Real Estate – Daily News Egypt https://dailynewsegypt.com Egypt’s Only Daily Independent Newspaper In English Thu, 17 Jan 2019 07:00:21 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.1 ACUD inks agreement with MasterCard to provide NAC with e-payments https://dailynewsegypt.com/2019/01/15/acud-inks-agreement-with-mastercard-to-provide-nac-with-e-payments/ https://dailynewsegypt.com/2019/01/15/acud-inks-agreement-with-mastercard-to-provide-nac-with-e-payments/#respond Tue, 15 Jan 2019 15:38:26 +0000 https://www.dailynewsegypt.com/?p=686891 Partnership includes identifying means of managing smart card service, follow-up implementation

The post ACUD inks agreement with MasterCard to provide NAC with e-payments appeared first on Daily News Egypt.

]]>
The Administrative Capital for Urban Development (ACUD) will sign a partnership agreement with MasterCard to provide the New Administrative Capital (NAC) with electronic payments on Monday 21 January, according to a press statement on Tuesday.

The agreement states that MasterCard will provide consulting services to the ACUD in the field of e-payments in addition to necessary technical expertise for the operation of advanced technological solutions.

The company said that the partnership will be implemented in three phases. The first is studying the objectives of the ACUD, determining priorities and developing a work map, as well as determining a criterion for choosing one or more banks to provide the service. The second phase is identifying the actual development of a business model and optimal operating model in addition to developing solutions in partnership with banks, which will be chosen according to criteria that were identified in the first phase.

The third phase of the partnership includes identifying mechanisms from the management of the smart card service and the follow-up implementation.

Additionally, the ACUD noted that the partnership aims to build a non-monetary economy through providing the appropriate systems and solutions that are compatible with the culture of citizens to encourage them to use e-payments. Moreover, the partnership targets maximising financial return and the ability to collect ACUD fees.

The statement noted that the duration of the first phase is one month from the date of signing the partnership agreement in which an integrated study of what will be implemented will be presented.

“MasterCard is committed to ensuring that all solutions are integrated with the city management system based on Continuum of Care (CoC) and allowing the use of all types of competitive cards,” the statement read. “The term of the agreement is 10 years in which MasterCard is a strategic partner for the ACUD and smart MasterCard cards that will be issued by a national bank will be used by residents and employees in the NAC.”

Moreover, the ACUD has the right to use the logo of MasterCard as a strategic partner when announcing any payment means in the NAC during the agreement period.

The post ACUD inks agreement with MasterCard to provide NAC with e-payments appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2019/01/15/acud-inks-agreement-with-mastercard-to-provide-nac-with-e-payments/feed/ 0
France’s Vicat plans to invest €30m in Sinai Cement Company https://dailynewsegypt.com/2019/01/15/frances-vicat-plans-to-invest-e30m-in-sinai-cement-company/ https://dailynewsegypt.com/2019/01/15/frances-vicat-plans-to-invest-e30m-in-sinai-cement-company/#respond Tue, 15 Jan 2019 08:00:37 +0000 https://www.dailynewsegypt.com/?p=686849 "With each passing day, we were confident of the return of stability to Sinai": CEO of Vicat Group

The post France’s Vicat plans to invest €30m in Sinai Cement Company appeared first on Daily News Egypt.

]]>
Vicat Egypt, a subsidiary of France’s Vicat Group, a French company manufacturing cement, aggregates, and ready-mix concrete in four continents, said that the company plans to inject new direct investments up to €30m in the Sinai Cement Company to meet the needs of the local and regional market, Tamer Magdy, CEO of Vicat Egypt, said during the company’s celebration of its 15th anniversary in the Egyptian market on Saturday.

Vicat has acquired Sinai Cement, located near El Arish city, in 2003.

Chairperson and CEO of Vicat Group, Guy Sidos, said that they are proud of its presence in the Egyptian market and the successes they have achieved in the past 15 years, stressing the company’s great confidence in the Egyptian economy and its recovery.

He noted that the Egyptian economy is taking steady and good steps on the right path thanks to the policies and decisions made by the political leadership, besides the new legislations passed by the parliament to improve Egypt’s investment climate.

During the celebration, Sidos affirmed the group’s commitment to continue investing in Egypt regardless of the difficult circumstances, saying, “With each passing day, we were confident of the return of stability to the Sinai.”

The celebration was held at the French embassy in Egypt, in the presence of the Minister of Trade and Industry Amr Nassar and several ambassadors of African and European countries in Egypt, in addition to many Egyptian parliamentarians, notably MP Soliman Wahdan. Also, representatives of major international companies operating in Egypt and public figures attended the event.

The post France’s Vicat plans to invest €30m in Sinai Cement Company appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2019/01/15/frances-vicat-plans-to-invest-e30m-in-sinai-cement-company/feed/ 0
NUCA develops 375 projects with EGP 5tn in four years https://dailynewsegypt.com/2019/01/14/nuca-develops-375-projects-with-egp-5tn-in-four-years/ https://dailynewsegypt.com/2019/01/14/nuca-develops-375-projects-with-egp-5tn-in-four-years/#respond Mon, 14 Jan 2019 16:44:54 +0000 https://www.dailynewsegypt.com/?p=686832 Ministry issued 115 ministerial approvals on new real estate projects, distributed over 15 cities during past year, including 23 projects in New Administrative Capital, says Abbas

The post NUCA develops 375 projects with EGP 5tn in four years appeared first on Daily News Egypt.

]]>
The New Urban Communities Authority (NUCA) has managed to develop 375 real estate projects in different cities with investments estimated at EGP 5tn, according to Waleed Abbas, the assistant housing minister of the NUCA.

During the preparatory conference of the Cityscape exhibition which took place on Monday, Abbas added that the ministry has issued 115 ministerial approvals on new real estate projects, distributed over 15 cities during the past year, including 23 projects in the New Administrative Capital.

He noted that the ministry also provided land with about 20,000 feddan for real estate investors, pointing out that the development of fourth generation cities has already begun with a total of 14 new cities. The ministry also aims to support investment and development opportunities in Upper Egypt’s governorates, in order to support the balance and justice in the country’s urban development movement.

Furthermore, Abbas elaborated, “The NUCA’s budget amounted to EGP 72bn. The ministry is currently working on preparing a number of new land offerings, including cities in Upper Egypt. It is planned to offer these lands in 50 new cities, including 20 cities for the fourth generation,” further adding, “The volume of investments in new cities amounted to EGP 12bn in 2015, including EGP 3.5bn for cities in Upper Egypt. While in 2016, about EGP 22bn were recorded, including EGP 2.4bn for Upper Egypt. Furthermore, during 2017, the NUCA’s investments amounted to EGP 37bn, encompassing EGP 5.2bn for Upper Egypt, while in 2018, investments amounted to EGP 32bn to include EGP 7.8bn for Upper Egypt’s cities.”

Over and above, he noted that the ministry is keen on developing projects through a partnership system, explaining that the ministry has contracted on 12 projects which are currently being developed through a partnership system.

The post NUCA develops 375 projects with EGP 5tn in four years appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2019/01/14/nuca-develops-375-projects-with-egp-5tn-in-four-years/feed/ 0
Newly-established EAMD aims to propose draft law organising real estate marketing sector https://dailynewsegypt.com/2019/01/14/newly-established-eamd-aims-to-propose-draft-law-organising-real-estate-marketing-sector/ https://dailynewsegypt.com/2019/01/14/newly-established-eamd-aims-to-propose-draft-law-organising-real-estate-marketing-sector/#respond Mon, 14 Jan 2019 09:30:25 +0000 https://www.dailynewsegypt.com/?p=686708 Association formed committee to resolve problems of marketing companies

The post Newly-established EAMD aims to propose draft law organising real estate marketing sector appeared first on Daily News Egypt.

]]>
The Egyptian Association for Marketing and Development (EAMD), has been recently established, and started its activities by studying a set of procedures to regulate the market in several issues, according to Ahmed Moustafa, chairperson of the EAMD.

Moustafa informed Daily News Egypt that the EAMD is preparing to form specialised committees assembling the association’s experienced members to suggest draft laws to regulate the real estate marketing field.

Furthermore, Moustafa noted that the EAMD currently includes 100 companies and has received a large number of applications to join the association which are under study in order to guarantee that these companies are specialised in real estate marketing and have previous experience and a good reputation.

The chairperson of the EAMD pointed out that the association formed a committee to resolve disputes and solve problems of marketing companies among each other, or between them and developers, or any other party. Furthermore, the association will take actions towards non-committed members through cancelling their membership from the association to ensure compliance with the rules of the market.

Moreover, he added that the association is the first legal entity to assemble marketing companies operating in the sector, pointing out that there is a plan to develop into a larger entity—similar to the Real Estate Development Chamber at the Federation of Egyptian Industries—through which a draft law to regulate real estate marketing will be developed.

Moustafa stressed that the market faces many challenges in the current period, elaborating that marketing companies have become major players in the sector, and its impetus as a promoter of projects both internally and externally. Furthermore, organising their work contributes to the growth of the sector. Additionally, the association plans to communicate with concerned parties to exchange ideas concerning this issue.

The post Newly-established EAMD aims to propose draft law organising real estate marketing sector appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2019/01/14/newly-established-eamd-aims-to-propose-draft-law-organising-real-estate-marketing-sector/feed/ 0
SAK targets EGP 1bn in sales of Sueño project  https://dailynewsegypt.com/2019/01/14/sak-targets-egp-1bn-in-sales-of-sueno-project/ https://dailynewsegypt.com/2019/01/14/sak-targets-egp-1bn-in-sales-of-sueno-project/#respond Mon, 14 Jan 2019 09:00:15 +0000 https://www.dailynewsegypt.com/?p=686703 Company managed to market 30% of project in 2 months

The post SAK targets EGP 1bn in sales of Sueño project  appeared first on Daily News Egypt.

]]>
SAK aims to achieve EGP 1bn sales of the Sueño project in the New Administrative Capital, according to Ahmed Ezzat, the sales manager.

