amwalalghad :: Real Estate

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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

Amwal Al Ghad English - 2014-11-03 13:58:51
SODIC , Egypt's third-largest listed property developer, has completed a 1 billion pound ($139 million) capital increase to help finance new projects as the country's real estate market begins to recover. SODIC , also known as Sixth of October Development and Investment Co, said in a statement it had managed to cover 99.2 percent of its deeply discounted rights issue and had no plans to raise further funds. When SODIC announced its capital raising plans in June, it said it would raise about 1 billion pounds over 250 million shares, suggesting a discount of almost 90 percent on its share price of around 34 pounds at the time. Shares are currently trading at 16.33 pounds. Egypt's once-booming construction sector was hit hard by the 2011 revolt that ended Hosni Mubarak's 30-year rule but ushered in a period of economic and political volatility. Many large real estate contracts were cancelled in the wake of the revolt and investment dried up. Three years on, the economy is showing the first signs of recovery, bringing an uptick in demand for property in the Arab world's most populous country. SODIC managing director Ahmed Badrawi told Reuters last month that two-thirds of the money raised would be invested in a new project in the upscale Cairo area of Heliopolis. The rest would go towards new land the developer is seeking to buy, either on the northern coast or outside the sprawling capital, he said. SODIC plans to begin construction and offers the first phase of units in the mixed-use development on its 1.3 million-square metre site in Heliopolis before the end of the year. It is targeting sales of 300-600 million pounds in the first phase and 9 billion pounds from the whole project, which it has yet to name. In May, U.S. private equity firm Ripplewood acquired a near 10 percent stake in SODIC , in anticipation of an economic recovery following three years of upheaval. In the first half of 2014, SODIC made a profit of 90.53 million pounds on revenues of 635 million pounds, rebounding from losses of 447.13 million pounds in 2013. (1 US dollar = 7.1500 Egyptian pound)Source: Reuters More»
Amwal Al Ghad English - 2014-11-03 12:40:44
Emaar Properties PJSC (EMAAR) is hiring JPMorgan Chase & Co. (JPM) and EFG-Hermes Holding SAE (HRHO) to sell shares in its Egyptian business, two people with knowledge of the matter said. Engagement letters are due to be signed with the banks this week to run the initial public offering of Emaar Misr, the people said, asking not to be identified as the information is private. The IPO is scheduled for the second quarter of 2015. Emaar, the U.A.E. developer that raised $1.6 billion from an initial public offering of its malls unit in September, will probably sell the unit in June next year, Chairman Mohamed Alabbar said at a conference in Dubai on Oct. 2. The developer also plans to sell shares in its hotel business, Alabbar has said separately. “Emaar is exploring the potential of listing our subsidiary in Egypt, Emaar Misr, by mid-2015. We will confirm the appointment of financial services firms and lead banks when they are finalized and at the appropriate time,” the company said in an e-mailed statement. Companies including Edita Food Industries SAE, a snacks maker part-owned by London-based buyout firm Actis LLP, and Etisalat Misr SAE, the Egyptian unit of Emirates Telecommunications Corp. are planning share sales in the North African country to take advantage of resurgent equity markets. Egypt’s benchmark index has risen 38 percent this year. JPMorgan was one of the joint global coordinators and bookrunners on the IPO of Emaar’s malls business. EFG-Hermes also helped manage the sale. Representatives for EFG-Hermes and JPMorgan declined to comment. More»
Maha Essam - 2014-11-02 16:42:57
Egypt’s El Gamal Group has delivered 100 units of Porto Mayorka project in North Coast, out of total 180 units, said chairman Abdul Ghani El-Gamal. El Gamal plans to finalise the marketing of the remaining units by early 2015, he noted. Porto Mayorka Project is built on 4 feddans, with an investment cost worth around 40 million Egyptian pounds. Asked about the current Egyptian real estate sector, the official said both clients and real estate investors are currently in state of apprehension. Investors are still waiting until the country forms its parliament and permanent government, before pumping new investments whether in current or new real estate projects, El-Gamal noted. Moreover, the official referred that El Gamal Group is currently in the process to deliver 30% of its total projects. The group plans to hand over all its projects by end of 2015. More»
