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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        Pioneers Holding   2.84        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        Egyptians Housing Development    1.94        United Arab Shipping   0.43        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        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        National Real Estate Bank for    11.84        Egyptian Chemical Industries (   7.26        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Credit Agricole Egypt   9.04        Palm Hills Development Company   1.61        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        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        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        Cairo Poultry   8.32        ARAB POLVARA SPINNING & WEAVIN   2.11        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        Prime Holding   0.91        Al Arafa Investment And Consul   0.17        Alexandria Spinning & Weaving    0.74        Gharbia Islamic Housing Develo   8.41        General Company For Land Recla   16.6        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 - 2014-04-01 17:39:10
Egypt-based Arab Contractors Company is competing to win a bidding for infrastructure projects and tunnels in Saudi Arabia, according to Chairman Mohsen Salah El Din. The Egyptian company is targeting more expansions in the south and the east of the KSA, he noted on Tuesday. According to the Egyptian official, AC’s total turnovers in the KSA exceeded one billion Saudi riyals. AC is currently carrying out the King Khalid Airport project in Riyadh, with a total cost of 113 million Saudi riyals, he noted. In addition, AC is working on the King Fahd Street project, with a total cost of 82 million Saudi riyals. Moreover, Salah El Din referred to AC’s other projects, one in the north of Saudi Arabia with a total cost of 91 million riyals and another one designed for sanitation network in the southern area. For the ongoing biddings, AC chairman said his firm is seeking to carry out a number of land bridges and tunnels in south of KSA, with total costs exceeding around one billion riyals. AC is also competing to win a bidding to establish a power station in Saudi Arabia. For regional expansions, Salah El Din pointed out that AC is seeking to make its strong presence in Bahrain within the upcoming phase to take part in a number of infrastructure projects. AC is planning to have its new branch in the Arab world to be in Bahrain within the current year. More»
Amwal Al Ghad English - 2014-03-29 08:54:38
UAE-based Arabtec Holding on Thursday said it in the process of establishing a new Public Joint Stock Company (PJSC) to execute multi-billion dirham project in Egypt. The company said in a statement to Dubai Financial Market on Thursday that it is engaged in talks with the Egyptian authorities to establish a joint stock company to build one million houses in the country. The company announced on March 9, 2014, that it had signed a memorandum of understanding (MoU) with the Ministry of Defense and Military Production on behalf of the government of the Arab Republic of Egypt to develop and construct one million units of middle-income housing in various locations across Egypt. This project is the biggest of its kind in the Region, with an overall development value of LE 280 bln (AED 147 bln; USD 40 bln). Through the developments, millions of Egyptians will have access to full-fledged communities, with public amenities such as schools, hospitals, parks and places of worship. The company, the statement said, will disclose any developments in this regard in accordance with the laws and regulations in due course. More»
Amwal Al Ghad English - 2014-03-24 15:32:38
This April will witness one of the most important events on the industry calendar, Cityscape Egypt 2014 in association with Next Move. Following 5.9% growth in the sector year on year and real estate’s contribution to overall GDP climbing 4.6% in the same period, Cityscape Egypt 2014 will be the largest in its history withmore than 100 exhibitors and over 100,000 showcased properties. Key exhibitors at the fifth edition of the flagship event include Abraj Misr, Al Ahly Real Estate Development, Palm Hills Developments, SODIC, Rooya Group, Al Morshedi Group, Amer Group, Cairo Festival City, Emaar Misr for Development, Hassan Allam Properties, Maxim For Real Estate, Arabia Group, New Giza and Talaat Mostafa Group. Director of Cityscape Group, Mr. Wouter Molman revealed that increased demand for exhibition space has resulted in a sell-out event, with halls booked out weeks ahead of its opening on 9-12 April at the Cairo International Convention & Exhibition Centre (CICC). Visitor numbers are expected to match the continued growth of the exhibition, totaling more than 12,000 in 2013. Cityscape Egypt 2014 is taking place at a time when Interim government is exerting tremendous effort to boost the real estate market. Key strides include mortgage law amendments and real estate fund legislative changes designed to ease investment hurdles and support overall real estate market growth in the coming period”, added Molman . Further improvements to the mortgage market include this week’s announcement by Central bank of Egypt to allocate EGP 10 billion funding to affordable housing units.  