Real Estate – Daily News Egypt https://wwww.dailynewssegypt.com Egypt’s Only Daily Independent Newspaper In English Tue, 18 Feb 2020 06:46:46 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.1 RE/MAX Al Mohager targets EGP 2.2bn sales for developers in 2020 https://wwww.dailynewssegypt.com/2020/02/17/re-max-al-mohager-targets-egp-2-2bn-sales-for-developers-in-2020/ Mon, 17 Feb 2020 18:26:59 +0000 https://wwww.dailynewssegypt.com/?p=722337 Company's non-residential portfolio comprises 76 commercial, administrative, medical, and industrial projects

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RE/MAX Al Mohager, a real estate broker, aims to achieve EGP 2.2bn contractual sales in commercial and administrative projects for developers this year, said the franchise owner Mohammad Degheady.

The company’s non-residential portfolio consists of 76 commercial, administrative, medical, and industrial establishments in Cairo, Giza, Alexandria, Matrouh, Suez, and the Red Sea governorates.

The company’s targeted sales in 2020 as follows: EGP 1.2bn for commercial and administrative properties, EGP 300m for medical units, EGP 400m for industrial units, and EGP 350m from auctions sector, Degheady elaborated.

“Our expansion plan includes allocating EGP 16m to improve the company’s customer service, providing technical training for the company’s employees, and launching an integrated real estate platform for marketing services,” he added.

The number of commercial projects in Egypt is low compared to residential ones, however, the distinguished commercial establishments, in terms of location, specifications, and management, will witness a significant increase this year, being the most secure investment, Degheady expected. He added that price spikes of commercial units would reach 16% this year.

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OUD’s sales exceed EGP 100m at Nile Property Expo in Riyadh https://wwww.dailynewssegypt.com/2020/02/17/ouds-sales-exceed-egp-100m-at-nile-property-expo-in-riyadh/ Mon, 17 Feb 2020 18:18:57 +0000 https://wwww.dailynewssegypt.com/?p=722330 Company opens resale department with lowest commission rate

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Orientals for Urban Development (OUD) achieved over EGP 100m sales during its participation in Nile Property Expo in Riyadh, which concluded last week.

Commercial Director at OUD Shady Elzayat said the company showcased distinguished package of its projects and provided special offers that fit with customers’ demands. The company also presented flexible payment methods and offered a 10% discount on purchases during the exhibition period.

OUD’s showcased projects in the exhibition comprised J’noub in the New Administrative Capital, Oriental Coast in Marsa Alam, and Azadir in New Cairo.

Elzayat noted that the OUD also achieved strong sales last month during its participation in Nile Property Expo in Dubai.

He said the company recently opened a resale department with the lowest commission rate to assist clients wishing to resell their units.

The OUD focuses in majority of its compounds on customers who are really willing to reside in there not to create ghost cities, so the resale are limited in OUD’s projects.

The OUD is a joint-stock company affiliated to Oriental Weavers Group. It was established in 1994 to capitalise on the real estate boom in Egypt. The company’s projects also include Oriental Industrial City in Ain Sokhna and others in New Cairo, Obour, and Kattameya.

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Schneider Electric to provide energy management system to Castle Landmark https://wwww.dailynewssegypt.com/2020/02/17/schneider-electric-to-provide-energy-management-system-to-castle-landmark/ Mon, 17 Feb 2020 18:15:05 +0000 https://wwww.dailynewssegypt.com/?p=722312 About 70% of Castle Landmark’s electricity shall be generated from solar-powered photovoltaics, says Castle CEO

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Castle Development and Schneider Electric Egypt signed a memorandum of understanding (MoU) to provide Castle Landmark compound with an energy management system.

Ahmed Mansour, CEO of Castle Development Ahmed Mansour said the MoU aims to provide innovative solutions to manage infrastructure of the project; rationalise energy consumption; and provide safe, efficient, and eco-friendly products, including solar panels, heating systems, water and natural gas networks, internet, traffic control systems, and electric vehicle charging stations.

We always strive to keep abreast on global updates in real estate development and provide the latest technologies and smart solutions in all of our products. We aim to benefit from modern innovative applications in energy management, consumption rationalisation, and environment preservation at all of the company’s projects, including Castle Landmark,” he added.

“I am very excited about our agreement with Schneider Electric Egypt, which is one of the most important and best international companies in energy management and automation, which will enhance our efforts to provide a distinct product in smart cities that have all the factors of real success. It also supports the company’s ambition to achieve environmental sustainability through efficient use of resources to ensure a healthy life for the compound’s residents,” Mansour elaborated.

