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Business - Real Estate

Amwal Al Ghad English - 2014-04-12 08:55:03
Cityscape proudly concluded its third and largest ever edition on Saturday 12th of April, 2014 with massive attendance from visitors. Exhibitors, guests and officials who attended the Egypt Real Estate Summit, held between the 7th – 9th and the Cityscape Exhibition, held between the 9th – 12th, were highly impressed with the diversified portfolio of projects and industry focus from major players in the sector. “The Cityscape Egypt 2014 edition has by far exceeded our humble expectations,” commented Wouter Molman, Director of Cityscape Global. “This success is mirrored in both visitor turnout and interest. We can see the great potential that the real estate sector in Egypt has to offer to both local and international investors. Step by step, the road for political and economic stability is becoming clear and this will contribute in no small part to speedy sustainable development.” Egypt Real Estate Summit: The Egypt Real Estate Summit concluded on a high note last Wednesday 9th April, 2014 with a positive outlook on the sector’s future by Egypt’s leading industry experts and sector leaders. The final session, entitled “CEOs Shape the Economic Roadmap for Egypt in 2015”, discussed the potential that the real estate sector offers asserting the need for speedy political stability in order to achieve sustainable economic growth. The session was attended by a number of CEOs including: -          Hisham Shoukry, Chairman of Ro’oya Group for Real Estate Development -          Gamal Mouharam, CEO of MGM Group -          Adel Danash, CEO of Smart Village -          Mohamed Abdallah, CEO of Coldwell Banker -          Wael El Nashar, CEO of Onera Systems Participating speakers ensured that the Egyptian economy is ready for a speedy recovery especially that the economic infrastructure has not been highly affected by the political turmoil of the past three years. “The real estate sector is not one of but the most important sector in terms of contribution to the country’s economy,” said Hisham Shoukry, Chairman of Ro’oya Group. “The sector supports more than 100 complimenting industries and offers millions of jobs to Egyptians – directly and indirectly. We can see the current government taking solid steps towards reform however, the need for land is dire in order to be able to achieve true development.” Speakers have also asserted the need for more collaboration between the government and the private sector naming it a ‘successful business marriage for sustainable growth’. On attracting investments both local and foreign, speakers expressed the need for clearer laws and regulations that protect the investor’s rights as well as acts as a check point for investors to create transparency and governance. “In order to be able to achieve a healthy investment climate the investor needs to know that the laws will not change and that his investments will be protected by the law,” said Gamal Moharam, Chairman for MGM Group. The summit included two specialized conference days, focusing on key market trends and booming market sectors, offering valuable market insight and up to date information on critical developments as well as over six networking opportunities providing unlimited potential to create new contacts and expand existing relations and more presentations than ever before offering exclusive learning potential and in-depth analysis of critical topics. Cityscape Exhibition 2014: Deemed as the largest real estate exhibition of the year, Cityscape Egypt succeeded in attracting hundreds of industry experts and exhibitors showcasing over 100,000 projects for more than 12,000 eager homebuyers and visitors. The third edition of Cityscape Egypt took place under the auspices of  Moustafa Madbouly, Minister of Housing, Utilities and Urban Development and focused on opportunities for Egypt to continue to grow and attract investments creating a sustainable vision for the sector in 2014. The exhibition featured more than 100 participating companies including Palm Hills Developments, Sodic, Emaar Misr, Coldwell Banker, Al Oula and Ro’oya Group amongst others. High visitor numbers were complimented by major announcements from some of the industry’s leading developers. During the exhibition, Tasweeq Shopping Malls launched Mansoura Downtown Mall, the first shopping destination in Mansoura City.  Mansoura Downtown is marked by the first Carrefour Supermarket in the Delta of Egypt and is established over 12,000sqm of total retail space featuring regional brands for the first time in in the City. In addition, Coldwell Banker and New Homes announced that the company has achieved a billion EGP in sales last year and are anticipating more than 1.5billion for 2014 marking the room for growth in the Egypt real estate market. Commenting on the success, Khalid Bahig, Vice President – CEO of Coldwell Banker and New Homes, said “This year we are expecting the best exhibition compared to the past 3 years. This billion EGP in sales last year and our anticipations for this year means that the market is currently on the high side, the demand is there and the clients started to see some political stability and this reflects positively not just on our business but on the industry as a