organisations, heads of monetary and financial institutions, prominent economic and political figures, and representatives from the private sector.

The President of the AURD, Ahmed Alsudain, praised Egypt’s stance with its Arab brothers and the strong historical ties between Egypt and the Arab countries, pointing out the keenness of the union to support the Egyptian economy.

Alsudain said during the signing of the protocol that the first Arab investment conference is the first in a series of Arab economic conferences to support the idea of a common Arab market, economic integration, and trade exchange, which is one of the most important objectives of the Arab economic unity.

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ALMF.CA considers increasing real estate investments to EGP 500m https://dailynewsegypt.com/2019/03/04/almf-ca-considers-increasing-real-estate-investments-to-egp-500m/ https://dailynewsegypt.com/2019/03/04/almf-ca-considers-increasing-real-estate-investments-to-egp-500m/#respond Mon, 04 Mar 2019 09:00:44 +0000 https://www.dailynewsegypt.com/?p=691714 Government’s IPOs on EGX considered one of most important investment aspects, says El Kherbawy

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Mohamed Hany El Kherbawy, the chairperson of the Arab Land Direct Mutual Fund (ALMF.CA), listed on Egyptian Exchange (EGX), said that Arab investments in the ALMF.CA in Egypt amounted to about 25% of the total investment, and that the fund aims to increase this percentage in its future plans.

El Kherbawy added that the fund will direct EGP 110m for investments in Egypt during 2019 in different sectors and achieve an increase in its investment figures.

He revealed that the management of the fund is currently considering converting the fund into a real estate one and to increase investments to EGP 500m, as well as studying investing in the mortgage finance sector and the real estate feeding industries.

“ALMF.CA continues to interact with the local market by investing in real estate, oil and gas, mining and petrochemicals, banking, telecommunications, financial services, holding companies, basic resources, food and beverages, consumer and household goods, entertainment, as well as clothing and textiles sectors, with investments of EGP 111m before the end of 2018,” he elaborated.

El Kherbawy stressed that the government’s initial public offerings (IPOs) on the EGX are considered one of the most important aspects of investment, which is very positive for the market and a catalyst for it, on the condition of positive time selection and stability of price, in order to attract investors.

Moreover, he believes that the economic reform programme as a whole is moving toward the right track. There are still important decisions to be taken, and everyone is aware of the tax of economic transformation that will lead to an economy with strong mechanisms.

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Egypt’s National Strategic plan 2052 aims to increase urban areas to 14% https://dailynewsegypt.com/2019/03/04/egypts-national-strategic-plan-2052-aims-to-increase-urban-areas-to-14/ https://dailynewsegypt.com/2019/03/04/egypts-national-strategic-plan-2052-aims-to-increase-urban-areas-to-14/#respond Mon, 04 Mar 2019 08:30:44 +0000 https://www.dailynewsegypt.com/?p=691702 Total of 709,000 low-income housing units are being implemented, says Assem El Gazzar

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The Minister of Housing, Utilities and Urban Communities, Assem El Gazzar, said that Egypt’s Strategic National plan for urban development 2052 aims at doubling the current urban area to reach ​​14% through a number of development axes represented by a national road network currently being implemented, as well as the new cities which have been recently launched.

During the Egypt Investment Forum on Sunday, El Gazzar added that the rate of water networks delivery in rural areas reached 97%, and 34% of the delivery of sewage networks by the end of 2018.

The minister noted that there are currently 2,730 water stations, which reflects the size of development and the investment requirements in order to implement this size of infrastructure.

He pointed out that 709,000 low-income housing units are being implemented in order to bridge the gap between supply and demand in the Egyptian market, noting that the infrastructure has been implemented for more than 10,000 feddan.

He revealed that 980 plots of land have been made available for services purpose on an area of 3,000 feddan, in addition to developing 80,000 feddan for investment projects.

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City Edge launches first phase of Al Maqsad in NAC https://dailynewsegypt.com/2019/02/25/city-edge-launches-first-phase-of-al-maqsad-in-nac/ https://dailynewsegypt.com/2019/02/25/city-edge-launches-first-phase-of-al-maqsad-in-nac/#respond Mon, 25 Feb 2019 21:18:28 +0000 https://www.dailynewsegypt.com/?p=691112 Project spans over 211 feddan in R3 region at NAC

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City Edge Developments announced the launch of Al Maqsad project in the New Administrative Capital (NAC) with EGP 1bn expected sales from the sale of the first phase.

