amwalalghad :: Real Estate

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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Ezz Steel   7.86        Orascom Telecom Holding (OT)   3.92        Rakta Paper Manufacturing   4.39        Egyptian Iron & Steel   6.87        Naeem Holding   0.19        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Egyptian for Tourism Resorts   0.69        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Heliopolis Housing   21.65        United Housing & Development   8.93        Raya Holding For Technology An   4.57        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        National Development Bank   6.72        Six of October Development & I   15.03        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Palm Hills Development Company   1.61        Credit Agricole Egypt   9.04        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Al Arafa Investment And Consul   0.17        Prime Holding   0.91        Alexandria Spinning & Weaving    0.74        General Company For Land Recla   16.6        Gharbia Islamic Housing Develo   8.41        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        

Business - Real Estate

Marwa Hemdan - 2016-08-31 12:12:42
Egyptian construction firm Societe Egyptienne D’entreprises (Moukhtar Ibrahim) is deferring plans to implement an infrastructure project in Saudi Arabia until 2017 in a move to refocus on national projects. Fayek al-Banna, chief executive of Moukhtar Ibrahim, told Amwal Al Ghad that his company would focus on completing anticipated national projects, notably Egypt’s new administrative capital for the current year. The Saudi project will be the first for Moukhtar Ibrahim in the kingdom after establishing a new headquarters there. Moukhtar Ibrahim was mandated to carry out infrastructure works on a planned comprehensive city in the Kingdom, in partnership with one of the Saudi investors, al-Banna added. Asked about the Egyptian company’s expansion plans abroad, al-Banna said Moukhtar Ibrahim seeks to win contracts for infrastructure and housing projects in Kuwait, worth around 2 billion Egyptian pounds ($227.7 million). Moukhtar Ibrahim is also studying infrastructure projects in the Sudan, the Egyptian official added. More»
Amwal Al Ghad English - 2016-08-31 09:22:19
U.K. house-price growth rose slightly in August, a British lender's data showed on Wednesday, defying earlier signs that the housing market may be cooling after the country's decision to leave the European Union. Whether house prices hold up in the aftermath of the referendum matters to the overall health of the world's fifth-biggest economy. Over the past three decades, U.K. households have cut spending every time that house prices have fallen. Prices rose by 0.6% in August compared with the previous month, Nationwide Building Society said, a slight increase from July's monthly growth rate. Compared with August last year, house prices grew by 5.6%. "The pick up in price growth is somewhat at odds with signs that housing market activity has slowed in recent months," said Robert Gardner, Nationwide's chief economist. "However, the decline in demand appears to have been matched by weakness on the supply side of the market," Mr. Gardner said. Earlier this week, the Bank of England said the number of new mortgages approved in the U.K. fell in July to the lowest level in a year a half, signaling that the market may have cooled a little in the immediate aftermath of the EU vote. More»
Amwal Al Ghad English - 2016-08-30 15:34:08
Industrial Development Group (IDG), the industrial arm of Egypt-based construction firm Samcrete, is studying developing major industrial zones in Ethiopia and Saudi Arabia. The move will be part of IDG’s strategy to expand businesses abroad. Sameh Attia, IDG’s managing director, said his firm is currently conducting studies on offers received from a number of investors to develop major industrial zones in Ethiopia and Saudi Arabia. The studies aim to determine the space of lands designated to establish the industrial zones as well as get to know the legislations of each country to determine the possibility of attracting investments to those zones, Attia added. Elsewhere, IDG decided to postpone signing final agreement to develop an industrial zone in Morocco covering more than 5 million square metres until 2017, he said. The anticipated industrial zone in Morocco will be IDG’s first project in the country. More»
Maha Essam - 2016-08-30 11:56:21