whole.” Major announcements during the exhibition also included: -          Hyde Park offering 24 different villa facades that range from Neo-Classical to Italian Country to California-Spanish style. -          Al Ahly for Real Estate Developments celebrates 20 years of success with 49 projects located on New Cairo, Ain Sokhna, North Coast and Sharm El Shiekh - launched its new mobile application for Android and iPhone Showing excitement for his new home, visitor Mohamed Abu Bakr said, “I bought a home from Hyde Park and I’m super excited with this long term investment. I would like to thank Cityscape for creating a platform that brings together all major developers in Egypt. This has truly provided me with the opportunity to research for my perfect home in a friendly and impressive environment.” “We look forward to more success at Cityscape 2015,” concluded Molman. “We know that with the short to come political stability that market will soon return to the economic high that Egypt saw in 2010.” Cityscape Egypt is organized by Informa, the largest organizer of events worldwide with over 8,000 employees working in some 150 offices in more than 40 countries, providing academics, businesses and individuals with unparalleled knowledge, up-to-the minute information and highly specialist skills and services. More»
Amwal Al Ghad English - 2014-04-10 12:09:02
International real estate agent Coldwell Banker plans within this year marketing housing units totalling EGP 1.5 billion in Egypt, versus EGP 1.040 billion marketed last year. According to Mohamed Banany - Vice President at Coldwell Banker New Homes,  Coldwell is doing marketing of housing units of around 80 projects, since it deals with 24 real estate developers across the country. Speaking to Amwal Al Ghad on sidelines of Cityscape Egypt Real Estate Exhibition, Banany said Coldwell has managed to sell around 1000 residential units throughout 2013, at average price of EGP 1.1 million a unit. Moreover, Banany further noted that real estate market in Egypt is likely to boom within the current year, with potential rates up to 50%. More»
Amwal Al Ghad English - 2014-04-09 15:21:24
Egypt’s Minister of Housing Moustafa Madbouly and Director for Cityscape Group, Wouter Molman, joined by key business leaders celebrated today the inauguration of Egypt's leading real estate exhibition, Cityscape Egypt 2014. The ribbon cutting ceremony, which was also attended by hundreds of exhibitors, took place at the Cairo International Conference Centre. A tour of the exhibition showcased the exhibitors’ most recent development projects to the Minister and thousands of anticipated visitors. The third edition of Egypt's largest and most prominent real estate event kicked off today and will continue until the 12thof April 2014 at the Cairo International Conference Centre featuring over 100 leading local, regional and international property exhibitors. Cityscape events in Egypt have seen unparalleled success over the years with a remarkable increase in both visitors and exhibitors and an anticipated attendance of more than 12,000visitors this year from potential home buyers. More»
Amwal Al Ghad English - 2014-04-09 12:44:44
Arabia Group for Real Estate & Tourism Investment S.A.E. and Tameer Mortgage Company - Al Oula signed a cooperation protocol on the sidelines of the Cityscape Real Estate Summit. The protocol entailed financing Arabia’s housing units, and villas, where Al Oula provide clients with loans to finance their properties. The mortgage loan would cover remaining payments on clients' units including delivery payments, with the option of lending the cost of finishing core and shell units as well. Payment terms could be extended up to ten years. In this respect, Hassan Hussein, Chairman and Managing Director of El-Taamir Mortgage Finance Co - Al-Oula, said his firm will entail financing housing units of Arabia’s Moon Valley 2 Project,  comprising 124 villas ‘Twin House’. Al Oula will provide clients with loans to finance their properties. Tameer Mortgage (Al-Oula), incorporated in 2003 is the first and leading mortgage finance company to be established in Egypt, created in 2003, and contribute to the capital of thirteen Foundation of the largest institutions real estate, banking and insurance, Egypt, authorized capital by $ 500 million pounds (five hundred million Egyptian pounds) and paid an amount of 400 million pounds (four hundred million Egyptian pounds). More»
Amwal al Ghad English - 2014-04-09 09:05:24
Addressing an audience of real estate developers and investors, Egypt’s Minister of Housing, Utilities and Urban Development Mostafa Madbouly stressed the importance of expanding the market of affordable housing and improving the infrastructure. Madbouly spoke at Egypt’s third Real Estate Summit (7-9 April), which opened on Monday, to discuss the country’s most pressing market issues. “On the one hand, housing projects are expensive, on the other, the purchasing power of Egyptians is low, which is why there is a huge gap between supply and demand in the market,” Adnan Ghoshesh, senior MENA advisor at the Affordable Housing Institute in Jerusalem, told Ahram Online on the sidelines of the conference. The last Jones Lang LaSalle report on the country's real estate sector issued two years ago showed a shortage of 1.5 million units, according to Ayman Sami, head of the firm's Egypt bureau. More»