During a media tour on Monday, Amr El-Kady, the CEO of City Edge Developments, said that the project spans over 211 feddan in the R3 region at the NAC.

El-Kady noted that the project is on-plan and is being marketed on eight phases, explaining that the expected sales of the first phase is worth EGP 1bn.

Moreover, he pointed out that the project comprises 952 units varying between townhouses on 413 sqm and 424 sqm, townhouses on 370 sqm and 400 sqm, as well as standalone villas on 336 sqm, with development rates reaching 70%, explaining that part of the project has been 100% completed.

El-Kady revealed that the company plans to hand over the project in the last quarter of 2019.

He elaborated that the company has achieved EGP 8.5bn sales in New Alamein by the end of 2018, and has achieved EGP 500m sales in the city in the first two months of the current year.

Moreover, the company achieved EGP 1.5bn sales in New Mansoura in 2018, and EGP 600m in the first two months of 2019, according to El-Kady.

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El Attal Holding launches Park Lane Compoundhood with EGP 4bn investment https://dailynewsegypt.com/2019/02/25/el-attal-holding-launches-park-lane-compoundhood-with-egp-4bn-investment/ https://dailynewsegypt.com/2019/02/25/el-attal-holding-launches-park-lane-compoundhood-with-egp-4bn-investment/#respond Mon, 25 Feb 2019 09:30:10 +0000 https://www.dailynewsegypt.com/?p=690962 Company plans to fund tourism projects worth EGP 8bn in North Coast, Ain Sokhna

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El Attal Holding celebrated the launch of Park Lane Compoundhood on Wednesday with EGP an investment worth 4bn.

Park Lane Compoundhood spans over 26 acres in R7 in the New Administrative Capital (NAC) close to the Swedish and British universities and the diplomatic district.

Chairperson of El Attal Holding, Ahmed El Attal, said that the Park Lane project offers a new and different concept of housing into the Egyptian market with an aim of creating various residential communities bringing about a new vision based on the experience of over 70 years in the Egyptian market in the fields of contracting, construction, and design for a number of government agencies, diplomatic bodies, schools, hotels, and tourist villages in Egypt, the GCC and East Asia.

El Attal pointed out that the project comprises 1,100 different housing units to meet all consumer needs such as studios, duplexes, and penthouses, explaining that the whole project will be completed in two and a half years.

Furthermore, he said that the project is being developed in three phases. Moreover, the company will offer the square meter in the first phase starting at EGP 10,000 with a down payment of 7% and instalment of up to 8 years interest rate free.

The project features European-style designs while preserving the classical character of Egyptian architecture in distinctive colours which will not be affected by climate changes, he elaborated.

El Attal added that the project will be implemented in June with, with anticipated sales of EGP 4.5bn. The company is targeting EGP 3.5bn in residential sales and EGP 1bn in commercial sales.

Over and above, he disclosed that the company will develop a tourism project in New El Alamein city in the North Coast during the second half of next year on an area of ​​50 acres, with an estimated investment of EGP 5bn, in addition to another tourism project in Ain Sokhna with initial investments worth EGP 3bn.

El Attal noted that his company chose to launch Park Lane in the NAC due to the company’s belief in the importance of this mega national project and confidence in the state in creating sustainable urban communities, in addition to the economic feasibility of investing in this smart city.

Additionally, he revealed that his company plans to offer all its shares in Egyptian Exchange within a year and a half. What’s more, El Attal Holding agreed with an Italian company to evaluate the company’s assets in preparation for the initial public offering.

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Honeywell signs New Administrative Capital security systems agreement https://dailynewsegypt.com/2019/02/25/honeywell-signs-new-administrative-capital-security-systems-agreement/ https://dailynewsegypt.com/2019/02/25/honeywell-signs-new-administrative-capital-security-systems-agreement/#respond Mon, 25 Feb 2019 09:00:17 +0000 https://www.dailynewsegypt.com/?p=690950 NAC to see creation of modern technology centres; to receive new foreign investments

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American company Honeywell signed an agreement on Thursday with the New Administrative Capital Company for Urban Development (ACUD) to develop security systems at the New Administrative Capital (NAC).