Ezzat informed Daily News Egypt that the Sueño project’s investment reached EGP 750m.

Furthermore, he noted that the company succeeded in marketing 30% of the project since its launch in November.

The sales manager elaborated that the project is being developed on 11 feddan in R7 at the Administrative Capital with a built-up area of 14.8%, which is lower than the Administrative Capital for Urban Development company’s specifications, and the rest of the area of the project is allocated for services and landscape.

The Sueño project includes 369 units, he noted, elaborating that the company insisted on launching the project in a small area in order to build its brand name first through the project and then expand.

The company is waiting for ministerial approval for the project to begin construction work, expecting its issuance within days, he pointed out.

He projected the beginning of construction process in the first quarter of 2019.

Sueño project includes a commercial area including café, restaurants, administrative offices and shopping mall, he highlighted.

Ezzat noted that the commercial area’s expected sales reached EGP 750m with prices of EGP 50,000 per sqn.

“We plan to complete the whole project’s marketing in April,” Ezzat revealed, adding, “Moreover, the company launched another project called Elite in MU23 in the New Administrative Capital in June, and has completed marketing about 33% of the project.”

The Elite project’s ministerial approval is underway, he said, adding that the project is a mixed-use, and is comprised of medical and commercial units.

Ezzat disclosed that the company will announce a new project outside Cairo in Cityscape Egypt in March.

The post SAK targets EGP 1bn in sales of Sueño project  appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2019/01/14/sak-targets-egp-1bn-in-sales-of-sueno-project/feed/ 0
Edge Holding records EGP 1.2bn in sales of two phases in OIA project https://dailynewsegypt.com/2019/01/14/edge-holding-records-egp-1-2bn-in-sales-of-two-phases-in-oia-project/ https://dailynewsegypt.com/2019/01/14/edge-holding-records-egp-1-2bn-in-sales-of-two-phases-in-oia-project/#respond Mon, 14 Jan 2019 08:30:14 +0000 https://www.dailynewsegypt.com/?p=686701 Company plans to direct EGP 300m in project's investments in 2019

The post Edge Holding records EGP 1.2bn in sales of two phases in OIA project appeared first on Daily News Egypt.

]]>
Edge Holding has achieved EGP 1.2bn in sales of the first two phases of the OIA project in the New Administrative Capital, according to Nader Bader, vice chairperson of Edge Holding for the Commercial Sector.

Bader informed Daily News Egypt that the company plans to complete OIA’s marketing within six months, which is being developed in four phases.

The OIA project is spread over 30 acres in the New Administrative Capital, composed of only 20% of building areas, which include 1,280 units. Additionally, OIA’s mixed-used area is built on a total of 18,000 sqm, with the commercial area is on 4,800 sqm, and the project also includes a swimming pool, he noted.

He revealed that the company will begin construction work in February, noting that ministerial approval has been obtained last month.

Bader elaborated that the project’s commercial and residential investments reached approximately EGP 5bn.

“Additionally, the project includes a strip mall on 14,000 sqm, with EGP 85,000 as the price of a square metre. The mall’s units’ spaces range between 60 sqm to 250 sqm, ” he revealed, adding “The company has launched the project for marketing in December, and has achieved EGP 100m sales since its launch.”

Edge Holding’s Vice Chairperson disclosed that the company plans to direct EGP 300m in the project’s investments in 2019, indicating that the value of contracting contacts reached EGP 1bn over three years.

Over and above, the company is considering investment opportunities in Ain Sokhna and North Coast, he said.

Moreover, Bader highlighted that investing in the New Administrative Capital is very promising as it is guaranteed by the Egyptian armed forces and the state, and that even though the system land allocation in the New Capital may be very strict but it reassuring to the customer.

On the other hand, he denied the deceleration in sales in the fourth quarter of 2018, noting that his company witnessed great demand for its products in this quarter.

Edge Holding is owned by Egyptian-Saudi investment companies, with Egyptian investor being Al-Boroj Construction and the Saudi side is Wallan Group and Al Mashariq Trading and Contracting company.

The post Edge Holding records EGP 1.2bn in sales of two phases in OIA project appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2019/01/14/edge-holding-records-egp-1-2bn-in-sales-of-two-phases-in-oia-project/feed/ 0
Developers at IPS Egypt see real estate sector is generator of economy https://dailynewsegypt.com/2019/01/14/developers-at-ips-egypt-see-real-estate-sector-is-generator-of-economy/ https://dailynewsegypt.com/2019/01/14/developers-at-ips-egypt-see-real-estate-sector-is-generator-of-economy/#respond Mon, 14 Jan 2019 08:00:48 +0000 https://www.dailynewsegypt.com/?p=686689 Egyptian market is very unique thanks to huge demand: Abbas

The post Developers at IPS Egypt see real estate sector is generator of economy appeared first on Daily News Egypt.

]]>
Deputy Minister of Housing for National Projects, Khaled Abbas, Dawood Al Shezawi,  CEO of Strategic Marketing and Exhibitions and Director General of Dubai Land Department (DLD) Majida Ali Assistant inaugurated the International Property Show (IPS) on Thursday.

The exhibition period is from 10 to 13 January, with the participation of some Egyptian, Arab, and foreign companies.

During the IPS Egypt conference on Thursday, Abbas said that the Egyptian market is very unique thanks to the huge demand due to its increased population.

Abbas noted that the completion rate in the New Administrative Capital amounted to 50% of the first phase, pointing out that the first phase of the residential district will be handed over in June.

He pointed out that New Alamein is the first planned city on an area of ​​50,000 feddan, noting that the first phase includes many towers, revealing that next summer will see the operation of commercial projects in the city.

Additionally, the construction rate in New Mansoura reached 60%.

As for Majida Ali Rashid, the assistant director general of the DLD, she said that the IPS includes very distinguished projects, pointing out that the cooperation between the government  and the private sector increases the strength of the real estate sector.

Mohamed Abdel Ghany, member of parliament’s housing committee, said that the real estate industry is very important because 24% of the Egyptians are young people.

Abdel Ghany pointed out that the real estate sector represents 17% of the GDP, which is considered one of the key elements of economic development.

Tarek Shoukry, head of the Real Estate Development Chamber, said that the state’s strategic plan for 2050 aims to increase urban areas to reach 14% from 7%, the current area Egyptians live in, through launching fourth generation cities, including the New Administrative Capital.

Shoukry elaborated that the devaluation of Egyptian pound gave local property an added value and gave developers opportunity to open new markets during the coming period.

During the IPS conference, the Real Estate Development Chamber signed a cooperation protocol with the DLD in order to promote mutual real estate investment between developers in Egypt and the UAE.

Shoukry, said that the protocol aims to exchange expertise on several levels including the technological and technical fronts, encompassing a record of all real estate transactions. Moreover, issuing indicators describe market activity and information on several investment opportunities.

On the role of partnerships with the government sector, Amr Soliman, chairperson of Mountain View said that Egyptian developers have become one of the best real estate developers in Middle East.

Soliman praised the partnership projects, noting that partnership between public and private sectors are very successful.

He pointed out that last year witnessed a 35% increase in sales volume, explaining that the real estate sector does not have a bubble, but there is strong competition between real estate companies, in view of the large supply.

He stressed that 5.7% of the population in Egypt are foreigners, which creates an extraordinary opportunity for developers to market units to them.

Vice President for Maintenance and Public Utilities Operation at Talaat Moustafa Group, Ahmed Afifi, said that the company has implemented more than 60% of My City, which is on 8,000 feddan. In addition, the company is developing the largest area in the capital, which is 1000 feddan.

Afifi pointed out that a large percentage of the company’s sales are for foreigners, indicating that the state was very late in exporting property.

Noteworthy, CEO of Strategic Marketing and Exhibition, Dawood Al Shezawi, said that UAE investors and companies are interested in partnering with Egyptian and Arab real estate companies in order to increase these company sales.

The post Developers at IPS Egypt see real estate sector is generator of economy appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2019/01/14/developers-at-ips-egypt-see-real-estate-sector-is-generator-of-economy/feed/ 0
Real Estate Development Chamber, DLD sign cooperation protocol to promote real estate investment https://dailynewsegypt.com/2019/01/10/real-estate-development-chamber-dld-sign-cooperation-protocol-to-promote-real-estate-investment/ https://dailynewsegypt.com/2019/01/10/real-estate-development-chamber-dld-sign-cooperation-protocol-to-promote-real-estate-investment/#respond Thu, 10 Jan 2019 18:11:25 +0000 https://www.dailynewsegypt.com/?p=686449 Partnership aims to exchange expertise on several levels between two countries: Tarek Shoukry

The post Real Estate Development Chamber, DLD sign cooperation protocol to promote real estate investment appeared first on Daily News Egypt.

]]>
The Real Estate Development Chamber (REDC) signed a cooperation protocol with the Dubai Land Department (DLD) in order to promote mutual real estate investment between developers in Egypt and the UAE.

Tarek Shoukry, head of the REDC, said that the protocol aims to exchange expertise on several levels including the technological and technical fronts, encompassing a record of all real estate transactions. Moreover, issuing indicators describe market activity and information on several investment opportunities.

In the International Property Show (IPS) conference which was held on Thursday, Shoukry added that the protocol also includes cooperation in the legal aspect to study legislation which regulates the real estate sector in the two countries, and sharing their experience in this regard.

As for Majida Ali Rashid, the assistant director general of the DLD, she said that the IPS includes very distinguished projects, pointing out that the cooperation between the government  and the private sector increases the strength of the real estate sector.

The IPS is being held in the period from 10 to 13 January with the participation of large Egyptian, Emirati, as well as foreign real estate companies.