Amwal Al Ghad English - 2014-04-08 16:28:46
Egypt’s leading construction firm, Arab Contractors Company, are set to complete in June 138 projects involving the construction of roads, bridges, housing developments and water and sanitation stations, a Tuesday statement from Ministry of Housing said. The announcement was made during a Tuesday meeting between Minister of Housing, Utilities and Urban Communities Mostafa Madbouly and the company’s board of directors, chaired by CEO Mohamed Mohsen Salah. During the meeting, the attendees discussed obstacles facing Arab Contractors’ projects inside and outside of Egypt and methods for resolving them, the statement added. Madbouly also pledged to discuss with Minister of Planning Ashraf El-Araby the repayment of financial dues owed by the government to the company. Arab Contractors announced in February that their net profit slumped 33.3% year on year in the 2012/2013 fiscal year (FY) to register EGP 336 m, down from EGP 505 m in FY 2011/2012. Salah stated that the company’s business in FY 2012/2013 was valued at EGP 11.027 bln, compared to EGP 11.02 bln in FY 2011/2012. The CEO added that the value of the firm’s offshore business reached EGP 2.85 bln, registering a 4% increase from EGP 2.47 bln in FY 2011/2012. Meanwhile, net profits of the offshore business marked a 39.25% decrease to reach EGP 113 m. Due the instability that has plagued the country after the ouster of former president Mohamed Morsi in July, the construction sector has been “negatively affected”, a quarterly report from Gleeds Construction Consultancy Egypt said. In a move that was deemed one of the largest construction contracts in the Arab region, the armed forces, in cooperation with UAE’s Arabtec Construction Company, announced it would construct 1m residential units for low-income youth. In order to boost projects in the sector, the New Urban Communities Authority (NUCA) will conclude the amendment of the real estate regulations draft within two months, Madbouly said on Monday. More»
Amwal Al Ghad English - 2014-04-08 13:40:33
A significant increase in pre-registered visitor numbers at Cityscape Egypt 2014 one day ahead of the show's grand opening has underscored the improving sentiment that now pervades the Egypt's property market. Figures from Informa Exhibitions, organizers of the four-day exhibition, confirm that pre-registered visitors for Egypt's most prominent real estate showcase are 25 per cent up versus last year, signifying the largest number since its inception in 2008. Taking place from 9-12 April at the Cairo International Convention Centre (CICC), Cityscape Egypt is in its 5th edition, hosting more than 100 exhibitors from across Egypt. Showcasing their latest developments and property launches located across Greater Cairo, North Coast, Red Sea Coast and Upper Egypt, they will be eager to meet with thousands of investors and home buyers expected to attend the event in the next few days. "We are very pleased to see such a strong increase in visitor preregistrations this year", said Wouter Molman, Director of Cityscape Group at Informa Exhibitions. "Virtually all of Egypt's leading real estate developers are present at this year's edition of Cityscape Egypt, making it a unique opportunity for investors and home buyers to select their next home from the thousands of properties on showcase this year". "Cityscape Egypt attracted 12,000 visitors in 2013 and indications are that we will see a double digit increase of visitors this year to match the growth of the show, which itself has grown by over 10%, making this the largest ever edition of Cityscape Egypt", added Molman. Hany El-Assal, Chairman of Misr Italia Holding, has announced his company's participation at Cityscape Egypt 2014, recognizing it as a prime opportunity to announce its new project CAIRO BUSINESS PARK, located in the 5th settlement, New Cairo. Elaborating on the project, El-Assal said that it is a hub of investments estimated at around EGP 2 billion and covering an area of 350,000 square meters. Set in lush greenery and aquatic landscaping, the modern compound presents an idyllic meeting point for businesses. Misr Italia will be also launching exclusive units in one of the Red Sea's largest and most premium resorts; Mousa Coast Resort. The project will cover 8 million square meters in two phases, with investments totaling EGP 10 billion. Commenting on the popularity of the Cityscape exhibition, El-Assal predicted a high turnout of visitors, demonstrating the growing purchasing power in the region. Emaar Misr, one of Egypt's largest real estate companies, will launch new touristic and residential projects including the first Phase of Blanca islands in its North Coast development Marrasi, and Park Residence in Mivida, New Cairo. Speaking on behalf of Al-Futtaim, Managing Director Mr. Mohamed El Mikawi affirmed that the real estate sector is being revived due to the increase in demand. He announced the launch of the second phase of its Cairo Festival City project at Cityscape Egypt 2014, comprising of five administrative buildings over 50 thousand square meters of built-up area, in addition to 300 villas, 600 residential apartments, and a touristic hotel with total investments worth EGP 4 billion. Mikawi