Moreover, Fouad Zayed, Vice President of EcoStruxure at Schneider Electric North East Africa and Levant, said, “We always work to make a real change in our world which is in continuous development. There is a fundamental change in the field of automation and energy management as well as reducing carbon emissions that pose a great danger to the environment. We hope through cooperation with Castle to provide the best technological solutions that can be used in achieving environmental sustainability, improving use, distribution, and management of energy, and ensuring the highest levels of security. Besides, we aim to achieve the concept of smart home in its comprehensive sense in Castle Landmark.”

Currently under development by Castle Development, Castle Landmark’s area is 43 feddan and is located in R7 district in the New Administrative Capital. The project’s investment is EGP 5bn over five phases. About 70% of Castle Landmark’s electricity shall be generated from solar-powered photovoltaics. It is scheduled to be delivered by 2022.

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The Address to launch new project in Sheikh Zayed 3Q2020 https://wwww.dailynewssegypt.com/2020/02/17/the-address-to-launch-new-project-in-sheikh-zayed-3q2020/ Mon, 17 Feb 2020 18:11:54 +0000 https://wwww.dailynewssegypt.com/?p=722326 Company will probably complete marketing The MarQ’s second phase in 1Q2020, says board member

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The Address Developments plans to launch a new real estate project in Sheikh Zayed city – its second development in Egypt – in the third quarter (3Q) of the year, said the company’s board member and chief commercial officer Abd El Rahman Badr.

“The Address aims to diversify its real estate portfolio in the local market and studies investment opportunities that suit its expansion plan in the coming period. [The company] compares between areas in which it plans to invest in the coming period,” he added.

On a different note, Badr said the company launched the second phase of The MarQ compound in Fifth Settlement, New Cairo. The first phase of the compound has been sold out.

The Address will probably complete marketing The MarQ’s second phase in 1Q2020, especially as the company provides flexible payment plans that suit its target customers, he said.

The area of The MarQ is ​​26 feddan. It’s located in the Golden Square in Fifth Settlement and comprises 300 fully-finished villas with various spaces, along with entertaining activities, services, green spaces, and landscape.

The MarQ is scheduled to be fully delivered in 2023.

Badr predicted a strong competition among developers this year, and it will be reflected on new products and their prices, along with payment methods and facilities for customers.

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Orascom Development brings Kent College to open first campus in O West https://wwww.dailynewssegypt.com/2020/02/17/orascom-development-brings-kent-college-to-open-first-campus-in-o-west/ Mon, 17 Feb 2020 12:14:23 +0000 https://wwww.dailynewssegypt.com/?p=722273 Total investment costs of the school will be up to EGP 500m. The school is expected to start operation in the third quarter (Q3) of 2022, a year before the delivery of the first real estate unit in O West.

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Orascom Development Egypt has announced that O West signed a School Development Agreement with a private investor to develop a K-12 international school, according to a press statement on Sunday.

The statement said that the school will be managed and operated by Kent College, a UK based school operator and one of the top 10 schools in the UK with 130 years of history, operating only Kent College in Canterbury (established in 1885) and Kent College in Dubai (established in 2016). This marks Kent College’s first entry into the African and Egyptian educational market.

Total investment costs of the school will be up to EGP 500m. The school is expected to start operation in the third quarter (Q3) of 2022, a year before the delivery of the first real estate unit in O West.

The school will accommodate 1,500 students with high quality education, supported by around 400 staff members. The school will encompass a total of 70 classrooms excluding laboratories, libraries, performing arts spaces, sports spaces, and student collaboration areas.

Kent College O West will implement the STEAM education system with tutoring from British certified teachers. The new school will follow the national UK curriculum, followed by the International General Certificate for Secondary Education system. School seniors will have the option to follow the IB curriculum.

Commenting on the signing Ashraf Nessim, Orascom Development Holding’s Group CFO said, “We are very pleased with our strategic cooperation with one of the top schools in the UK, Kent College. We are different in what we do and in what we call town development in all our destinations and we will always try to bring the best-in-class service providers to our communities across our destinations. “We will always pay great attention to the town’s educational hub, to complement our role in providing high quality education for all students and create a wholesome community.”