The post Real Estate Development Chamber, DLD sign cooperation protocol to promote real estate investment appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2019/01/10/real-estate-development-chamber-dld-sign-cooperation-protocol-to-promote-real-estate-investment/feed/ 0
MNHD achieves pre-sales of EGP 5.5bn in 2018 https://dailynewsegypt.com/2019/01/10/mnhd-achieves-pre-sales-of-egp-5-5bn-in-2018/ https://dailynewsegypt.com/2019/01/10/mnhd-achieves-pre-sales-of-egp-5-5bn-in-2018/#respond Thu, 10 Jan 2019 06:00:21 +0000 https://www.dailynewsegypt.com/?p=686371 Company delivered 788 units, keeping its promise to deliver units on time: El Hitamy

The post MNHD achieves pre-sales of EGP 5.5bn in 2018 appeared first on Daily News Egypt.

]]>
Madinet Nasr Housing and Development (MNHD), Egypt’s urban developer, announced today that its pre-sales in contracts and reservations for the year 2018 reached a record EGP 5.5bn. This amount was achieved primarily from the company’s projects, Taj City and Sarai, which achieved EGP 2.6bn and 2.3bn respectively, according to a press statement on Wednesday.

The company reported that Taj City’s pre-sales reached EGP 2.575bn in 2018, compared to EGP 1.890bn in 2017, meanwhile, Sarai’s pre-sale reached EGP 2.325bn in 2018, compared to EGP 3.128bn in 2017.

The company has achieved significant pre-sales in the Tag Sultan project to achieve EGP 216m, compared to EGP 4m in 2017. It has also achieved EGP 32m in the pre-sales of its Primera project in 2018, compared to EGP 6m in 2017, and recorded EGP 188m pre-sales in 2018, compared to EGP 135m in 2017 in its Capital Gardens project.

The company noted that the company’s projects total pre-sale value in 2018 reached EGP 5.495bn, compared to EGP 5.163bn in 2017.

MNHD also pointed out that the company has delivered 478 units in its Tag Sultan project in 2018, compared to 538 units in 2017, and delivered 310 units in its Primera project in 2018, with total deliveries of 788 units last year, compared to 538 units in 2017.

“We are extremely happy to reach our communicated targets this year,” said MNHD’s CEO, Ahmed El Hitamy, adding, “MNHD continues to grow on the back of its projects, Taj City and SARAI.”

El Hitamy commented that MNHD recorded deliveries of 788 units, while keeping its promise to deliver its units on time to clients.

In total, MNHD has more than 10,000 units under development and design, at five different projects in the Greater Cairo area, he further elaborated.

MNHD has initiated and completed a number of key developments, including the majority of the Nasr City district in the Greater Cairo area, which covers an area of more than 40m sqm, and is home to 3 million people.

MNHD’s land includes 3.5m sqm in Cairo, with Taj City extending across the Cairo International Airport, and SARAI extending across 5.5m sqm in a strategic location on the Suez Road next to the New Administrative Capital.

The post MNHD achieves pre-sales of EGP 5.5bn in 2018 appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2019/01/10/mnhd-achieves-pre-sales-of-egp-5-5bn-in-2018/feed/ 0
Real Estate Development Law to be issued within five months https://dailynewsegypt.com/2019/01/09/real-estate-development-law-to-be-issued-within-five-months/ https://dailynewsegypt.com/2019/01/09/real-estate-development-law-to-be-issued-within-five-months/#respond Wed, 09 Jan 2019 07:00:58 +0000 https://www.dailynewsegypt.com/?p=686250 Real Estate Tax Law has been approved, will be issued within 1 month

The post Real Estate Development Law to be issued within five months appeared first on Daily News Egypt.

]]>
In the current parliamentary session, it has to issue some real estate laws, namely, the Real Estate Development Law, the Real Estate Tax Law, the Unified Building Law, the Reconciliation of Building Violations and the Tenders Law, according to MP’s housing committee member Mohamed Abdel Ghany.

Abdel Ghany said that the Real Estate Development Law will be issued within five months.

Furthermore, Abdel Ghany noted that the draft law is currently being discussed by the housing committee in the ministry of housing, and is expected to be submitted to the parliament in February to be discussed and approved.

The Real Estate Development Law was submitted by the Real Estate Development Chamber at the Federation of Egyptian Industries.

The law is being discussed as there are some disputes surrounding the law, in addition to some reservations by developers on the period of completing projects, their delivery dates, and fines imposed on them.

The law aims to preserve the rights of all parties, consumers, developers, and the state, he indicated.

Additionally, he explained that the law regulates the offering of lands at affordable prices and obligates developers to fulfil their required duties in time and commit to the specifications of the contracted property.

Moreover, Abdel Ghany disclosed that the Real Estate Development Law and the Unified Building Law are supposed to be issued before the end of current legislative session.

For his part, Alaa Waly, head of the parliament’s housing committee, he said that the Real Estate Tax Law has been approved and will be issued within one month.

Waly added that the amendments of the law comprise of four articles, namely the price of the units.

He elaborated that the amendments stipulate that the tax rate shall become the sum of the area of the taxable property in the estimated amount per square meter of this area, after deducting 20% of the estimated value of each property for the premises used for housing purposes, and then deducting 15% for premises used for non-housing purposes.

The parliament has approved in its plenary session on 23 December 2018 a final draft law submitted by the government on the amendment of some provisions of the Real Estate Tax Law No 196 of 2008. 

Waly explained that the amendment states the bound tax shall be due to the first estimate as of July 1 2013, and as of January 1 of each year, in accordance with the provisions of the law. Additionally, this estimate is to be continued until the end of December 2021.

The post Real Estate Development Law to be issued within five months appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2019/01/09/real-estate-development-law-to-be-issued-within-five-months/feed/ 0
Akam Developments achieves EGP 1.7bn in sales from Scenario project https://dailynewsegypt.com/2019/01/07/akam-developments-achieves-egp-1-7bn-in-sales-from-scenario-project/ https://dailynewsegypt.com/2019/01/07/akam-developments-achieves-egp-1-7bn-in-sales-from-scenario-project/#respond Mon, 07 Jan 2019 16:47:13 +0000 https://www.dailynewsegypt.com/?p=686137 Company plans to develop 2 ventures in New Administrative Capital, says sales director

The post Akam Developments achieves EGP 1.7bn in sales from Scenario project appeared first on Daily News Egypt.

]]>
Akam Developments has achieved EGP 1.7bn in sales from its Scenario project at the New Administrative Capital at the end of 2018, according to the company’s Sales Director Mohamed Amer.

Amer added the project was built on an area of 39 feddan in the R7 region of the New Capital, and includes about 1,600 units with sizes ranging between 136 and 465 sqm, noting that the company plans to achieve sales of EGP 4bn in the project.

He elaborated that the project was divided into four phases, and Akam aims to complete the sale of its units by the end of 2019.

Furthermore, Amer disclosed that the company has already obtained ministerial approval to develop its Scenario project, and the first phase is already under construction.

Regarding the price hikes, he expected an increase of 5-7% on units’ prices, adding that real estate companies must gradually add these increases to maintain sales operations, while taking into account the continued stability of the customers’ purchasing power, explaining that this increase is an annual natural increase to be added from one phase to another in each project.

Moreover, the company will participate in some external real estate exhibitions in some Arab countries, namely Abu Dhabi in the UAE in January, in addition to an exhibition in Amman. He further elaborated that the company will also continue to participate in internal exhibitions in the local market, within the framework of the diversity between internal and external exhibitions with a view to market the project.

Additionally, he expected that Egypt’s real estate market will remain strong with a real demand, which is the safety valve for maintaining this market and its activity during the new year. Furthermore, the continued presence of companies with strong offers and participation in external exhibitions maintains the market’s continuity and helps reach a larger base of customers.

Akam was established in early 2018, with a paid capital of EGP 3bn. The company is owned by Al-Faisal Group of Companies, a subsidiary of the Faisal Islamic Bank, as well as Benayat Misr, Residence Development, and a group of engineering consultancy companies owned by Saudi businessperson, Saad Al-Ghaithi.

The post Akam Developments achieves EGP 1.7bn in sales from Scenario project appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2019/01/07/akam-developments-achieves-egp-1-7bn-in-sales-from-scenario-project/feed/ 0
Dubai Land Department participates in IPS https://dailynewsegypt.com/2019/01/06/dubai-land-department-participates-in-ips/ https://dailynewsegypt.com/2019/01/06/dubai-land-department-participates-in-ips/#respond Sun, 06 Jan 2019 15:37:07 +0000 https://www.dailynewsegypt.com/?p=686049 The Dubai Land Department (DLD) will participate in the upcoming International Property Show (IPS) in Cairo, in the period from 10 to 13 January, under the auspices and presence of Prime Minister Mostafa Madbouly. Also, the DLD will participate in IPS Jeddah, Saudi Arabia, which will kick off on 17 January and will last for …

The post Dubai Land Department participates in IPS appeared first on Daily News Egypt.

]]>
The Dubai Land Department (DLD) will participate in the upcoming International Property Show (IPS) in Cairo, in the period from 10 to 13 January, under the auspices and presence of Prime Minister Mostafa Madbouly.

Also, the DLD will participate in IPS Jeddah, Saudi Arabia, which will kick off on 17 January and will last for four days.

Majida Ali Rashid, assistant director general of DLD, said that the participation of the DLD in the two editions of the IPS in Cairo and Jeddah aims at promoting Dubai to be a destination for real estate development as well as an investment hub.

Rashid noted that the DLD is interested in stimulating real estate projects in Dubai, noting that the IPS provides promotional opportunities for the developers participating in the show, and facilitates the communication with customers from Saudi Arabia and Egypt.

She pointed out that the UAE and Egypt’s investors have an advanced database of the most popular investment in real estate in Dubai, adding that the DLD is keen on interacting with the IPS visitors in order to explain the services provided to investors, and to showcase the financing solutions, facilities, and incentives granted by the government in Dubai.

Dawood Al Shezawi, CEO of Strategic Marketing and Exhibitions, the company organising the IPS, said that the major reasons behind organising the IPS for the first time in Egypt are the strong relations between the UAE and Egypt, the promising investment opportunities in the Egyptian real estate market, and the keenness of officials in Egypt to support real estate export.

