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Egypt’s real estate prices have hiked by 75% since pound flotation

Real estate prices in the Egyptian market have hiked by an average of 75% since the floatation of the Egyptian pound till now, according to Mahmoud Abdel Halim, chairperson of MREC for Integrated Real Estate Services. Abdel Halim noted in a press statement on Thursday that the price spikes in some projects and regions reached …

Shaimaa Al-Aees

2018 saw rents, sale prices improve across Cairo: JLL

The residential sector has performed strongly throughout 2018. The strong performance of the off-plan sector has however negatively impacted the secondary market, as buyers are preferring to hold off and wait to purchase off-plan units completed in 2019, according to JLL’s A year in Review 2018 report. The report noted that the strongest performing sector of the sales …

Shaimaa Al-Aees

Egyptians bear 70% of fuel prices through threefold price hikes in 2 years

To meet the demands of the IMF to grant Egypt the $12bn loan, curb the budget deficit, and to deal with the increasing inflation rate, fuel subsidies underwent non-recurrent stages to be phased out, toward being fully suspended in 2019 according to a subsequent 2018 statement for the Minister of Petroleum and Mineral Resources, Tarek …

Doaa A. Moneam

Referral of highway transportation companies to public prosecution for their agreement to raise prices: Competition Protection Authority

The Board of Directors of the Competition Protection and Prohibition of Monopolistic Practices Authority decided to refer some of the highway transportation companies in Damietta to the public prosecution after proving that they made three violations to the competition protection law through agreeing to increase the prices of the products. The Competition Protection and Prohibition …

Daily News Egypt

Saving money no longer option for Egyptians under price hikes 

Egyptians, especially members of the middle class, have been gradually changing their lifestyles over the past years, not only by cutting their expenses, but also by giving up many things that were once essential to their daily routines. Members of the middle and upper middle classes had been enjoying many things seen by lower classes …

Sarah El-Sheikh

Uber adjusts service prices after fuel price hike

Uber Smart Transport Company changed its pricing on Monday and announced the new pricing system. In a text message to its “drivers partners,” Uber said that the company’s work is to provide a safe, secure, and an appropriate means of transport for all, anytime and anywhere. “Uber works best when drivers and passengers benefit. Hence, …

Daily News Egypt

25-30% increase in real estate prices after fuel price hikes

Member of the board of directors of the Egyptian Federation for Construction and Building Contractors (EFCBC), Daker Abdellah, predicted that the real estate market will witness an increase of 25-30%  in prices, following the government’s decision to increase fuel prices. Abdellah noted that unrealistic price increases are expected and are not in line with the …

Shaimaa Al-Aees

Oil prices plunge as reports of increased production by OPEC, Russia emerge

Oil prices plunged on Friday to their lowest levels in weeks, on the back of reports that the Organisation of the Petroleum Exporting Countries (OPEC) and Russia are considering increasing production. Both West Texas Intermediate (WTI) and Brent crude fell by more than 3% to $67.50 and $76.44 respectively. Both Saudi Arabia and Russia are …

Mohamed Samir

CBE maintains interest rates in the wake of rising oil prices

The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) decided to maintain interest rates at their current levels,  according to a statement issued by the CBE on Thursday. On April, The MPC decided to cut interest rates by by 100 basis points (1%). For the second time in 2018, each of the overnight deposit …

Daily News Egypt