The company, which won the tender for the job last December, will install public surveillance cameras, posts, control systems, and other devices expected to be operational early 2020.

Over 6,000 cameras linked wirelessly to a command centre will “monitor crowds and traffic congestion, detect incidents of theft, observe suspicious people or objects, and trigger automated alarms in emergency situations,” according to Managing Director of ACUD, Mohamed Abdel Latif.

Abdel Latif said that emergency number 112 will be activated in the NAC, which will transfer the complaint immediately to the control centre, which in turn will take the appropriate measures by linking technology to various security authorities in the NAC.

Furthermore, Abdel Latif revealed that the cost of the project’s civil work is worth EGP 1.5bn, noting that the cost of the electro-mechanical works reached $37m.

For his part, president and CEO of Honeywell, Vimal Kapur, said that the NAC is a global standard for urban expansion based on innovation and sustainability, expecting that by 2030 Egypt will be an innovative country.

“We are proud to create a more sustainable society through providing security programmes in large buildings and security infrastructure, and we are undertaking a considerable responsibility toward innovating products and components that make the region successful,” elaborated Kapur.

Khaled Hashem, president of Honeywell Egypt and Libya, said that the NAC is a new city characterise by top security, supplied with integrated command control services.

Hashem said that the project is being implemented in collaboration with the ACUD and other local partners.

US Embassy Chargé d’Affaires, Thomas Goldberger, said, “Egypt’s growth encourages companies to launch business in the country. We are proud of this achievement and Honeywell is one of the best known companies in providing such technology.”

“We are impressed by Egypt’s big success in megaprojects especially in the NAC,” Goldberger noted.

Abdel Latif explained that the NAC’s government district will be equipped with high technology and sustainability, elaborating that the government district is scheduled to accommodate one million citizens during the coming period, where it is built on an area of ​​1.8m sqm, or equivalent to about 180,000 housing units.

Furthermore, he added that the NAC has achieved significant strides at the level of road projects and has so far completed the implementation of 700km of roads.

The ACUD managing director pointed out that the NAC is set to witness the establishment of modern technology centres in various fields and is preparing to receive new foreign investments.

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Parliament Housing Committee accepts AIIB’s loan to mend sanitation services    https://dailynewsegypt.com/2019/02/25/parliament-housing-committee-accepts-aiibs-loan-to-mend-sanitation-services/ https://dailynewsegypt.com/2019/02/25/parliament-housing-committee-accepts-aiibs-loan-to-mend-sanitation-services/#respond Mon, 25 Feb 2019 08:30:15 +0000 https://www.dailynewsegypt.com/?p=690959 Programme co-financed by World Bank

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The Egyptian Parliament’s Housing Committee has approved on Saturday presidential decree No 43 of 2019 for the Asian Infrastructure Investment Bank (AIIB) loan to improve rural sanitation services.

In late December 2018, the AIIB’s board of directors approved its first sovereign loan to the Egyptian government for $300m to improve rural sanitation services for 892,000 people in 178,000 rural households in selected governorates in the country.

Under the programme, the AIIB will finance the physical infrastructure to provide sanitation services in five governorates in Egypt, including Daqahleya, Sharqeya, Damietta, Menoufiya, and Gharbeya. This programme is co-financed by the World Bank.

The agreement includes the construction of new or expansion as well as the rehabilitation of existing wastewater treatment plants, in addition to upgrading and the construction of pumping stations. Furthermore it will incorporate the construction of integrated sewerage networks consisting of collectors and pumping mains and ensuring services for inhabitants of ‘satellite’ areas located between villages where the main sewers will pass.

After the committee’s approval the agreement was submitted to parliament for final approval.

For his part, Alaa Waly head of the Housing Committee in parliament called the minister of housing to speed up the termination of sewage projects because it represents a major problem for citizens, in view of the repeated requests by parliament members to discuss the problems of sewage and water projects in various governorates.

On the other hand, Minister of Housing, Assem El Gazzar, said,”the ministry is trying to satisfy everyone, but the coming period will be a burden on the ministry, especially after the issuance of the law of reconciliation on building violations, where many citizens will apply for sewage services, and that the ministry does not have a budget to meet the needs of all citizens all at once.”

The AIIB is a multilateral development bank with a mission to improve social and economic growth in Asia. Headquartered in Beijing, it began operations in January 2016 and has currently grown to 87 approved worldwide members.