Al Shezawi stressed that the state’s major development projects will bring about a great economic revival to improve the living standards of Egyptian citizens.

He pointed out that the New Administrative Capital project is considered a new cultural renaissance by all standards.

Furthermore, he elaborated that Egypt’s real estate sector is the engine behind the development of the economy, and is considered the most attractive investment in the Arab region and the Middle East, given the availability of all the opportunities and potentials that companies need.

The post Dubai Land Department participates in IPS appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2019/01/06/dubai-land-department-participates-in-ips/feed/ 0
Ammar launches ‘Beit Ward’ residential project in West Cairo https://dailynewsegypt.com/2019/01/02/ammar-launches-beit-ward-residential-project-in-west-cairo/ https://dailynewsegypt.com/2019/01/02/ammar-launches-beit-ward-residential-project-in-west-cairo/#respond Wed, 02 Jan 2019 19:24:11 +0000 https://www.dailynewsegypt.com/?p=685845 Second phase will be launched for sale in the second half of 2019

The post Ammar launches ‘Beit Ward’ residential project in West Cairo appeared first on Daily News Egypt.

]]>
Ammar for Building announced the launch of the ‘Beit Ward’ residential project in the October Gardens district in the Sixth of October City, during a press conference on Tuesday.

Abeer Essam, chairperson of Ammar, said the company will develop the project, in collaboration with Delta Sugar company, with an investment of EGP 36m.

She added that the project will be developed in two phases, with targeted sales of EGP 48m in its first phase.

Essam explained that Beit Ward will be built on an area of 10,000 sqm and includes 240 residential units – 120 in each phase – with spaces ranging from 85 to 170 sqm. The company offers a payment plan up to five years, with a 20% down payment.

The second phase of Beit Ward will be offered for sale in the second half of 2019.

“Ammar for building has contracted with Concord Service Real Estate for exclusive marketing of the project and we plan to complete the first phase’s sales within three months, Essam said. “The company seeks to increase its landbank by participating in public auctions posed by the New Urban Communities Authority (NUCA) in the new cities, especially in the Sixth of October. In addition, the company also enters in partnerships with developers in new housing and tourism projects.”

She revealed that the company’s total investments reached EGP 5bn in residential, industrial, and tourism projects.

She pointed out that the current period is the most appropriate for real estate expansion, especially as many developers aim to launch new phases in their residential projects alongside the development of new projects.


The diversity of real estate projects benefits clients and provides good opportunities. Furthermore, real estate companies seek to attract the largest customer base by providing more attractive incentives during the current period.

In early 2018, the company has begun working in commercial real estate after a long period of only focusing on the housing field. The company has obtained two plots of land through auctions and is preparing to establish two commercial malls.

Essam revealed that the two commercial malls’ investments reached EGP 800m, explaining that the first plot of land of 9,000 sqm is located near Mall of Arabia. The investments of the first mall are estimated at EGP 300m serving six residential compounds.

The post Ammar launches ‘Beit Ward’ residential project in West Cairo appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2019/01/02/ammar-launches-beit-ward-residential-project-in-west-cairo/feed/ 0
ACUD confirms continuity of negotiations with Emaar to acquire 1,500 feddan https://dailynewsegypt.com/2019/01/01/acud-confirms-continuity-of-negotiations-with-emaar-to-acquire-1500-feddan/ https://dailynewsegypt.com/2019/01/01/acud-confirms-continuity-of-negotiations-with-emaar-to-acquire-1500-feddan/#respond Tue, 01 Jan 2019 19:49:32 +0000 https://www.dailynewsegypt.com/?p=685719 Development in 1st phase of Capital being swiftly finalised compared to available time

The post ACUD confirms continuity of negotiations with Emaar to acquire 1,500 feddan appeared first on Daily News Egypt.

]]>
The Administrative Capital for Urban Development (ACUD) confirmed the continuation of negotiations with Emaar Properties to develop a 1,500-feddan plot in the New Administrative Capital, ACUD spokesperson Khaled El Hosseini informed Daily News Egypt.

El Hosseini said, “We are open to all serious Egyptian and Arab companies which desire to invest in the Administrative Capital,” revealing that negotiations between the two companies are on the price of a metre, and described the plot of land as “very unique.”

He added that the ACUD is receptive and welcomes negotiations with Emaar on partnership projects in the Capital if requested, as it is one of the most important Arab companies and will be a gain to the city. “Therefore, we cannot say that the negotiations have stalled because some deals take a long time to agree upon,” El Hosseini elaborated.

Additionally, he pointed out that Egyptian real estate developers in the Capital are able to accomplish high achievement rates within the project.

Furthermore, he denied that any real estate developer working in the Administrative Capital demanded to withdraw from the Capital project, confirming that the project is a distinctive one in its designs, and will witness great demand soon whether by developers or customers.

On Sunday, a report by Bloomberg said that discussions between Egyptian officials and Emaar have stalled because Emaar wanted to buy the land at a price below the EGP 3,500-EGP 4,000 per sqm, which the ACUD did not accept.

In a separate context, El Hosseini said that the development process in the first phase of the Capital is being swiftly finalised compared to the available time in terms of infrastructure and residential neighbourhoods, government, and embassy districts.

He also noted that the development rate of the first phase reached 50% in the government district, which consists of 36 buildings, comprised of 34 ministries, in addition to cabinet buildings, and parliament buildings.

The post ACUD confirms continuity of negotiations with Emaar to acquire 1,500 feddan appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2019/01/01/acud-confirms-continuity-of-negotiations-with-emaar-to-acquire-1500-feddan/feed/ 0
Elite completes EGP 300m sales for developers in 2018 https://dailynewsegypt.com/2018/12/31/elite-completes-egp-300m-sales-for-developers-in-2018/ https://dailynewsegypt.com/2018/12/31/elite-completes-egp-300m-sales-for-developers-in-2018/#respond Mon, 31 Dec 2018 08:30:09 +0000 https://www.dailynewsegypt.com/?p=685522 Expected increase in demand for commercial, administrative units in 2019, says Eltabakh

The post Elite completes EGP 300m sales for developers in 2018 appeared first on Daily News Egypt.

]]>
Elite Real Estate Consultancy has achieved EGP 300m in sales to developers in 2018, and aims to expand the marketing of administrative and commercial projects, according to Chairperson Walaa Eltabakh.

Eltabakh said that the projects that the company marketed were concentrated in the east Cairo area, especially the cities of New Cairo and New Administrative Capital, as well as projects in Ain Sokhna and the North Coast.

Additionally, the company’s chairperson added that Elite Real Estate Consultancy’s project portfolio includes 80 projects for about 40 developers in a variety of activities, and the Administrative Capital has secured about 10 projects from this portfolio, and another 10 in Ain Sokhna, while the rest of the projects are distributed in various Egyptian cities.

Eltabakh noted that the company is focused during the coming period on administrative and commercial projects, which represents a good opportunity for customers, especially those wishing to invest, along with the high demand on these projects, and the shortage in supply of these types of units, unlike the manifold supply of housing units.

In October 2018, the company launched a new branch in Mansoura City, Dakahlia governorate.

The prices are expected to increase by 5-15% in 2019, in the thick of the expected increase in building materials, as the state moves towards completing its plan to cut oil subsidies, in addition to companies’ plans for annual increases, but this measure may cause a relative lag in sales.

He expected an increase in sales of real estate projects in new cities such as the New Administrative Capital, New Alamein, and New Damietta.

However, he elaborated that cities in Upper Egypt need more promotion and marketing similar to successful cities such as New Alamein.

The post Elite completes EGP 300m sales for developers in 2018 appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2018/12/31/elite-completes-egp-300m-sales-for-developers-in-2018/feed/ 0
Sorouh earns ministerial consent for Entrada project in New Administrative Capital https://dailynewsegypt.com/2018/12/31/sorouh-earns-ministerial-consent-for-entrada-project-in-new-administrative-capital/ https://dailynewsegypt.com/2018/12/31/sorouh-earns-ministerial-consent-for-entrada-project-in-new-administrative-capital/#respond Mon, 31 Dec 2018 08:00:46 +0000 https://www.dailynewsegypt.com/?p=685532 Project will include residential buildings on areas ranging from 120 sqm to 220 sqm at prices starting from EGP 8,800 per sqm, with payment installations over periods of up to 10 years

The post Sorouh earns ministerial consent for Entrada project in New Administrative Capital appeared first on Daily News Egypt.

]]>
Sorouh Developments announced that it has obtained ministerial approval for Entrada project’s master plan.

Entrada is located on 72 feddan with total investments of EGP 9bn, and is comprised of 3,000 residential units designed according to European heritage.

Walaa Alami, a member of Sorouh’s board of directors, said that the project will be developed within four years.

Alami noted that the New Administrative Capital project is the largest national project, and it receives great interest by the Egyptian state as it is Egypt’s gateway towards the era of smart cities, relying on a sunstantial technological infrastructure, which will lead to a significant reverberation in the real estate sector in Egypt.

Entrada will include residential buildings on areas ranging from 120 sqm to 220 sqm at prices starting from EGP 8,800 per sqm, with payment installations over periods of up to 10 years, elaborated Alami.

Furthermore, the project will include regular apartments, duplexes, and penthouses, with the possibility of purchasing them fully furnished, added Alami. There will also be a commercial area of 1.3 sqkm. Alami noted that the project is designed according to the European style to provide additional spaces in front of the buildings which are surrounded by large green areas.

Entrada is a Spanish word meaning gateway. The project’s name reflects its main objective which is to become a gateway to the future and a new lifestyle.

In addition, the project’s actual location lies at the entrance of the New Administrative Capital.

