RE/MAX Egypt Real Estate Marketing Company has finalized the training of 18 agents belonging to real estate marketing firms as a prelude to work under REMAX ‘s umbrella within the coming period. Karim Moustafa, The Commercial Director at RE/MAX, has revealed that the termination of his company for the first session around marketing mortgage in Egypt with the attend of 30 representatives of mortgage sectors and firms  to many banks, explaining that the main target is to provide all the information for the companies. Moustafa has emphasized that negotiations are still ongoing around  choosing one of three offices which are competing to work under the umbrella of REMAX in Alexandria, explaining that the winner bureau will be selected within the next few days. It is worth mentioning that RE/MAX works in the local market through 3 main axes, the first is the entity emerging in Egypt which is RE/MAX Egypt that is aiming to create any market for the communication between all workers in real estate marketing sector whether inside or outside the country via developed electronic system on its website. This electronic system allows the broker to add any residential unit easily after it will be offered on REMAX official website, which its role to register it on the company’s  global  website ‘RE/MAX Mother’ and this will increase and improve the marketing sector. More»

Egypt’s Prime Minister Hisham Kandil will be signing today the final settlement agreement among the Dubai-based developer DAMAC, the Egyptian New Urban Communities Authority (NUCA) and Tourism Development Authority (TDA) as regards to the Group’s projects in Egypt; Hyde Park, Park Avenue and Gamsha Bay near the Red Sea On May 15th, Egypt authorities announced that it had settled disputes with DAMAC involving projects dating back to the Mubarak era - an agreement the government hopes will reassure prospective investors. The government said the settlement covered three disputes: two involving housing projects near Cairo and the third involving a piece of land on the Red Sea. It said the deal meant DAMAC would withdraw a suit against Egypt filed with the International Center for Settlement of Investment Disputes in Washington. More»

Minister of Housing Tarek Wafiq confirmed, in a lecture he gave at the closing session of Egyptian engineers meeting in Riyadh, that Suez Canal Corridor development project is fully under the State's control. There are no plans to sell lands to any Egyptian or foreign investor operating in the project and the system of usufruct will be applied while handling the project, he added. More»

Cairo Criminal Court adjourned the trial of former Housing Minister, Ibrahim Suleiman, as well as other officials at New Urban Communities Authority (NUCA) in the case of allocating land plots for Six of October Development & Investment Co. (SODIC) till June 17. Source: Mubasher More»

Thousands of workers employed by Dubai's largest construction firm, Arabtec, stayed away from work on Sunday to back wage demands, a rare labour protest in the emirate, where trade unions are banned, staff said. Most blue collar workers in Gulf are migrant labourers hired on a contract basis from South Asian countries such as India, Pakistan, Bangladesh and Nepal, and strikes are uncommon. Migrant workers in Dubai are often employed at wages that are low by Western standards and housed in dormitory-style accommodation on the outskirts of the city.  Two Arabtec employees who asked not to be identified said several thousand workers engaged on various projects did not report for duty on Sunday and stayed in their accommodation. A sub-contractor confirmed the stoppage, saying he had to call back his workers from one Dubai work site after Arabtec labourers failed to show up on Sunday. More»

Dr. Tarek Wafiq, Egypt’s Housing and Urban Communities Minister, is inaugurating the International Conference for Planning and Urban Development Management  in the Arab countries which is being held today in Cairo University and will last for three days.  Abdullah Al-Ali, Chairman, Board of Trustees and President of Arab Urban development Institute the scientific affiliate of Arab Towns Organization, Prof/ Hossam Kamal, Chairman of Cairo University and elite of experts and specialists in Urban Planning and Development in Egypt and Arab countries are participating in this conference. The conference is discussing researches and studies which related to urban development management, Challenges of Sustainable Urban Development, and development problems on major Arab countries parties, Investment trends and priorities in urban centers, financing urban planning and infrastructure projects, as well as  laws, regulations , mechanisms of urban development and the importance of legislation in supporting sustainable development. More»

Egypt said on Wednesday it had settled disputes with the Dubai-based developer DAMAC involving projects dating back to the Mubarak era - an agreement the government hopes will reassure prospective investors. The government said the settlement covered three disputes: two involving housing projects near Cairo and the third involving a piece of land on the Red Sea. It said the deal meant DAMAC would withdraw a suit against Egypt filed with the International Center for Settlement of Investment Disputes in Washington. The government said the settlement would spare Egypt the risks of international arbitration, safeguard its image abroad and reassure investors scared off by continuing political uncertainty. DAMAC could not immediately be reached for comment. It filed its international arbitration case against Egypt in 2011 over the conviction of its chairman and owner, Hussain Sajwani, in connection with a 2006 land deal in Gamsha Bay on the Red Sea. Several cases alleging that president Hosni Mubarak's government sold off land too cheaply have gained momentum since his overthrow in February 2011. More»

Egyptian property developer Talaat Moustafa Group (TMG) said net profit in the first quarter of 2013 fell 19.8 percent to 139.4 million Egyptian pounds ($20 million). TMG's profit for the first quarter of 2012 was 173.7 million pounds, the firm said in a statement published by the stock exchange on Tuesday. More»

SODIC (Cairo and Alexandria Stock Exchange – Ticker: OCDI.CA), the leading Egyptian real estate developer announced that its Chief Financial Officer Salah Shafei has resigned his position as Chief Financial Officer to be succeeded by Omar El-Hamawy effective May 31st, 2013. Hamawy succeeds Shafei after almost six years with SODIC, successfully navigating through serious market challenges and continuing to create value for shareholders and clients. During Shafei’s tenure SODIC has continuously exceeded collection, delivery and net income targets. In his capacity, Omar El-Hamawy, an Investment Banking Division Director within Beltone for more than eight years, has been very focused on the real estate sector through his close involvement in both M&A and Capital Market transactions. Hamawy’s solid banking experience and deep knowledge of the real estate sector make him a valuable addition to SODIC’s management team, supporting its future plans to further strengthen its leading position in the market. More»

Housing Minister Tarek Wafiq confirmed that Suez Canal development authority had stressed in its establishment draft law that neither Egyptian nor foreign investors will have the right of possession in Suez Canal Development Corridor projects, noting that this will happen through usufruct right only. The Minister added that Suez Canal region is a part of the sustainable development strategy that will make Egypt an international trade point. More»