Over a 20-year period, banks will acquire money from the Central bank at below market interest rates and re-lend to low earners at a 7% decreasing rate of return. The announcement comes just days after the government inked a landmark deal to build 1 million affordable homes across Egypt with UAE construction company Arabtec Holding. Financial flexibility is being reported alongside a number of other positive announcements including Al-Futtaim Group’s $2.2 billion worth of new developments, TalaatMoustafa's 7.2 percent increase in net profit (in 2013) and significant levels of new supply entering the retail and residential markets. Dr. Mohamed El Mikawi, Managing Director of Al Futtaim Group Real Estate explained “Cityscape provides unparalleled opportunities that can help revive the sector. Having such a wide-range of properties to suit all tastes under one roof enables developers to get more insight into customers’ preferences.” Mikawi added that his company is planning to exhibit the second phase of its “Cairo Festival City” (CFC) mixed used project. “Cityscape brings better exposure to real estate products, positioning developers among competitors and providing an opportunity to meet customers directly” agreed Abdel Nasser Taha, Development Director Mivida Emaar Misr. He addedthat the company is anticipating an increase in sales volume driven by Egypt’s population growth rate of 1.8% per year. “The event timing is commensurate with a potential sector rebound on the account of foreign Direct Investment inflows. Investors need events like Cityscape to form a clear vision of the current status of the market,” said Esam Hafez, Country Director at Retail Group Egypt. Tarek Abdel Rahman, Chief Investment Officer, Palm Hills Developments stated that Cityscape Egypt will contribute significantly to reinvigorating the real estate sector through boosting property sales volumes, and that Palm Hills Development (PHD) will be displaying around 18 projects this year. Egypt’s real estate market has long been a key pillar of the economy and a lucrative market for investors seeking immediate income, medium to long term capital growth and a good resale potential. Recent announcements affirm that Egypt is on track to accelerate its economic growth, sustained by the government continuous efforts and the increasing property demand and supply. More»
Amwal Al Ghad English - 2014-03-17 07:39:47
Dubai's Emaar Properties expects the listing of its retail unit to occur within months, while it is also preparing its Egyptian unit for an initial public offer in Egypt, Emaar chairman Mohammed Alabbar said on Sunday. The timetable for the retail listing "is definitely less than a year. We're hoping within months," Alabbar told Al Arabiya television. Emaar is in the final stages of discussions with banks on the best way to conduct the listing, he added. Dubai's largest listed property developer said on Saturday that it planned to list 25 percent of its shopping malls and retail unit in an offer expected to raise between 8 and 9 billion dirhams ($2.18-$2.45 billion). Alabbar did not give details of his plans for the IPO of the fully-owned Egyptian unit, Emaar Misr, which is a major foreign investor in Egypt's real estate sector and claims an investment portfolio of 53 billion Egyptian pounds ($7.6 billion). More»
Amwal Al Ghad English - 2014-03-12 10:13:11
Egypt's Medinet Nasr for Housing and Development SAE on Wednesday said its net profit jumped 102.6 percent in 2013 on the back of a 50 percent rise in sales. The net profit of the company, according to data it published on Wednesday in the Al-Akhbar newspaper, reached 186.88 million pounds ($26.85 million) in the year to end-December 2013 compared with 92.24 million in 2012. Sales by Medinet Nasr, a public shareholding company engaged in real estate development and housing, increased 50 percent to 658.48 million pounds from 438.97 million pounds in 2012. More»
Amwal Al Ghad English - 2014-03-11 07:37:35
A $40 billion deal for Dubai firm Arabtec to build one million homes in Egypt may mark the start of politically-inspired Gulf investment in the country's creaking infrastructure, from housing to transport, power generation and agriculture. Egypt's economy is recovering only slowly from the turmoil that followed its 2011 revolution. Its government lacks the cash to build infrastructure, while political and business risks are still far too high for most companies to invest in projects. But with the Arabtec deal - one of the largest construction contracts ever announced in the region - Egyptian and Gulf governments appear to have found a formula to channel billions of dollars into the economy in a way that serves their political and economic interests. The construction company said on Sunday that it had agreed with the Egyptian army to build the homes at 13 locations around the country on land provided free by the armed forces, which own a large amount of financial assets and real estate. The deal lets the army-backed government tackle a housing shortage that has been a grievance bringing Egyptians onto the streets in the past three years. Army chief Field Marshal Abdel Fattah al-Sisi can tout the project in a presidential election campaign