The post Sorouh earns ministerial consent for Entrada project in New Administrative Capital appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2018/12/31/sorouh-earns-ministerial-consent-for-entrada-project-in-new-administrative-capital/feed/ 0
City Edge achieves EGP 11bn sales in 2018 https://dailynewsegypt.com/2018/12/31/city-edge-achieves-egp-11bn-sales-in-2018/ https://dailynewsegypt.com/2018/12/31/city-edge-achieves-egp-11bn-sales-in-2018/#respond Mon, 31 Dec 2018 07:30:18 +0000 https://www.dailynewsegypt.com/?p=685529 Company concluded EGP 8bn in sales of New Alamein's skyscrapers

The post City Edge achieves EGP 11bn sales in 2018 appeared first on Daily News Egypt.

]]>
City Edge Developments has managed to achieve EGP 8bn in sales of five skyscrapers in New Alamein City, according to the company’s CEO, Amr El Kady.

Furthermore, City Edge is marketing and managing the North Edge project in New Alamein City in favour of New Urban Communities Authority (NUCA).

El Kady informed Daily News Egypt that the company has achieved EGP 11bn in 2018, as a result of the great demand on the companies’ projects.

The implementation process in New Alamein is rather swift, with some towers reaching 11 floors, while the completion of the city’s entertainment area is underway, City Edge’s CEO revealed.

Moreover, the company has achieved EGP 1.5bn in sales of the Zahya project in New Mansoura in only three days of launching the project, unlike their previously declared forecasts, as they expected to achieve EGP 1bn sales in three months.

Additionally, El Kady confirmed that the government’s projects offered by the NUCA do not compete with the private sector. He stated that they are products like other products in the real estate market, and that the client is the final judge who selects between a myriad of products.

In May 2017, City Edge Developments and the NUCA signed a protocol to undertake the construction; development; management; design; branding; marketing; sales, as well as maintenance and aftersales services for seven projects taking place in New Alamein, the New Administrative Capital, and New Mansoura.

The post City Edge achieves EGP 11bn sales in 2018 appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2018/12/31/city-edge-achieves-egp-11bn-sales-in-2018/feed/ 0
Real estate developers, experts pose more mergers, acquisitions in market in 2019 https://dailynewsegypt.com/2018/12/31/real-estate-developers-experts-pose-more-mergers-acquisitions-in-market-in-2019/ https://dailynewsegypt.com/2018/12/31/real-estate-developers-experts-pose-more-mergers-acquisitions-in-market-in-2019/#respond Mon, 31 Dec 2018 07:00:01 +0000 https://www.dailynewsegypt.com/?p=685521 Entity solider stronger than sole entity; cost of project’s building in ensemble remains cheaper

The post Real estate developers, experts pose more mergers, acquisitions in market in 2019 appeared first on Daily News Egypt.

]]>
Real estate experts and developers expect mergers or acquisitions among real estate companies in the coming period to avoid a decreased rate of growth in market sales.

They forecast that the near future will see the filtering of many small- and medium- size companies, as well as a new phase of mergers and acquisitions, whether mergers in projects or in entities. The latest was the real estate private equity joint venture between Aur Capital and Wadi Degla Developments.

In July, Aur Capital has signed an agreement with Wadi Degla Developments, whereby the shareholders of Wadi Degla acquired 70% of the new Aur Wadi Degla, while 30% will remain for Aur Capital. The transaction was conducted through increasing the capital of Wadi Degla by EGP 300m, and a share swap in the new entity. Additionally, another example is the negotiations of SODIC to acquire Madinet Nasr for Housing and Development (MNHD).

Furthermore, there are great apprehension that the real estate market will enter a new phase of deceleration or recession, in view of the high prices and the abundance of projects offered in the market, during the decreased purchasing power of large segments of Egyptians. Moreover, some developers prognosticate that unexperienced and reckless companies will exit the market due to lack of market experience.

The CEO of the Saudi-Egyptian Construction Company, Darwish Hasanen, said that the real estate market may witness mergers, rather than market exits, and mergers either in investments or in entities.

Hasanen said that a strong entity is a solider instead of an individual entity and the cost of project’s construction in that entity remains cheaper, and the speed of completion be faster. Since each party in this newly-established entity has an advantage, when they merge, integration creates a robust entity which operates to produce a high quality product in the shortest time.

Impact Commercial Real Estate CEO Ali Gaber denied what some people say that the real estate market is in a recession.

Gaber indicated that the market is only undergoing a re-filtering situation to achieve a balance, especially since real estate prices have increased over the past period, and some companies exaggerated in raising their unit prices.

He stressed that 2018 witnessed a correction wave in the real estate market, and will continue during the first half of 2019, accompanied by the exit of many small entities operating in the market, or a wave of mergers and acquisitions between small entities, which is the most suitable solution for those types of companies.

Meanwhile, Tarket Shoukry, head of Real Estate Development Chamber at the Federation of Egyptian Industries, said that the most recent outcome is the existence of new companies as most of them do not have the necessary experience and sufficient financial solvency for the implementation of a large real estate projects.

Shoukry noted that 2019 will witness the continuation of large companies who have financial solvency and technical expertise.

He pointed out that the chamber, in cooperation with the ministry of housing, exert more efforts to solve problems facing real estate developers, saying, “The chamber, in collaboration with officials of New Urban Communities Authority (NUCA), recently solved several problems facing developers in the market.”

The current period is the most appropriate time for the emergence of real estate developers unions in order to regulate the market and achieve the necessary balance between the three parties: developers, the government, and customers, especially after the entry of a large number of new real estate companies into the market recently. Plus, changes that have begun to take place recently, Shoukry stated.

“We [chamber] are working on reviving this idea. The draft law has been prepared and is ready for discussion, but it is still being discussed by parliament’s Housing Committee. We hope to open a community discussion on the draft law in the coming period.”

For his part, Fathallah Fawzy, chairperson of Mena for Touristic and Real Estate Development, said that the phenomenon of failing real estate companies every year is not a new one. Every period, the real estate market witnesses the exit of a company or two companies for various reasons, most notably the company’s lack of commitment and its deficient seriousness in the implementation of projects.

Fawzy noted that recently, some real estate companies exited the market due to conceiving unrealistic projects.

He proposed that the state should oblige real estate companies to open special accounts for the project’s clients, provided that such funds are channelled to the project through a “security deposit” to preserve the clients’ rights.

The post Real estate developers, experts pose more mergers, acquisitions in market in 2019 appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2018/12/31/real-estate-developers-experts-pose-more-mergers-acquisitions-in-market-in-2019/feed/ 0
Property developers calls for state mechanism to provide mortgage finance with interest rate commensurate with citizens’ income https://dailynewsegypt.com/2018/12/25/property-developers-calls-for-state-mechanism-to-provide-mortgage-finance-with-interest-rate-commensurate-with-citizens-income/ https://dailynewsegypt.com/2018/12/25/property-developers-calls-for-state-mechanism-to-provide-mortgage-finance-with-interest-rate-commensurate-with-citizens-income/#respond Mon, 24 Dec 2018 22:45:28 +0000 https://www.dailynewsegypt.com/?p=684993 Contractors call for fund with 2% interest rate; critical of state’s entry into luxury housing market

The post Property developers calls for state mechanism to provide mortgage finance with interest rate commensurate with citizens’ income appeared first on Daily News Egypt.

]]>
Real estate developers demanded from the Egyptian government to develop a mechanism to provide a mortgage finance with an interest rate that is commensurate with citizens’ income.

During the ‘Urban Development and Industrialisation’ session at the fifth Akhbar Al Youm economic conference entitled ‘Industrialisation…The road to the future’ held on Sunday, developers called for the establishment of a union for real estate developers through issuing a new law to preserve the rights of citizens and developers, as well as to develop a Unified Building Law, in order to encourage the use of modern and sophisticated methods of sustainable and green construction.

Participating developers said that the banking sector has to provide incentives to encourage industrial developers to achieve Egypt Vision 2030.  They also called for unifying state authorities eligible for sale of land and licensing procedures for projects in the North Coast in a single entity.

Hisham Talaat Moustafa, chairperson of the Talaat Moustafa Group, said that the real estate sector has not yet played its purported role in the development of the country, pointing out that it needs long-term financing.

Moustafa added that one of the most important problems facing developers is the lack of funding and the government must reconsider mortgage financing.

He noted that the real estate market is not suffering from a recession, however the market mechanism of supply and demand changes, most notably the state implementation of units for residential segments which is the role that must be played by private sector.

The government has to initiate further mechanisms to support the private sector through involving them in urban development projects carried out by the government, he elaborated.

He stressed the need to find alternative financing mechanism such as funds to support the interest of real estate finance to be able to serve citizens so as to encourage them to own a housing unit and to stimulate the real estate market in the coming period, noting that the real estate sector contributes 30% of the GDP.

“Stimulating and supporting the real estate market contributes towards increasing the total GDP which in return supports the Egyptian tax system, and also contributes towards reduce the inflation rate,” Moustafa explained.

He called on the government to support developers by providing land at affordable prices, in addition to offering lands through build–operate–transfer (BOT) system for the implementation of infrastructure projects, and to open the way for specialised international companies to implement these projects through the usufruct system.

Amr El Kady, CEO of City Edge Developments, said that fourth-generation cities provide a great opportunity for developers because the planning of these cities includes industrial lands along with lands for residential purposes.

El Kady noted that City Edge entered new markets to encourage developers, notably New Alamein, adding that the company has begun construction works in New Alamein in February and it has completed a large part of it, which prompted other real estate developers to launch businesses in the city.

“Next year is expected to witness more cooperation between developers and the banking sector,” said Sherif Heliw, chairperson of Marseilia Group.

Heliw pointed out that the banking sector should participate in financing units of 90 sqm areas, in a way that suits the income of Egyptian citizens.

He added that real estate companies during the coming period should study market needs, noting that large units do not suit the needs of customers.

Heliw called on the state to sell lands with required utilities, saying that utilities attract investors. He also called for the unification of state authorities eligible for the sale of land and licensing procedures for projects in the North Coast in a single entity.