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Developers call for replacing imprisonment with fines in real estate violation cases https://dailynewsegypt.com/2019/02/25/developers-call-for-replacing-imprisonment-with-fines-in-real-estate-violation-cases/ https://dailynewsegypt.com/2019/02/25/developers-call-for-replacing-imprisonment-with-fines-in-real-estate-violation-cases/#respond Mon, 25 Feb 2019 08:00:46 +0000 https://www.dailynewsegypt.com/?p=690956 Final draft of law scheduled to be submitted to cabinet within two months, says Sabbour

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Several senior real estate developers met on Monday evening for about five hours in order to discuss the draft law to establish a federation of real estate developers at the headquarters of the Armed Forces Engineering Authority.

The Deputy Minister of Housing for National Projects, Khalid Abbas, and officials from the ministry of housing, and the chairperson of the Egyptian Federation for Construction and Building Contractors were among the attendees who met in order to discuss the problems of the real estate market.

The developers presented the current problems facing the sector, and the importance of establishing such a federation for developers.

Hussein Sabbour, the chairperson of Al-Ahly for Real Estate Development, told Daily News Egypt that all developers demanded drafting an article which stipulates that developers should not be imprisoned in case of non-compliance or violation, and rather impose a financial penalty in those cases.

Sabbour explained that this article creates a fair balance between developers and customers, by ensuring customers’ right to get their money back, and at the same time, will not threaten developers with imprisonment.

He pointed out that the main points which were emphasised during the meeting were calling for the formation of a federation of real estate developers in order to be an entity responsible for regulating the real estate market, and categorising developers according to their financial and technical abilities in order to provide land for each developer according to his/her financial and technical feasibility.

Additionally, Sabbour revealed that the meeting ended without specifying another date for a second one to discuss the draft law, expecting that no other meeting will be held, and that the ministry will review the draft and submit it to the parliament’s housing committee.

He also explained that a final draft of the law is scheduled to be submitted to the cabinet within two months.

Sabbour further stressed that this law is important for the market, pointing out that the market witnessed an emergence of a large number of real estate investors during the past period, with some of them having no experience or financial solvency, which roused the government’s fears on the ability of these companies to implement these projects. Therefore, establishing a responsible body for the classification of real estate developers will ensure that the customers are protected.

Therefore, he pointed out that the developers demanded a balance between the two parties, and ensuring the protection of the real estate developers’ rights as well.

President Abdel Fattah Al-Sisi instructed Prime Minister Mostafa Madbouly to issue all the laws which the real estate sector needs, including the issuing of a law to establish a federation of real estate developers.

Omar Watani, a member of the parliament’s housing committee, noted that gathering all the issues of the real estate sector in one entity is a very important step in order to guarantee the market’s regulation, and to secure the customers’ financial rights.

Watani added that the bill aims to create an insurance fund, which is one of the mechanisms that will help guarantee the money of clients and depositors, explaining that the fund will be backed by membership fees.

He noted that in the case of any project faltering or becoming suspended, the insurance fund will intervene to guarantee the clients’ funds and the right of the state.

He elaborated that the value of the fines imposed by the draft law on developers, even in the case of delays in the units’ delivery or announcing off-plan projects without having licences, are not high, however, it helps prevent violations and fraud in the sector.

He concluded that the draft law, along with the other bills being discussed in the housing committee, will be integrated and will push the sector to achieve more growth, in addition to assisting in controlling the real estate market more properly.

For his part, Tarek Shoukry, the head of the Real Estate Development Chamber, said that the draft law was submitted by the chamber, noting that the article related to the prohibition of announcing projects’, reserving real estate units, or contracting to sell units before obtaining permits was submitted by the chamber’s members.

Shoukry added that this prohibition is in favour of the client in order to secure their rights and protect them from fraud.

Moreover, Shoukry explained that obtaining a ministerial decision for projects is important to enable reservations or bookings in projects, which applies for developers and big companies. He added that obtaining building permits for small buildings and activities is important even the units are still not built.

The article related to obtaining licences will not affect the companies’ financial liquidity because they can sell their units before building them, but on the condition of obtaining building permits beforehand, Shoukry also noted.

Finally, he pointed out that the article will contribute toward organising the real estate sector, and will prevent random and informal building.

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