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Business - Real Estate

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 Aqarmap.com said. He added in keynote speech at City Scape Summit 2014 today that the indexes of Aqarmap.com 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»
Amwal al Ghad English - 2014-04-07 12:46:38
Tarek Shoukry, CEO of Arabia Group for Real-Estate Development & Urban Progress expected that the residential units will by increased by 30% within the upcoming two years as results of the higher prices of constructions, labors and building materials, so this year is optimized for the purchase of residential units, noting the continuation of the residential units’ deficit against lack of supply will raise the prices. The political and security turmoil asserted that the real estate sector is a safe haven for investment, as the last period was the hardest time in real estate’s history, Shoukry added at City Scape Summit 2014 today. The volume of demand in the Egyptian market is the largest and it is a real demand that won’t base on speculation or investment substantially and this will make the real estate investment in the Egyptian market with a big return in the next stage, Shoukry noted. More»
Amwal Al Ghad English - 2014-04-07 12:07:55
Egyptian developers Sixth of October Development and Investment Co. – SODIC (OCDI.CA) and Tameer Mortgage Company - Al Oula signed today a cooperation protocol on the sidelines of the Cityscape Real Estate Summit. 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. The protocol comes with multiple benefits for all parties; facilitating clients' access to financing, shortening the cash collection cycle for the developer and boosting the mortgage finance market which is largely underutilised.Egypt's largest real estate exhibition Cityscape Egypt, held on 9-12 April in Cairo, has kicked off on Monday 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. More»
Amwal Al Ghad English - 2014-04-07 11:52:05
The new legislative amendments to support Egypt’s real estate sector will be finalized within 2 months from now, according to Housing Minister. In a keynote speech on Monday at Egypt's largest real estate exhibition Cityscape Egypt, held on 9-12 April in Cairo, Minister Mostafa Madbouly said the current interim government strongly believes that the new legislative amendments are key to easing sector hurdles, improving Foreign Direct Investment (FDI) climate and to re-ignite investors' confidence". "The Ministry took solid steps to revive the sector for the upcoming years, which are manifested in the ease of land allocation processes in new cities. Furthermore, the government has awarded a grace period of one year to all operating companies on the account of exceptional circumstances the country is experiencing," he added. "We are working aggressively on amending legislations, which will create an attractive investment climate. In addition, we are working to finalize all investor settlement cases in order to reinstate investor confidence in Egypt," Madbouly affirmed. More»
Amwal al Ghad English - 2014-04-07 11:13:56
Egypt's Housing Ministry is aiming to finalize all the unsettled cases with all investors, minister Moustafa Madbouly said on Monday. In a keynote speech at Egypt's largest real estate exhibition Cityscape Egypt, held on 9-12 April in Cairo, Madbouly stressed that stressing that the Ministry seeks to restore investors' confidence in Egypt.  "We are working aggressively on amending legislations, which will create an attractive investment climate. In addition, we are working to finalize all investor settlement cases in order to reinstate investor confidence in Egypt," Madbouly affirmed. These settlements will keep the state’s right and solve the dilemma of investors without restoring to the judiciary, noting that each case that will be solved with the investors, will send a confidence message regarding real estate investment in the Egyptian market, Madbouly added. He added at City Scape Summit 2014 today that the Ministry has put its expectations concerning encouraging the development movement, exiting from the remote valley, activating Egypt’s development scheme for 2052 and creating new generation from the new urban community’s cities along with reviewing its private planned features within the upcoming phase. More»
Amwal Al Ghad English - 2014-04-07 10:39:11
Egypt-based property developer SODIC said on Monday it has not received any official letters from any entity as regards settling its dispute with the Ministry of Housing over Eastown project. The dispute between the Egyptian government and SODIC (OCDI.CA)  is over the land plot No. 16 in New Cairo, on which Eastown project was built by subsidiary SOREAL. This comes after Egyptian Minister of Investment and Trade Mounir Fakhry Abdel Nour announced on Sunday Egypt has settled a dispute with SODIC over one of the company's main projects after the firm accepted to pay $129.08 million in installments over around seven years, according to Reuters. "The dispute is closed," Abdel Nour told reporters about the state's legal dispute with SODIC, one of Egypt's biggest real estate companies, on its Eastown scheme in New Cairo, a development of offices, shops and homes twice the size of London's 97-acre Canary Wharf district. "They found a solution and it was approved by the council of ministers last Thursday," he said. The company had said on February 12 it was in talks with the Ministry of Housing concerning its Eastown land plot. SODIC said its total contracts reached EGP 2.73 billion in 2013, adding that it plans to invest nearly EGP 900 million this year. More»