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Mortgage financing programmes encouraged citizens, investors to pump funds: EBA member Ahmed El Zayat https://wwww.dailynewssegypt.com/2020/02/15/mortgage-financing-programmes-encouraged-citizens-investors-to-pump-funds-eba-member-ahmed-el-zayat/ Sat, 15 Feb 2020 09:30:50 +0000 https://wwww.dailynewssegypt.com/?p=722066 We are worried about implementation mechanism of CBE's mortgage financing initiative

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Daily News Egypt sat down with Ahmed El Zayat, CEO and managing director of SCADA and supervisor of construction, architecture, urban planning, landscaping and civil engineering at the Egyptian Businessmen’s Association (EBA) to discuss the real estate and construction situation in Egypt and in Africa at large. Egypt has experienced many mega construction projects all throughout the country, from adding expansions to the capital to constructing entire cities.

DNE discusses the role the middle class plays in buying real estate, how the state is helping out in maintaining construction projects, and how to encourage Egyptians to invest in and out of the country, specifically within other African nations.

The past few years have seen a growth in demand on the sector of construction, should we expect the growth to continue? And what would its rate be?

The growth was real, and real estate development companies rushed to maximise their investments in the sector. The construction sector is considered the main locomotive of the Egyptian economy given the popular culture to invest in real estate for its economic security and continuously increasing value.

However, after flotation and the exaggerated increase in prices, we are seeing a slowdown in the sector’s growth. But with the mortgage finance programmes proposed by the state, citizens, and investors alike will be encouraged to inject more funds into the sector, hence, revive it. The demand rates on buildings reached 30%, and we expect it to reach 35% over the upcoming period. There are two reasons for that. The first is that the bank reduced the interest rate, with expectations for it to drop to 10-12%. The second is the state’s trend towards real estate export.

What is the impact of the CBE’s initiative allocating EGP 50bn to support mortgage finance for medium housing on the real estate market?

The CBE initiative comes to support and reinforce business sectors in Egypt, including the construction sector.  It is certainly a good step to revive the real estate market. It depends on the implementation mechanism, meaning it depends on who the beneficiaries are, because the problem is not about laws and regulations, but rather about implementation.

The prices of the real estate market increased by 100-150% over the past few years, and the increase does not match the 30% increase in incomes of the middle class, which makes it unable to pay installments with a 5% interest rate on 20 years and make use of the EGP 50bn. Moreover, it bears the costs of everyday living, like school fees and energy, which represents 25% of their budget.

This is why we are still concerned about the implementation mechanism which needs a strong initiative from the political leadership as well as clear and precise conditions for those who meet the medium-housing requirements.

What is the impact of construction material prices, including iron and cement, on the real estate market?

The prices of these materials in Egypt are related to the prices internationally. Economic wars also have an impact. The Egyptian government has taken swift measures to protect iron pallets and preserve local industry. Egypt is an attractive market for construction materials, and we have several factories producing enough porcelain and cement to meet the needs of the local market.

The construction market in Egypt is currently seeing stability. Prices have also recently declined by 10-15% the end of 2019 due to the procedures taken by the government to reduce gas prices from $7 to $5.5 per each million thermal units. However, the decline in construction material prices has not greatly affected the real estate sector because of the increase in the value of lands and high cost of Egyptian labourers.

How has the establishment of 14 new cities affected the real estate sector and its investments?

Through the economic reform programme, the state managed to establish the infrastructure of more than 14 new cities, and most of them are located in Upper Egypt, such as New Aswan, New Souhag, and New Alamain cities, in addition to the New Administrative Capital (NAC). Work is underway on New Rashid and Ras El Hekma cities.

The state’s interference caused fears among private sector owners from the government sector’s acquisition of a large segment of construction and building, however, the state managed to send positive messages to private sector owners, and made it clear that its role is to manage and regulate market mechanisms and establish an infrastructure that attracts investors.

What is the size of the opportunities available in the real estate investment sector in light of the population increase?

Some studies show that the Egyptian market needs 300,000 residential units annually due to the dense population that is expected to reach 120 million during the next three or four years, so owning real estate is the hope Egyptian citizens live by, and regardless of how bad the situation gets, Egyptians do not stop buying and building real estate. Not to mention, prices see a kind of stability instead of a decline. For example, the period between 2011 and 2015 saw political unrest, however, that never affected the sector of construction and lands, instead, it caused an increase in prices.

Is there a need to change the fact that there is a connection between contracting companies’ evaluation and the commitment to disbursing their dues?

The Egyptian parliament is currently discussing a draft law regulating the profession of a real estate developer. The real estate market used to achieve profits up to 200-300%, which never happened in any country in the world. This, naturally, encouraged several entities and individual to enter the field of real estate development. The issue of “a lack of commitment” to engineering blueprints, units quality, and delivery times emerged. As a result, the new law is likely to regulate the local real estate market and improve the relationship between sellers and consumers, as well as oblige companies to stick to their promises to avoid being on the blacklist. The new real estate developers law is expected to contribute to regulating and controlling the market, especially during the upcoming phase which will likely witness real estate exportation.