Mohamed Sultan, CEO of Palm Hills Developments, said that real estate developers currently act as financier and developer simultaneously, which adds to the burden on their expansion plans.

He urged for the activation of the mortgage and bank financing programmes for companies and customers to encourage them to own their units.

Sultan added that the private sector can help in finding different mechanisms which suit the current situation and culture of the people, pointing out that there is an intensive competition between developers to provide products with the highest quality.

Sultan agreed with Mustafa in his call to initiate a fund with a 2% interest rate, which is very important for developers and customers, criticising the state’s entry into the luxury housing market.

The post Property developers calls for state mechanism to provide mortgage finance with interest rate commensurate with citizens’ income appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2018/12/25/property-developers-calls-for-state-mechanism-to-provide-mortgage-finance-with-interest-rate-commensurate-with-citizens-income/feed/ 0
First real estate exhibition held in Egyptian embassy in Oman https://dailynewsegypt.com/2018/12/24/first-real-estate-exhibition-held-in-egyptian-embassy-in-oman/ https://dailynewsegypt.com/2018/12/24/first-real-estate-exhibition-held-in-egyptian-embassy-in-oman/#respond Mon, 24 Dec 2018 09:30:24 +0000 https://www.dailynewsegypt.com/?p=684901 Initiative achieved positive results, sped up process of promoting Egyptian real estate export: Hegazy

The post First real estate exhibition held in Egyptian embassy in Oman appeared first on Daily News Egypt.

]]>
The first real estate exhibition inside an Egyptian embassy, ​​which was held at the embassy of the Arab Republic of Egypt in Muscat, Oman, was inaugurated by ambassador of Egypt to Oman Mohamed Ghoneim, and Mahmoud Hegazy, chairperson of the Holding Company for Construction and Development (HCCD), affiliated to the Ministry of Public Enterprise Sector.

The exhibition was held from 20-22 December on an area of 37 feddan.

The aim of this initiative is to provide services to Egyptian expatriates in the Omani Sultanate who are interested in acquiring real estate in Egypt, and promoting investments in Egypt’s real estate sector and boost the economy as a whole through attracting Arab capital.

The embassy hosted Egypt’s real estate Real Mark exhibit, the exclusive HCCD marketing company.

Hegazy said that the initiative achieved positive results and sped up the process of promoting Egyptian real estate export.

Furthermore, Hegazy noted that the success of this step in stimulating Egyptian embassies in various Arab and foreign countries will help to simulate it, especially since there are substantial numbers of Egyptian expatriates working in different countries.

Additionally, he said, there are real investment interests by Arab and foreign investors to buy into the Egyptian market and pump investment in view of the major projects and efforts exerted by the Egyptian government on the legislative level to support investment.

As for Naglaa Elsaeed Real Mark chairperson, she said that the company participated in the exhibition with HCCD distinguished and quality projects.

The post First real estate exhibition held in Egyptian embassy in Oman appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2018/12/24/first-real-estate-exhibition-held-in-egyptian-embassy-in-oman/feed/ 0
200 companies acquire lands at New Administrative Capital: Abdeen https://dailynewsegypt.com/2018/12/24/200-companies-acquire-lands-at-new-administrative-capital-abdeen/ https://dailynewsegypt.com/2018/12/24/200-companies-acquire-lands-at-new-administrative-capital-abdeen/#respond Mon, 24 Dec 2018 09:00:29 +0000 https://www.dailynewsegypt.com/?p=684899 ACUD is considering offering land in partnership system with developers

The post 200 companies acquire lands at New Administrative Capital: Abdeen appeared first on Daily News Egypt.

]]>
The Administrative Capital for Urban Development (ACUD) has managed to sell lands for 200 companies in all the offerings at the New Administrative Capital, says ACUD Chairperson Ahmed Zaki Abdeen.

Abdeen added that half of the third offering at the eighth neighbourhood (R8) in the New Capital has been sold out.

The company has prepared for the third offering of the Administrative Capital’s lands, and 18 real estate companies acquired lands from this offering, at a total 600 feddan, with sum value of EGP 10bn, Abdeen noted.

Furthermore, he explained that price per feddan at the Capital is estimated at EGP 15.4m.

There are many ongoing negotiations with more than one foreign and Arab investor to acquire plots of land in the Capital, indicated ACUD’s Chairperson.

Abdeen elaborated that the company is considering offering land in a partnership system with developers, in addition to a cash system by offering lands, noting that the ACUD did not deal through the partnership system before to receive money to develop the Capital’s infrastructure.

ACUD has begun to receive requests by foreign investors in partnership with Egyptian investors to acquire plot of lands with spaces not less than 500 feddan, revealed the chairperson.

Moreover, he disclosed that Chinese and Korean companies have submitted requests to acquire lands in a partnership system during the last period, however, these offers are still under study, highlighting that the ACUD intends to offer lands in a partnership system in the third offering.

“The ACUD will not allow developers to offer units from their projects before obtaining ministerial approval. Developers doing that are subject to legal liability, as this is a legal violation,” Abdeen said.

He stressed that the conditions for obtaining land in the New Administrative Capital are not unfair, explaining that companies pay for the land value in four instalments, and each instalment is “20% of land value, after paying 20% as a down-payment,” noted Abdeen, adding that “40% of the companies have already started construction works”.

Over and above, Abdeen confirmed that, “The ACUD did not contract with the Chinese CFLD company, the developer of the central business district, due to disagreements on the percentage of the New Administrative Capital revenues, where the Chinese company offered 33% in revenues for the Administrative Capital company, and the Administrative Capital company wishes to get 40%.”

Meanwhile, the company is currently negotiating with a Korean company to develop 14 feddan in the Capital, which are similar to the Chinese company, explained Abdeen,  noting that, “If negotiations are completed, it will be better.”

As for ACUD Deputy Chairperson, Mohamed Abdel Latif, he said that the company’s budget will increase during 2019 to reach EGP 65bn, compared to EGP 45bn, pointing out that 43 companies have applied to obtain lands in the third offering so far.

He explained that every 3 months ACUD conducts studies on financial and executive offers and company sales to study the size of the implementation of projects in the New Administrative Capital.

Abdel Latif revealed that there is a 20% increase in the third offering’s metre price, where the price of a metre will be between EGP 4,500 to EGP 5,000, and the estimated area of the third offering is 2,000 feddan.

Furthermore, he divulged that some major real estate developers have submitted offers to the ACUD in order to acquire land according to the partnership system, including the Talaat Moustafa Group, Misr Italia, Al Rajhi Holding, explaining that the offer of Emaar Misr is still under negotiation.

The post 200 companies acquire lands at New Administrative Capital: Abdeen appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2018/12/24/200-companies-acquire-lands-at-new-administrative-capital-abdeen/feed/ 0
First Group plans to achieve EGP 1bn sales in 2019 https://dailynewsegypt.com/2018/12/24/first-group-plans-to-achieve-egp-1bn-sales-in-2019/ https://dailynewsegypt.com/2018/12/24/first-group-plans-to-achieve-egp-1bn-sales-in-2019/#respond Mon, 24 Dec 2018 08:30:07 +0000 https://www.dailynewsegypt.com/?p=684895 Company will launch two projects in Ain Sokhna, North Coast next year

The post First Group plans to achieve EGP 1bn sales in 2019 appeared first on Daily News Egypt.

]]>
First Group for Real Estate Investment intends to launch two new tourism residential projects in Ain Sokhna and the North Coast with EGP 12bn in target sales, according to the company’s Chairperson Bashir Mostafa.

Daily News Egypt interviewed Mostafa to find out the company’s plan for the coming year, the transcript for which is below, lightly edited for clarity:

What is company’s expansion plan?

First Group plans to launch two tourism residential projects in the North Coast and Ain Sokhna. The first is in the North Coast and it will be launched by mid-2019 with EGP 3bn in investments with anticipated sales of EGP 6bn.

The project is located on an area of 94 feddan in Fouka Bay, the North Coast, and about 25% of the project is allocated for service apartments, and it will be delivered semi-finished as a residential units. The project is owned by the company and we plan to implement and market it next year.

Next, the company intends to launch a new residential housing project in Ain Sokhna next year with targeted revenues of EGP 6bn. The project is located on an area of 85 feddan, and is being implemented with a total investment of EGP 2.2bn. We plan to market it in the third quarter of next year. It will be implemented in partnership with investors, and owners of part of the land.

Furthermore, the company is studying the execution of a partnership residential project system in the New Administrative Capital on 42 feddan. The project’s land is owned by one of the companies of the public business sector. The company will develop and market the project according to its market experience.

Additionally, the company also applied for land of between 5,000 and 8,000 sqm for the implementation of an administrative project in the Administrative Capital.

Beyond that, an agreement is being reached with an industrial investor in Suez city to develop a partnership project on an area of 12,000 sqm and a 60,000 sqm to implement a middle-income housing project.

What is the value of targeted sales in 2019?

We aim to achieve sales of EGP 1bn, driven by launching the two coastal projects in addition to the sales of fourth phase of Kenz Compound and Kazan Mall.

What is the value of investments that will be directed into your projects next year?

The company will direct EGP 700m in investments into its projects in 2019.

When will the company deliver the Kenz compound project?

We plan to deliver the units of Kenz Compound in Sixth of October City by 2020, at an investment value of EGP 800m. The project is held on 30 feddan and includes Kaya Plaza mall and a social club, as well as1,350 units with spaces ranging between 90 sqm and 250 sqm.

What is the value of the project’s targeted sales?

The targeted sales of the residential part of the project amounted to about EGP1.5bn, and the company has attained about 75% of total target sales.

What is the project’s delivery situation?

The first and second phases have been handed over, and the company is completing the third phase, and has recently started the implementation of the fourth and final phase of the project, which includes 12 buildings.

What is the value of investments of the Kaya Plaza Mall in the Kenz Compound project?

The total investment of 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 2 basement floors which are used as a parking lot for the project.

What is the value of investments in the Kazan Plaza Mall in Sixth of October City?