Mohamed Hamdy - 2014-10-26 15:51:33
UAE leading retail developer Majid Al-Futtaim (MAF) is seeking a new financing from Egypt’s largest state-owned bank, the National Bank of Egypt (NBE). The targeted financing is designated for MAF’s new expansions in Maadi and New Cairo districts. This comes after a meeting had been held by end of last week between officials from the MAF and NBE. The National Bank of Egypt has expressed its initial approval to finance the new expansions by MAF, a source from the bank with knowledge of the talks told Amwal Al Ghad on Sunday. The bank had already arranged an earlier loan worth 3 billion Egyptian pounds in favour of MAF, to finance the establishment of Mall of Egypt. “Majid Al Futtaim is committed to maintaining and expanding its business in Egypt, especially that we believe that the market is ready for more investment. We are optimistically looking forward to further growth – growth we believe will yield beneficial results not only to our business, but to the economy at large,” Abdallah El Nockrashy, Majid Al Futtaim Properties Country Head for Egypt said in an earlier statement on Sunday. “Egypt is undergoing a great transformation that promises a new age of prosperity. As such we’re keen to actively take part in this process through establishing a project that will create thousands of direct and indirect job opportunities, as well as, encourage current players in the retail industry to expand their businesses and open new opportunities.” More»
Maha Essam - 2014-10-26 15:13:56
Egypt’s real estate developer, Misr Italia Holding’s sales reached 300 million Egyptian pounds by end of September 2014, chairman Hany El Assal announced. Such figures would not enable the company to achieve its targeted sales of around 600 million pounds by end of the current year, El Assal noted. He expected that Misr Italia would post a maximum of 400 million pounds only in sales by 2014-end. Speaking to Amwal Al Ghad on Sunday, El Assal asserted that the Egyptian real estate market would restore its activity within the fourth quarter of 2014, on condition of receiving more support from the country’s authorities. Misr Italia is currently working on the second phase of Moussa Coast project, on a space of two million metres. Mousa Coast project is set to be built on a total space of 8 million metres, at estimated cost of around 10 million Egyptian pounds. Misr Italia is a leading group in Egyptian real estate, touristic development and interior decoration market through its extraordinary marble projects since 1981. More»
Amwal Al Ghad English - 2014-10-26 10:03:05
To be launched on 24-25 November under the patronage of the Egyptian prime Minister. Strong participation of more than 1000 delegates from the construction and real estate development companies and banks involved the Forum on both global and regional level. Announcing the participation of the private sector in New Suez Canal, One Million Housing Units and National Roads Projects. Unparalleled opportunities for business development CAIRO_ October 26: The First Builders of Egypt forum 2014 to be held under the auspices of the Prime Minister, H.E. Ibrahim Mehlab on two consecutive days 24th and 25th of November 2014 in "Intercontinental City Stars". The forum is organized by the Egyptian Federation for Construction & Building Contractors (EFCBC) and "Excellent Communications" the specialized Public Relations and events managements Agency. More»
Marwa Hemdan - 2014-10-23 13:08:50
Egyptian leading construction firm, Arab Contractors has started talks to carry out a number of infrastructure projects in Algeria, at a cost of US$150 million. Speaking to Amwal Al Ghad, AC Chairman Mohsen Salah stated that his company is seeking to implement a number of infrastructure projects in one of the biggest housing cities in Algeria. During a visit by AC’s board delegation to Algeria last September, the company had made a tour to examine the infrastructure projects in the country, the official noted. Salah further said Arab Contractors is expected to sign the final contracts with Algerian officials and start the implementation works by early 2015. After signing the contracts, the company is set to finalise those infrastructure projects within a maximum of one year and a half, he added. Meanwhile, the Egyptian company plans to deliver 4500 units in three various areas in Algeria by mid 2015, at a cost of US$180 million. Arab Contractors exists in 9 Arab states, notably Tunisia, Algeria, Iraq, UAE, Kuwait, and Jordan in addition to 16 African markets, mainly Congo, Ethiopia, Chad, and Nigeria. More»