Egyptian property developer Madaar has started implementing the first phase of its high-end residential resort development, Azha project in Ain El-Sokhna, its chief executive announced Tuesday. Gasser Bahgat, CEO of Madaar Real Estate Development, said the first phase includes 400 residential units, stretching 300,000 square metres. Madaar is looking forward to carrying out most of the planned facilities in Azha by this mid-September, Bahgat said. Located only 15 minutes away from Egypt’s anticipated new capital, Azha is set to cover an area of nearly 1.6 million square metres with a waterfront stretching approximately 700 metres on the azure Red Sea waters of the Suez Gulf. It will include two hotels, spacious residential villas, apartment complexes and twin houses with a stylish, modern feel; where residents can enjoy signature restaurants, spa facilities, and community centres. The investment cost of Azha project is worth 7 billion Egyptian pounds ($788 million), self-financed by Madaar, with expected sales worth more than 11 billion pounds, Bahgat added. Madaar plans to complete and deliver units in first phase by 2018, the Egyptian official said. The project is being implemented through two main phases, which include other sub-stages. It will have a total of 2000 residential units, Bahgat said. Founded in March 2015, Madaar Development is a full-service, privately held commercial and residential real estate investment and development company. More»
Amwal Al Ghad English - 2016-08-30 09:51:10
The number of new mortgages approved in the U.K. dropped in July to the lowest level in more than a year, a sign that the housing market cooled a little in the immediate aftermath of the U.K.'s decision to leave the European Union. The number of new home loans approved by banks in July fell to 60,912, the Bank of England said Tuesday. That's fewer approvals than the 64,152 in June and the fewest since January 2015. Lending to consumers, net of repayments, fell to 3.8 billion pounds ($5 billion) from GBP5.1 billion a month earlier. The decline was driven by falls both in mortgage lending and unsecured borrowing. Business lending rose. Nonfinanical firms borrowed GBP2.2 billion from banks in July, up from GBP1.1 billion in June. Tuesday's figures add to a mixed picture on the economy since Britons chose to leave the EU in a referendum June 23. Some surveys suggested the economy slowed in July, although others suggested activity has since recovered. The BOE this month cut its benchmark interest rate to a new low and lined up cheap funding for banks to ensure households and businesses have access to plentiful credit. Also Tuesday, BOE data showed sales of U.K. government bonds by foreign investors exceeded purchases in July for the first time since February. Foreigners sold a net GBP4.4 billion of bonds, after making purchases of GBP8.1 billion in June. More»
Marwa Himdan - 2016-08-29 14:17:04
Egyptian General Authority for Roads, Bridges, and Land Transport (GARBLT) finished maintenance works at 500km of the old road network with the cost of 1.3 billion Egyptian pounds (US$146.3 million). GARBLT Chairperson Adel Tork stated Monday that the maintenance works have been finished during one year. This comes among GARBLT's plan to upgrade old roads' efficiency, the official clarified. The authority established eight bridges among its plan to boost efficiency of existent roads in different governorates with total cost estimated at 1.4 billion pounds, Tork said, adding that GARBLT cooperated with public contracting firms in carrying out upgrading and maintenance works. GARBLT is charged with rehabilitating old roads in addition to establishing 3,400km of new roads, the head pointed out. More»
Maha Essam - 2016-08-29 13:54:41
Saudi Egyptian Construction Company (SECON) has completed marketing more than 60 percent of the first phase in its latest flagship compound project in New Cairo, Riyadh SECON. Launched in April, Riyadh SECON will cover a total area of 68 feddans, with total investments ranging between 2.8 and 3 billion Egyptian pounds ($315.3-337.7 million). Darwish Hassanein, chief executive of SECON, said achieving more than 60 percent of marketing signals the success Riyadh SECON is making as well as the credibility the company enjoys among its clients. Hassanein said Riyadh SECON would include 1928 units to be built in three phases for above-medium income segment in cooperation with local construction companies. The first phase will involve the establishment of 48 buildings, with total of 777 residential units. The second phase will include 36 buildings, with total of 460 residential units. As for the third and final phase, there will be 36 buildings, with total of 660 residential units. Units in Riyadh SECON will be on spaces starting from 145 metres to reach up to 195 metres, Hassanein added. The project is scheduled for completion within 2019, he said. SECON is a joint venture between the Egyptian and Saudi governments, established in 1975, With a joint capital divided equally between the two governments. More»
Amwal Al Ghad English - 2016-08-29 11:47:39
Egypt’s Heliopolis Company for Housing and Development is negotiating with a number of banks and leasing firms to secure a credit facility worth 388 million Egyptian pounds ($43.6 million). The loan will go for projects in New Heliopolis and an electricity station, in cooperation with the Egyptian Armed Forces, at total value of 228 million pounds within a timeframe of 24 months, the company said in a bourse filling Monday. Heliopolis further said the loan would also be used to finance a project to establish a water system for its New Heliopolis project, in cooperation with Misr Concrete Development Co., at total value of 160 million pounds, and a 24-month timeframe. More»