The Kazan Plaza Mall is being developing in Sixth of October City, in front of Mall of Arabia, and the company has directed EGP 300m in project’s investments.

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

The company will sell the administrative and medical units, and rent the commercial units. The project will be maintained and managed by a company affiliated to First Group, in order to guarantee the quality of the mall’s services. Two administrative and medical buildings were integrated into the project and marketed, with the remaining two integrated in the coming year.

What is the project’s targeted sales?

The company targets EGP 900m sales of the project.

What is the company’s source of funding?

The company finance projects from sales and self-finance by shareholders, as well as banking loans. The company has acquired loans from some Egyptian banks, EGP120m from Ahli United Bank, EGP 80m from Al Baraka Bank, and EGP 35m from BLOM Bank.

The post First Group plans to achieve EGP 1bn sales in 2019 appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2018/12/24/first-group-plans-to-achieve-egp-1bn-sales-in-2019/feed/ 0
Cityscape Egypt holds business breakfast to discuss investment future in Egypt https://dailynewsegypt.com/2018/12/23/cityscape-egypt-holds-business-breakfast-to-discuss-investment-future-in-egypt/ https://dailynewsegypt.com/2018/12/23/cityscape-egypt-holds-business-breakfast-to-discuss-investment-future-in-egypt/#respond Sun, 23 Dec 2018 16:39:03 +0000 https://www.dailynewsegypt.com/?p=684816 Event will be on 14 January for debate, discourse, information exchange to address 2019’s most pressing real estate issues

The post Cityscape Egypt holds business breakfast to discuss investment future in Egypt appeared first on Daily News Egypt.

]]>
The future of Egypt’s new metropolises will be tackled at the Cityscape Egypt’s business breakfast as government authorities and leading real estate experts weigh in on the country’s plans in 2019.

The business breakfast, set to take place on 14 January at the Nile Ritz-Carlton in Cairo, will deliver a high-profile platform for debate, discourse, and information exchange as it addresses 2019’s most pressing real estate issues.

Held under the theme ‘Moving forward; the future of investing in Egypt’, the event—a prelude to the Cityscape Egypt exhibition taking place on 27-30 March at the Egypt International Exhibition Centre—will hone in on the core issues in Egypt’s real estate sector next year, delving into the country’s progress on new cities and looking at how to drive investment.

On the agenda, there will be a speech entitled “Ushering in a new era: new cities update,” to be delivered by Prime Minister and Minister of Housing Mostafa Madbouly. Meanwhile, Minister of Planning and Administrative Reform, Hala El-Saeed will also deliver a speech named “Management reform plan and sustainable development strategy.”

The event will be concluded with a panel discussion under the name of “Moving into the international arena” which will see experts address several topics, such as foreign investment, creating an attractive return on investment for investors, and satisfying the supply gap in the local market.

Fathallah Fawzi, head of the 2018 Cityscape Egypt and chairperson of the MENA for Real Estate Development Consultancy, said that one of the central themes on the programme will be economic reforms and its effects over the last two years, in addition to the numerous investment opportunities available in Egypt’s new cities.

Looking at new cities, Fawzi said they are driving foreign and domestic investment with many investors looking to invest in Al Alamein and the New Capital.

The post Cityscape Egypt holds business breakfast to discuss investment future in Egypt appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2018/12/23/cityscape-egypt-holds-business-breakfast-to-discuss-investment-future-in-egypt/feed/ 0
Amlak Property Show starts on Friday https://dailynewsegypt.com/2018/12/20/amlak-property-show-starts-on-friday/ https://dailynewsegypt.com/2018/12/20/amlak-property-show-starts-on-friday/#respond Thu, 20 Dec 2018 17:48:57 +0000 https://www.dailynewsegypt.com/?p=684615 Amlak Marketing Consultant is organising the Amlak Property Show on 21-22 December in the Sixth of October City.

The post Amlak Property Show starts on Friday appeared first on Daily News Egypt.

]]>
Hesham Samir, chairperson of Amlak, said that, “SODIC, Tatweer Misr, Iwan Developments, Inertia, First Group for Real Estate Investment, New Turquoise Jewellery, and Methods Design and Engineering will participate in the first real estate exhibition to serve the cities of Sheikh Zayed and Sixth of October.”

Samir pointed out that exclusive offers and discounts will be offered for administrative, commercial, and residential projects in the cities of Sixth of October, Sheikh Zayed, Ain Sokhna, as well as in the North Coast.

Amlak is a joint stock company founded in Egypt with offices that extend to Qatar, UAE, and SAE.

The post Amlak Property Show starts on Friday appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2018/12/20/amlak-property-show-starts-on-friday/feed/ 0
ACUD in talks with Korean companies on developing Administrative Capital’s CBD https://dailynewsegypt.com/2018/12/20/acud-in-talks-with-korean-companies-on-developing-administrative-capitals-cbd/ https://dailynewsegypt.com/2018/12/20/acud-in-talks-with-korean-companies-on-developing-administrative-capitals-cbd/#respond Thu, 20 Dec 2018 06:29:55 +0000 https://www.dailynewsegypt.com/?p=684524 Company confirms suspending negotiations with CFLD, but Chinese embassy says negotiations are progressing smoothly

The post ACUD in talks with Korean companies on developing Administrative Capital’s CBD appeared first on Daily News Egypt.

]]>
Egypt’s New Administrative Capital for Urban Development company (ACUD) has affirmed that it suspended its negotiations with the China Fortune Land Development (CFLD) for the development of the central business district (CBD) in the new capital.

Khaled El-Husseini, ACUD spokesperson, told Daily News Egypt that the CFLD wanted to allocate 33% of the project’s revenues to the ACUD, however, the later was targeting a 40% share. “This share was unfair,” he said.

El-Husseini pointed out that if the Chinese company desired to resume negotiations, the ACUD will insist on having 40% of the revenues.

Meanwhile, Ahmed Zaki Abdeen, chairperson of ACUD, told Daily News Egypt that his company is currently in talks with other companies, some of them are Korean and others are Chinese, to develop the CBD.

The ACUD announced earlier that it aims to develop the CBD in collaboration with CFLD with a $20bn Chinese fund.

Negotiations have started two years ago but the two sides failed to reach an agreement so far on revenues sharing.

The Chinese Embassy in Egypt said that Chinese companies participating in the construction of the New Administrative Capital are progressing smoothly.

The embassy noted that its economic and commercial office released media reports concerning the Chinese companies participating in developing the new Egyptian capital.”

The embassy pointed out that the new capital is a major strategic project in Egypt, and many Chinese companies expressed their interest to cooperate with Egypt in the construction of its new capital, noting that some projects are actively under negotiation.

“The Chinese company and the Egyptian side signed a contract for the new capital central business district project. The construction of the project started in May 2018 and is progressing smoothly,” the embassy elaborated. “China supports competent Chinese companies to participate in various aspects of cooperation including the construction of the new capital. Some of the major projects will involve financing issues. For example, the two sides intend to use Chinese finance in the new capital central business district project, and the financing negotiations are progressing smoothly.”

The embassy stressed that Chinese companies abide to market principles to cooperate with Egypt and the results are determined based on market principles. The CFLD is reportedly in talks with the Egyptian side on building a new industrial city.

Chinese companies affirmed the improvement of Egypt’s investment environment and they aim to have a brighter future in the country, according to the embassy.

The post ACUD in talks with Korean companies on developing Administrative Capital’s CBD appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2018/12/20/acud-in-talks-with-korean-companies-on-developing-administrative-capitals-cbd/feed/ 0
Hyde Park injects EGP 4bn investments in 2018/19 https://dailynewsegypt.com/2018/12/19/hyde-park-injects-egp-4bn-investments-in-2018-19/ https://dailynewsegypt.com/2018/12/19/hyde-park-injects-egp-4bn-investments-in-2018-19/#respond Wed, 19 Dec 2018 07:30:59 +0000 https://www.dailynewsegypt.com/?p=684403 Company has delivered 480 units in 2018, says Serag

The post Hyde Park injects EGP 4bn investments in 2018/19 appeared first on Daily News Egypt.

]]>
Hyde Park Developments has allocated EGP 4bn of investments in its two projects, Hyde Park and Coast 82, in 2018/19, according to the CEO of the company, Amin Serag.

Serag elaborated that EGP 3bn were allocated for the Hyde Park project, and EGP 1bn for Coast 82 project in the North Coast.

Serag noted that the company has already directed EGP 2.2bn to Hyde Park project during 2018.

Hyde Park project spans over 1,500 feddans, of which 900 feddans belong to Hyde Park company, 300 feddans for Central Park, 200 feddans for Mountain View, and 100 feddans for Al Ahly for Real Estate Development- Sabbour, he pointed out.

The company’s CEO revealed that they have a large piece of land amounts to 7m sqm, of which 3m sqm are being developed.

“About 90 families are living in the project and the company has delivered 480 units in 2018, of which 250 units were finished,” Serag said.

The company intends to deliver about 1,000 units in 2019 varying between apartments, twin houses, and villas. The project has 21 clusters delivered and are being implemented comprises 50-55% of the total project. It also includes a service centre for residents, as well as four social clubs. The company will inaugurate the first club next summer.

Serag noted that his company plans to begin construction of administrative buildings in the project in March 2019.

He disclosed that the company targets expanding in other areas, namely West Cairo, and is studying investment opportunities in Upper Egypt.

The post Hyde Park injects EGP 4bn investments in 2018/19 appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2018/12/19/hyde-park-injects-egp-4bn-investments-in-2018-19/feed/ 0
First Group directs EGP 300m in Kazan Plaza mall https://dailynewsegypt.com/2018/12/18/first-group-directs-egp-300m-in-kazan-plaza-mall/ https://dailynewsegypt.com/2018/12/18/first-group-directs-egp-300m-in-kazan-plaza-mall/#respond Tue, 18 Dec 2018 09:04:36 +0000 https://www.dailynewsegypt.com/?p=684243 Company targets achieving EGP 800m in sales of Kenz compound, says Mostafa  

The post First Group directs EGP 300m in Kazan Plaza mall appeared first on Daily News Egypt.