How do you see the changes that have recently taken place in economic ministries, such as joining the Ministry of Investment to the Cabinet?

The majority of the changes were necessary due to the slowdown in direct foreign investments, given the international recession and the economic crisis likely to happen in 2020. Moreover, we have internal issues such as customs, bank transfers, and African markets due to lack of representative offices. The aim of the ministerial change is to introduce new mechanisms to the economic group to benefit from the infrastructure created by the state for billions of pounds. There are also big investment deals that require quick action, and the fact that the Ministry of Investment is part of the Cabinet will speed this up.

With the openness of Africa, and Egypt’s leadership of the African Union, what are the steps required to launch in African markets over the upcoming months?

The main locomotive is representative offices because we have a major deficiency in information about African markets and their needs. There is also the obstacle of bank transfers, however, the second half of 2019 saw major movements by several banks who established branches in some African countries. This helped encourage Egyptian investors to do business in Africa and open diverse markets. We will also need support from the state to encourage Egyptians to invest in Africa because we still have fears of political events causing instability in African markets.

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Skywalk develops an EGP 8bn partnership project in west Cairo https://wwww.dailynewssegypt.com/2020/02/10/skywalk-develops-an-egp-8bn-partnership-project-in-west-cairo/ Mon, 10 Feb 2020 19:20:38 +0000 https://wwww.dailynewssegypt.com/?p=721835 Rasekh added that the company has launched the first phase of the business park within the project for reservation, noting that the project has also been designed differently to suit the nature of different companies and guarantees privacy.

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Skywalk Developments launched its first project in the Egyptian market in Sixth of October city, west Cairo with investments exceeding EGP 8bn on 280,000 sqm, in partnership with a group of Arab and foreign investors.

Khaled Rasekh, president of Skywalk Developments, said that the Skywalk West project is a mixed-use project and is the first project of the company under the same name. The project was launched some time ago in the Egyptian real estate market.

Rasekh added that the company has launched the first phase of the business park within the project for reservation, noting that the project has also been designed differently to suit the nature of different companies and guarantees privacy.

“Skywalk project aims to be the heart of the new Egypt tourism capital due to its strategic position providing ease of accessibility and proximity to various significant locations and its proximity to the Mehwar exit and the Cairo – Alexandria Desert Road. It is in close proximity to and in the centre between the new Sphinx International Airport and the Grand Egyptian Museum as well as the Pyramids,” he explained.

The company is formed by an Egyptian, American and Gulf Private Equity firm that operates a global diversified real-estate group with brokerage and financial arms in the US, Middle East, and North Africa.

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Grand Plaza debuts La Mirada Plaza mall with EGP 400m expected sales https://wwww.dailynewssegypt.com/2020/02/10/grand-plaza-debuts-la-mirada-plaza-mall-with-egp-400m-expected-sales/ Mon, 10 Feb 2020 15:42:14 +0000 https://wwww.dailynewssegypt.com/?p=721731 Company has achieved EGP 850m in 2019 sales, says chairperson

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Grand Plaza for Real Estate and Touristic Investment is offering units at La Mirada Plaza mall, in New Cairo, with targeted sales of EGP 400m, which includes commercial units, administrative offices, and medical clinics.

Grand Plaza Chairperson Sherif Osman said Grand Plaza has completed construction works for the project, with investment costs worth EGP 250m, pointing out that the company has begun work on interior finishes of the commercial mall.

Osman added that the interior finishing works in the La Mirada Plaza cost EGP 60m, noting that it is planned that the company will complete the final touches and hand over the units to customers within 15 months.

La Mirada Plaza spans over 3,850 sqm, and includes commercial units with areas ranging from 60 to 350 sqm, medical clinics with areas ranging from 35 to 300 sqm, and administrative offices with an area of up to 300 sqm.

La Mirada Plaza represents a commercial, administrative, and medical front for the La Mirada New Cairo project, which is built on an area of 22 feddan, and the company has completely finished selling it, delivering over 95% of the project’s 608 housing units, he said.

He further explained that the company has achieved EGP 850m in sales in 2019 and about EGP 300m of investments have been directed into construction works in 2018, saying, “EGP 200m were directed to construction works in 2019. The expected investments in 2020 are valued at EGP 220m.”