Amwal Al Ghad English - 2016-08-29 10:12:18
The value-added tax (VAT) has given rise to a heated debate between different sectors, but the debate between members of parliament has largely been concerned with the tax’s rate than whether VAT is a yay or nay. The parliament’s General Committee is in the midst of an unresolved debate surrounding the potential approval or rejection of the VAT law that was submitted by the government on Sunday. On 24 August, the Planning and Budget Committee in parliament presented its reports to the General Committee, which in turn put up the proposal for discussion and voting. The General Committee is slotted to be the body that will decide on the tax’s rate, after the Planning and Budget Committee left it to be determined by the General Committee, following a dispute between the Planning and Budget Committee and the Ministry of Finance over the VAT rate. The ministry is vying for a rate of 14%, while parliament is opting for the rate of 12%. VAT─also known as the goods and services tax─is a tax on consumer spending. VAT is a composite tax made up of the difference between the manufacturing cost and the selling price of domestic and imported goods. Applying VAT will subject all goods and services to sales tax, except those exempt from the law. Minister of Finance Amr El-Garhy said that the VAT will be applied at the beginning of October, after parliament approves the law. When the law is implemented, the government expects an increase in tax revenues by 30 billion Egyptian pounds in the current fiscal year. The VAT percentage applied to construction contracts is 5%. In this regard, real estate stakeholders opposed the law, alleging that it will affect the sector’s growth and lead to an increase in prices for clients. The Real Estate Investment Division at the Federation of the Egyptian Chambers of Commerce (FEDCOC) demanded reducing the VAT rate on construction contracts from 5% to just 4%. The division demanded that the tax only be imposed on new contracts, and not retrospectively on old contracts. The division’s CEO, Mamdouh Badr El-Din, said that VAT represents extra costs for businesses, which contributes to raising the cost of implementing projects, unit prices, and increasing prices on customers. Further, Madinet Nasr Housing and Development (MNHD) general manager Ahmed El-Hitamy said in a press statement that the new tax will not affect the real estate projects directly, but it will affect construction work, as well as the prices of construction materials. This is in addition to increasing global steel prices. El-Hitamy expects an increase in real estate prices over the next year by about 15% to 20%, due to the depreciation of the Egyptian pound, in addition to the application of the VAT. Member of the Egyptian Businessmen’s Association and Egyptian Federation for Construction and Building Contractors (EFCBC) Daker Abdellah said that the tax will add new burdens on operating companies in the real estate sector, on top of recent challenges the sector has faced in the past months. This will affect constructing companies on top of the increasing price of the US dollar against the Egyptian pound and its impact on the increase in prices of construction materials, such as steel, of which the price per tonne recently increased by up to 50%. Abdellah called for reconsidering the prescribed percentage of the VAT on construction contracts and reducing it in line with current market conditions to encourage investments, support companies, and reduce the challenges and financial burdens on these companies. Abdellah added that VAT will reduce the number of incoming investments as a result of its direct impact on the expected returns on investment. Therefore, the private sector might resort to reducing the size of its expenses as much as possible in an attempt to reduce the impact of the tax on profitability. Additionally, companies might also resort to laying off workers and cutting wages. More»
Amwal Al Ghad English - 2016-08-29 07:55:26
Hyde Park New Cairo announced it would offer five tenders to speed up the construction and finishing of its project’s units. The move comes as an attempt to fulfill the company’s obligations towards its clients, as the units are expected to be delivered within a few months. In a press statement, the company said that it is scheduled to offer another four tenders during August to reach nine new contracts, allowing the participation of a large number of contractors to finish construction works, street paving, and landscaping. Hyde Park CEO Amin Serag said that his company started to double the construction rate through a large number of contractors, in order to deliver the units to its new clients as soon as possible. Serag added that work on facilities is in progress and has reached its final phase, as the company is finalising the development of the project’s water network. Electricity works are also underway and will be concluded during next month. Hyde Park New Cairo spans over 6 million sqm, providing residential, commercial, leisure, and entertainment facilities. More»