which he is expected to mount this year. By using such deals to shore up the popularity of the Egyptian army, governments in the six-nation Gulf Cooperation Council (GCC) can keep at bay the Muslim Brotherhood, an arch-enemy of the Gulf monarchies. The Islamist movement ruled Egypt until its overthrow by the military last year. Gulf companies awarded such projects can gain market share in Egypt with only moderate risk, since they have the backing and protection of their governments. In Arabtec's case, the deal could help to transform it from a mid-sized firm into a regional construction giant. "We'll see similar deals in the coming period, whether it is in energy, oil and gas, roads," Karim Awad, co-chief executive of EFG-Hermes, Egypt's biggest investment bank, told Reuters. "Investors from the GCC are also showing interest in developing those sectors, including renewable energy." Egypt's assistant minister of investment Neveen El Shafei said talks with potential Gulf investors "on various levels and different sectors are ongoing, and we hope more deals will be concluded in the near future". The importance of the Arabtec deal goes well beyond its economic impact, said John Sfakianakis, chief investment strategist at MASIC, a Saudi Arabian investment firm. "It's a state capitalist project of trans-national magnitude that basically tells the world that the GCC will be there to support Egypt no matter what," he said. AID Saudi Arabia, the United Arab Emirates and Kuwait have promised over $12 billion in aid to Egypt since last July, when the army ousted President Mohamed Morsi, who was backed by the Brotherhood. Large sums of additional aid are expected. In the initial months, the donors focused on averting a financial crisis, stabilising Egypt's foreign exchange reserves and helping the government to pay its operating costs. The Arabtec deal signals they have now begun trying to engineer stronger growth for the Egyptian economy, hoping to ease political tensions by cutting unemployment and raising living standards. Construction of Arabtec's "middle-income" homes is expected to start in the third quarter of this year, with the first to be delivered in early 2017 and the whole project to be completed before 2020, the company said. Some details of the plan have not been released and some have not been decided. But Arabtec's chief executive Hasan Ismaik told Reuters that initial financing would be provided by the UAE government, while the rest would come in the form of advance payments and instalments paid by the home buyers. The homes will be bought over periods of 10 to 20 years, and Arabtec has reached agreements with 40 banks to provide financing to the buyers, Ismaik said. Last month, Egypt's central bank said it would deposit low-cost funds at banks so the money could be lent on as cheap mortgages. By giving a central role in the project to a UAE company, the Arabtec deal appears to ease at least partly a concern of the Gulf donors: that their money could be wasted through corruption or Egypt's inefficient bureaucracy. It is not clear that the project will be very profitable for Arabtec, which is listed on the Dubai stock market. This may explain the relatively sluggish reaction of Arabtec shares to the news; they rose only 1.7 percent on Monday. Local financial firm Arqaam Capital kept its "buy" rating on the stock but said it feared Arabtec would enjoy only modest profit margins. It also said the company would face execution risks, since it had never managed a project nearly as large. Ismaik himself indicated he was not counting on big profits: "We look at the project more as UAE aid to Egypt than we look at its expected revenue." But Arabtec's overriding motivation may not be commercial; its largest shareholder is Abu Dhabi state fund Aabar , which owns a 22 percent stake. That makes it a logical vehicle for the UAE's economic diplomacy. Even if profits are slim, the firm may benefit in other ways from the project. The contract is worth about $8 billion annually, more than five times Arabtec's 2012 revenues of $1.5 billion; by taking on the work, it may at a stroke become one of the largest construction contractors in the region. The deal effectively uses some of the UAE's oil wealth to finance overseas growth of one of its leading firms, in much the same way that some Chinese construction firms have moved abroad by working on projects funded by China's government. Aabar may already be compensating Arabtec in markets other than Egypt; last month the Abu Dhabi fund said it would assign all future construction work in its $20 billion real estate portfolio around the world to the Dubai company. PROJECTS Other areas where Gulf companies are likely to consider government-backed investments in Egypt include power generation, which has been a constraint on industrial growth, oil and gas extraction, which would earn the country badly needed foreign exchange, and agriculture, since food price inflation threatens political stability. Saeed Mohammed al-Tayer, chief executive of state-owned Dubai Electricity and Water Authority, said on Monday he believed other UAE and Egyptian firms were discussing energy and petrochemical deals. He did not name the firms. The UAE's Dana Gas, a privately-owned firm, said last month that it was upgrading an Egyptian natural gas production plant to increase its capacity by 25 percent. The Egyptian government owes it $274 million in unpaid bills, according to Dana; investing in Egypt in line with governments' wishes could help it recover that money. Gulf firms are already active in Egypt's farm sector. Since 2007 Abu Dhabi investment firm Jenaan has accumulated about 67,200 hectares of arable land there, growing wheat for Egyptian consumption. The Arabtec deal "could mark the beginning of similar infrastructure projects that involve GCC companies which have experience and depth, but also the required financing and at the same time the willingness to undertake such mammoth projects," said Sfakianakis. More»