]]>
First Group for real estate investment, the real estate developer for KENZ Compound in the Sixth of October city, directed EGP 300m in Kazan Plaza mall in Sixth of October, according to the chairperson of the company, Bashir Mostafa.

Mostafa said that the company has achieved EGP 200m in sales of Kazan Plaza mall, which represent 50% of the mall. Mostafa added that the company will offer the rest 50% of the project next year.

During a tour for journalists on Monday, Bashir noted that the project includes commercial and administrative units, and it comprises clinics unit as well. It includes four buildings encompassing commercial shops, administrative offices, and medical units with spaces ranging between 50 and 600 sqm.

He pointed out that the company will sell the administrative and medical units, and to rent the commercial units. The project will be maintained and managed by a company affiliated to First Group, in order to guarantee the quality of the mall’s services.

He explained that two administrative and medical buildings were integrated into the project and marketed, with the remaining two integrated in the coming year.

He noted that the company intends to deliver the whole Kenz compound in 2020, with investments of EGP 800m and target sales of EGP 1.5bn of residential activities.

Kenz compound spans over 30 feddan, and includes commercial and residential activities.

The post First Group directs EGP 300m in Kazan Plaza mall appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2018/12/18/first-group-directs-egp-300m-in-kazan-plaza-mall/feed/ 0
Diarna targets EGP 1bn sales for developers by year-end https://dailynewsegypt.com/2018/12/17/diarna-targets-egp-1bn-sales-for-developers-by-year-end/ https://dailynewsegypt.com/2018/12/17/diarna-targets-egp-1bn-sales-for-developers-by-year-end/#respond Mon, 17 Dec 2018 11:30:25 +0000 https://www.dailynewsegypt.com/?p=684126 Company to establish a new branch office in Dubai next year, says head of projects

The post Diarna targets EGP 1bn sales for developers by year-end appeared first on Daily News Egypt.

]]>
Diarna Real Estate achieved sales worth EGP 800m for several developers by the end of November, according to Reda El Minshawy, head of the projects department.

El Minshawy told Daily News Egypt that the company intends to achieve EGP 1bn sales by the end of the current year.

He pointed out that his company is expected to open new offices in some governorates, and in Sixth of October city.

Additionally, he noted that Diarna plans to establish a new branch in Dubai next year, as part of real estate companies’ extending their projects’ marketing abroad, in addition to attracting Egyptians to acquire properties.

El Minshawy stated, “The real estate market sales decelerated during the fourth quarter of this year, especially with the fierce competition between companies focusing on a specific segment of customers, therefore exhausting their purchasing power,” he further added, “However, the demand is mostly concentrated in east Cairo, and in the New Administrative Capital.”

He further elaborated that most of the projects, currently being offered in the market, are for the upper-middle class, in contrast to the decline in the implementation of projects for the middle-income class, although the latter represents the majority of the local market.

He called for the partnership between the state and the developers to implement housing projects for this large market’s segment. The government should provide lands at affordable prices for developers, in order for developers to achieve a profit margin and to sell units at prices suitable for the financial capabilities of the middle-income class.

The post Diarna targets EGP 1bn sales for developers by year-end appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2018/12/17/diarna-targets-egp-1bn-sales-for-developers-by-year-end/feed/ 0
Aqar Misr launches its first project in New Administrative Capital on 20 feddans https://dailynewsegypt.com/2018/12/17/aqar-misr-launches-its-first-project-in-new-administrative-capital-on-20-feddans/ https://dailynewsegypt.com/2018/12/17/aqar-misr-launches-its-first-project-in-new-administrative-capital-on-20-feddans/#respond Mon, 17 Dec 2018 10:37:26 +0000 https://www.dailynewsegypt.com/?p=684096 Project’s target revenues estimated at EGP 2bn, says general manager

The post Aqar Misr launches its first project in New Administrative Capital on 20 feddans appeared first on Daily News Egypt.

]]>
Aqar Misr for real estate development will launch its first project in the New Administrative Capital on 20 feddans, according to Bahaa Hefz-Allah, the company’s general manager.

Hefz-Allah told Daily News Egypt that the project includes a residential, commercial, and an administrative complex, with target revenue of EGP 2bn.

Hefz-Allah noted that the project’s licences are currently underway, pointing out that once the licences are obtained, the company will begin the construction works.

He further elaborated that his company has an experience in real estate projects in Egypt’s governorates, and it is interested in transferring this experience to the New Administrative Capital. He added that the future of real estate investment is in the new capital, with investors and clients all eying the city.

Additionally, he affirmed that Egypt’s real estate market is strong and denied an imminent real estate bubble because of the real demand on property.

“Exporting real estate is one of the important mechanisms to revive the sales of the sector, and we are interested in participating in exhibitions,” he added, “Our company has an ambitious plan to expand in Egypt’s real estate market.”

The post Aqar Misr launches its first project in New Administrative Capital on 20 feddans appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2018/12/17/aqar-misr-launches-its-first-project-in-new-administrative-capital-on-20-feddans/feed/ 0
Egypt is first Arab country to hold IPS after UAE https://dailynewsegypt.com/2018/12/17/egypt-is-first-arab-country-to-hold-ips-after-dubai/ https://dailynewsegypt.com/2018/12/17/egypt-is-first-arab-country-to-hold-ips-after-dubai/#respond Mon, 17 Dec 2018 10:00:02 +0000 https://www.dailynewsegypt.com/?p=684093 Egypt comes at top of countries with highest return on investment in real estate market, says Farghal

The post Egypt is first Arab country to hold IPS after UAE appeared first on Daily News Egypt.

]]>
The International Property Show (IPS), organised by ‘Strategic Marketing and Exhibitions’ company, has been held for the past 15 years in Dubai. For the first time, the company plans on holding it in Egypt in January, with the participation of about 30 real estate developers.

Walid Farghal, director general of the IPS, said that his company is targeting the Gulf Cooperation Countries’ (GCC) investors to the Egyptian real estate market, as part of the real estate export initiative through holding the IPS in January.

Daily News Egypt sat down with Farghal to find out the company’s plan for holding the IPS in Egypt for the first time, after always being in Dubai. The transcript for which is below, slightly edited for clarity:

How do exhibitions increase Egypt’s competitiveness in the global real estate market?

Foreign exhibitions are ideal platforms for attracting foreign investment, given the strong opportunities available in the real estate sector, especially in the Egyptian market.

How do you see the participation of the government with developers in exhibiting projects at the same pavilion?

The participation of the Egyptian government represented by the ministry of housing with real estate developers will help increase foreign investment in the Egyptian market. This cooperation also confirms the government’s support, represented by the ministry of housing, for real estate developers and projects, therefore facilitating investments in Egypt, and allowing the efficient communication between all the parties and stakeholders involved.

What is your vision for Egypt’s real estate market and its future growth?

Egypt comes at the top of having the highest return on investment in the real estate market, exceeding a lot of others countries and markets. This presents a good opportunity for foreign investors to invest in the Egyptian real estate market, and there are several important advantages provided by the Egyptian government for investors in this market as well.

Walid Farghal, director general of the IPS

When will ‘Strategic Marketing and Exhibitions’ company hold the IPS in Egypt?

The company announced the establishment of the IPS exhibition in Egypt after several successes over the past 15 years in Dubai, which confirms the success of the Egyptian real estate market on the local and international levels.

However, the company decided to postpone the exhibition to January 2019, after taking experts’ opinions, as well as the participating developers’. We wanted to choose the most appropriate time as the Egyptian real estate agenda was crowded during the last quarter of 2018 as several exhibitions and conferences were held. This also reflects the company’s and its partners’ desire to establish an event worthy of the name and position of the IPS, and its first edition in Egypt. Moreover, the IPS targets large and well-known developers who have distinguished spaces and designs.

Moreover, through the IPS, the company is targeting GCC investors to invest in the Egyptian real estate market, as part of the real estate export initiative.

The show targets prospective customers from the UAE, Saudi Arabia, as well as Kuwait, and international investors are expected to increase during the coming period, especially that investors from the Gulf region are interested in Egypt’s real estate market. Furthermore, there are many Arabs who own properties in Cairo, as well as the tendency of others to buy housing units in new cities, as well as the New Administrative Capital.

Why did your company plan to launch the IPS in Egypt for the first time?

Choosing Egypt to launch the first version of the IPS outside Dubai after more than 15 years is very significant for Egypt, namely the strength of the Egyptian market and the confidence of capital flows to Egypt, as well as the depth of relations between Egypt, Dubai, and the other brotherly Arab countries. The IPS is expected to witness a huge demand and attract capital from various countries, especially after several international companies showed their interest in exhibiting at the IPS in Egypt.

What is the value of the IPS’ expected sales?

It is difficult to predict the IPS’ sales’ volume in Egypt because this is the first edition in the country. Yet, 20,000 visitors are expected to come during the exhibition period, given the importance of the IPS for all the stakeholders in the real estate sector, both locally and internationally.

What are the other exhibitions that the company intends to hold?

The IPS in Dubai will be launched from 26 to 29 March 2019, amid expectations of a strong Egyptian participation.

Egypt has achieved a great progress through issuing a law granting residence for foreigners who buy property in Egypt. In your opinion, what are the procedures needed to motivate foreign investment?

The government has to promote real estate not only through the participation in international exhibitions, but it is also necessary to put mechanisms that encourage foreign investors to acquire units in Egypt.

Do you think that the state is a competitor for the developers?

The state does not negatively intervene with real estate developers. On the contrary, it supports the attraction of investment by facilitating the opportunities for various real estate developers both locally and internationally.

The post Egypt is first Arab country to hold IPS after UAE appeared first on Daily News Egypt.

]]>
https://dailynewsegypt.com/2018/12/17/egypt-is-first-arab-country-to-hold-ips-after-dubai/feed/ 0