Maha Essam - 2014-10-22 13:47:51
After three years of implementation works, Gulf Property Development announces the completion of its Reem Residence Project, located in the Six of October City. Speaking to Amwal Al Ghad on Wednesday, GPD Chairman Shams El-Din Mohamed said the investment cost of the accomplished Reem Residence projects amounts to 700 million Egyptian pounds. Gulf Property Development Company (GPD), a subsidiary of the Arabian Property Development Company (APD), was founded in 2007 to invest in the real estate Egyptian market, after the great successes of APD in its projects the UAE and Lebanon. “Egypt’s real estate sector has recently witnessed a relative improvement powered by the Egyptian government’s clear and well-outlined vision towards dealing with investors.” GPD’s chairman noted. However, he referred to the presence of some obstacles against realising the Egyptian real estate sector’s renaissance. The official mentioned one of the key obstacles challenging the Egyptian real estate sector, namely the poor banking support for the property investment firms in Egypt. About Reem Residence project, GPD’s chairman said it includes 400 villas, on a 200-600 metres area, alongside an 8000-metre sporting club, as well as a 12500-metre administrative and shopping mall. Moreover, the official said GPD completed around 80% of its marketing campaign for Reem Residence. More»
Amwal Al Ghad English - 2014-10-19 15:33:01
Egypt’s property developer, SODIC is planning to invest nearly EGP 2.4 billion ($335.6 million) during 2015, said Managing Director Ahmed Badrawi. The company may inject more investments in new land plots along the Egyptian coasts or in other areas, the official added. The Egypt-based property developer - Sixth of October Development & Investment Co. (SODIC) is planning to kick off constructions and launch phase one in the land plots it won this year over an area of 1.3 million sqm in New Cairo before 2014-end. It targets EGP 300-600 million sales in such a phase and around EGP 9 billion from the overall project. During Reuters Middle East Investment Summit, Badrawi said his company is targeting overall investments of up to EGP 2.5 billion by the end of this year, in addition to receiving the land area of commercial project in Mansourah. Egypt’s property sector is growing strongly. There has been a severe shortage in real estate and thus demand is higher than supply, said the official. Badrawi said it is the right time to expand strongly in the Egyptian market, adding that that is why his company bought new land plots and increased its capital. SODIC will complete next Thursday a rights issue to raise capital by nearly EGP 1 bilion to EGP 1.363 billion. Two thirds of the capital hike will go for investment in New Cairo new project, while the other third will go for investments in new land plots. SODIC owns a land bank of nearly 11 million sqm, including 3.6 million unutilized land areas. Asked whether SODIC would turn profitable this year after logging losses in 2013, the official replied that H2 figures would be similar to those of H1. He expected huge figures starting next year. H1 financial results had mirrored a jump in net profit by 84% to EGP 90.5 million, compared with EGP 49.1 million in the same period a year earlier. SODIC had logged EGP 447.13 million losses in 2013, pressured by scrapping Syria investments and cancelling contracts. Badrawi indicated that sales reached EGP 2.2 billion year-to-date, adding that they may rise to EGP 2.7 billion by 2014-end. More»
Marwa Hemdan - 2014-10-19 15:15:02
Egyptian leading construction firm, Arab Contractors plans to hand over next year a water desalination plant in Basrah, Iraq, with a total capacity of 199.000 m3 per day.  The project is with a total investment cost of US$180 million. AC Chairman Mohsen Salah told Amwal Al Ghad that the project is a consortium between the AC and Japan’s Hitachi. Most of AC’s projects in Iraq locate away from the current heavy fighting dominating areas, Salah noted. The Egyptian official also stated that Arab Contractors is also implementing another project in Iraq, through a coalition with Sweden’s Bauer, the Diwaniyah power station worth US$169 million, with a capacity of 500 MW. The power station project is set to be delivered within a year. The size of the company’s business in Iraq is over $300 million. Arab Contractors exists in 9 Arab states, notably Tunisia, Algeria, Iraq, UAE, Kuwait, and Jordan in addition to 16 African markets, mainly Congo, Ethiopia, Chad, and Nigeria. More»