confirmed having sold out 70% of its residential units in the second phase of the project, as well as a full office building part of the same phase. Hussein Sabbour, Chairman of Al Ahly for Real Estate Development, stated that the real estate market is still attractive for investment, referring to the signing of agreements between his company and Saudi investors to develop two projects in Egypt, including Square 1 located in New Cairo and Square 2, located in El Mostakbal City. Magued Sherif, CEO of Hyde Park Properties for Development, said that the Egyptian real estate market is strong and has all the necessary fundamentals to attract new investments that will drive market growth in the upcoming years. Sherif said that his company will implement an expansion strategy in the market that aims at developing 1500 acres in the next year. The company is seeking to launch the neighboring number 10 in Hyde Park project; a compound of separate/linked new model villas with about EGP 100 million dedicated investment cost, and expected sales of EGP 150 million. Eng. Darwish Hassanein, CEO of Saudi Egyptian Construction Company (SECON) said that his company will launch their new project "Secon Nile Towers" at Cityscape Egypt 2014, with a project value of about EGP 1.6 billion, in addition to the second phases of its "Lake Dream" and "Zahret Asiut" projects, as well as the "Secon Residence" project in Alexandria. SECON plans to develop approximately EGP 3 billion worth of projects in the next five years. Hassan Hussein, CEO of El Taamir Mortgage Finance Company "Al Oula", predicts that the mortgage market will witness major developments this year supported by the Central Bank of Egypt's initiative to make available EGP 10 billion to finance affordable housing units. His company, who are also Gold Sponsor of this year's exhibition, will sign four agreements on the sidelines of Cityscape Egypt 2014, including deals with Al Arabiya Real Estate Investment, Hyde Park Properties for Development, SODIC and Tameer for Real Estate and Development, to provide mortgage options to its customers. More»
Amwal Al Ghad English - 2014-04-08 08:49:25
The second day of Egypt's largest real estate exhibition Cityscape Next Move has kicked off this morning, Tuesday at Four Seasons Hotel at Nile Plaza. The exhibition held April 7 – 9, under the auspices of Minister of Housing, Utilities and Urban Development Mostafa Madbouly and Dr. Khaled Hanafy, Minister of Supply and Internal Trade, Sherif Samy, Chairman of the Egyptian Financial Supervisory Authority and more than 200 leading investment and financial institutions. International experts will take part in the event to explore new ways of stimulating the real estate sector in Egypt. The first session includes a panel discussion about Regaining Egypt’s position as the leading global tourist destination through innovative developments and world-class projects. The participants of the first panel discussion include Ibrahim El Missiri, Regional Business Development Manager at MENA&I,  Panos Loupasis, Senior Development Director at Wyndham Hotel Group, Alex Mavridis, Chief Investment Officer at Al Dau Development, and Eng. Walid El Hindy, Development Director, Marassi, Emaar Misr. Among speakers at the second-day of the event will be Magdy Farahat, Vice President of Real Estate of Egypt’s New Urban Communities Authority (NUCA). More»
Yomna Yasser - 2014-04-07 13:53:51
Egypt-based Tameer Mortgage Company - Al Oula signed today a cooperation protocol with 3 additional Egyptian developers on the sidelines of the Cityscape Real Estate Summit. Al Oula signed the protocol on Monday with Hyde Park Properties for Development (HPD), Arabia Group for Real Estate & Tourism Investment, and Tameer for Real Estate Investment. The protocol entailed the financing of up to 80% of built residential, commercial and retail units, where Al Oula would provide clients with loans to finance their properties. The mortgage loan would cover remaining payments on clients' units including delivery payments, with the option of lending the cost of finishing core and shell units as well. Payment terms could be extended up to ten years. More»
Amwal al Ghad English - 2014-04-07 13:17:13
Egypt’s Political stability within the early of 2014 contributed in boosting the deferred demand for residential units over the past years, as the indexes of demand on real estate increased by 17% within last February, Amad Almsaodi, CEO of said. He added in keynote speech at City Scape Summit 2014 today that the indexes of succeeded in monitoring the movements of the real estate market in Egypt during the last period, revealing that the individuals’ trends towards  owning  areas by the stability of political situations in state. El Harm, Al-Mohandseen, Sixth of October ,El Rehab and New Cairo are much closer zones to real estate developers’ concerns in Egypt by the upcoming phase, as well as the investors trend to own areas near of Madinety and New Heliopolis, Almsaodi added. Furthermore, he explained that Aqarmap is targeting to achieve compatibility among the desires of clients and the submitted potentials in the real estate market currently, through monitoring the conditions of the real estate market and the providing services or prices for residential units in different regions. More»