Amwal Al Ghad English - 2014-03-09 20:27:05
Arabtec Holding, Dubai's largest listed construction firm, has agreed with the Egyptian army to build one million houses in a project worth 280 billion Egyptian pounds ($40.23 billion), it said in a statement on Sunday. The project, one of the biggest in the region, is seen as a boost to the country of 85 million which has been struggling to attract tourists and foreign investors, amid political turmoil, and saw its foreign reserves drop to a critical low last year. It will cover 160 million square meters across 13 sites in Egypt for lower income individuals. The company said it expected that work on the project would start in the third quarter of this year and be completed before 2020. The firm did not say how the project will be financed but Hasan Ismaik, Arabtec's chief executive told Reuters on the sidelines of a press conference in Cairo said that the land will be given for free. Ismaik added that there will be an agreement with around 40 banks in Egypt to provide financial facilities for limited income individuals. Egypt's economy has been struggling since a mass uprising toppled autocrat Hosni Mubarak in 2011 when millions of Egyptians took to the streets calling for social justice and better distribution of wealth as well as an end to corruption. One year later, the same demands emerged bringing an end to Islamist President Mohamed Morsi who was toppled after only one year in office when the army, prompted by mass protests, ousted him on July 3. The United Arab Emirates, Saudi Arabia and Kuwait have pledged more than $12 billion to help boost Egypt's economy. More»
Amwal Al Ghad English - 2014-03-09 15:18:05
Egypt’s powerful military chief is launching a housing initiative to build a million homes for the poor, in the first campaign-style move by Field Marshal Abdel-Fattah al-Sisi, who is widely expected to run for president. Military spokesman Ahmed Ali said on Sunday that the “For Egypt’s Youth” initiative will be established through cooperation between leading UAE construction company Arabtec and the Egyptian armed forces. The collaboration is planned to continue for five years, Ahram Online reported. The initiative is dedicated to “Egypt’s youth” and is a first step to solve the country’s housing problem. Senior generals close to Sisi have told The Associated Press he is focusing on the country’s myriad of economic problems. On Sunday, El-Sisi, who is minister of defence, met with managing director of Arabtec Hassan Abdullah Smeik to discuss the details of the project, including where the units will be built, and the time frame of the work. “This project is the fruit of the wise guidance of [UAE’s crown prince] Sheikh Mohamed Bin Zayed and his concern for providing support to the current Egyptian leadership for the advancement of Egypt,” said Smeik during the meeting, adding that his company is proud to collaborate with the Egyptian armed forces in establishing “the largest housing project in the Arab region.” Smeik added that the project will not only provide millions of low-income Egyptians with housing, but will also provide jobs for more than one million people. The UAE, a staunch opponent of the Muslim Brotherhood, has been a strong supporter of transitional authorities in Egypt. The Gulf state has provided Egypt with almost $7 billion in grants, loans and oil shipments since the ouster of president Mohamed Morsi in July 2013. Speaking to the Financial Times in February, Mohammed Kandil, political secretary at the Egyptian embassy in Abu Dhabi, said that the UAE is keen on having its aid used to finance “projects that have specific development or non-profit goals and are directed at poor people.” Sisi hasn’t made an official announcement yet, but has strongly indicated he would run. The elections expected in April are the first since the military ousted elected Islamist President Mohamed Morsi in July following mass protests against him. More»
Amwal Al Ghad English - 2014-03-05 10:09:45
Egyptian property developer Talaat Moustafa (TMGH.CA)'s net profit for 2013 rose 7.2 percent year-on-year to 585.19 million Egyptian pounds ($84.1 million), it said in a statement published by the bourse on Wednesday. Talaat Moustafa's revenues reached 4.86 billion pounds in 2013 in comparison with 4.64 billion pounds the previous year, Reuters reported on Wednesday. More»
Amwal AL Ghad Engish - 2014-02-27 07:15:12
Egyptians Housing Development & Reconstruction (EHDR) reported financial results posting a net profit of LE 2.5 m for 2013. Noting that, the company reported LE 7.8 m in the previous year. More»