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Castle Development, ABC sign MoU to provide Castle Landmark project  Management solutions https://wwww.dailynewssegypt.com/2020/02/10/castle-development-abc-sign-mou-to-provide-castle-landmark-project-management-solutions/ Mon, 10 Feb 2020 15:37:25 +0000 https://wwww.dailynewssegypt.com/?p=721729 Facility Management market is projected to reach a value of $1.74bn by 2026, says Mansour

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Castle Development signed a memorandum of understanding (MoU) with Ashi & Bushnag Company (ABC).

According to the MoU, ABC will act as the sole provider of consulting and facility management services to Castle Landmark, Castle Development’s flagship project situated in the New Administrative Capital (NAC).

This agreement comes as part of Castle Development’s efforts to introduce high-value residential, commercial, and administrative projects; this time by partnering with a leader in facility management services, one with achievements across the region.

According to Ahmed Mansour, CEO of Castle Development, “This MoU represents a paradigm shift towards providing comprehensive products with upscale post-sale services. This ensures our project’s ability to meet the rapid progress taking place across the real estate industry, as well as maintain quality and smart solutions that offer around-the-clock services.” Moreover, and as part of its commitment to add value through constructive partnerships with other leaders in the field, he further clarifies that “The agreement with ABC complements our vision. It represents a significant step towards a unique value proposition, and allows us to stand out in a market with such fierce competition. ABC’s decades-long experience in consulting and facility management secures consistent and strong performance of our project in an area like the budding NAC.”

The Facility Management market is projected to reach a value of $1.74bn by 2026. This is backed by the significant growth the Facility Management industry witnessed over the last 20 years, as more companies join the market to accommodate increasing urban development, demand for quality post-sale solutions, as well as ensuring sturdy infrastructure, Mansour said.

Sheikh Mohamed Amin Bushnag, representative of ABC, said “As ABC, we consistently work to collaborate with names that stand out in their field. We regard this signing as a milestone, a new challenge that allows us to demonstrate our potential and showcase our services in a project like Castle Landmark at the NAC.” ABC’s line of work focuses on construction and maintenance of buildings, establishment of road contracting and water desalination plants, operation and contracting of water and sewage networks extension, mechanical, electrical, and electronic works.

The company manages a number of public facilities in Saudi Arabia including the Aramco complex in western Saudi Arabia, the oil and administrative facilities situated in the western side of the country, as well as several hotels in Jeddah and Mecca.

Launched in 2018, Castle Landmark is the result of a partnership between Castle Development and renowned El Makassa, where the former acts as the developer. With an investment of EGP 5bn, the project is ideally located at the R7 site and covers a total land area of 43 feddan, 81% of which is allocated to greenery and open space. Egyptian-German Ökoplan Consulting Engineers were chosen to do the landscaping for the project, which provides owners with a lineup of premium amenities and facilities, as well as commercial and recreational areas all adjacent to the city’s Green River. The project is set to start delivery in 2022.

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Dolman to launch its second commercial project in NAC in 2020 https://wwww.dailynewssegypt.com/2020/02/10/dolman-to-launch-its-second-commercial-project-in-nac-in-2020/ Mon, 10 Feb 2020 15:21:37 +0000 https://wwww.dailynewssegypt.com/?p=721720 Company expects to sell 70% of its second mall by year-end, says chairperson

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Dolmen Developments intends to offer its second commercial project located in Al Maqsad by City Edge Developments, in the New Administrative Capital (NAC) this year, with expected sales exceeding EGP 250m, the company’s Chairperson Abdelazim Khalil said.

Dolmen is now developing three administrative and commercial projects in the NAC with over EGP 1bn investments.

Daily News Egypt sat down with Khalil to learn more about the company’s projects and expansion plan.

What are the updates of The Pier mall in the NAC?

The company conducted a study named “commodity diversity” before designing the mall and identified the needs of the region and its customers to provide mandatory diversity between products by defining the activities for each store.

We have obtained licences to establish the mall, and currently we are conduction the earthwork. I expect that we will complete 60% of the concrete structure by the end of the year.

How much is The Pier mall’s investment?

The Pier comprises 150 units: 25 administrative units and clinics, and the rest are commercial, over 3,000 sqm, with investments of about EGP 400m.

how many units did you sell in the project?

We managed to sell 70% of the project’s units.

What is the construction cost of The Pier mall?

We plan to direct approximately EGP 20m in construction works and roughly EGP 5m in our second mall in Al Maqsad.

What are the main brands in The Pier?

Passionelle, Awlad Ragab, Abdel Maboud, Yamani Coffee, and other investors.

When will the company launch its second project in the NAC?

The second mall is located in the heart of Al Maqsad in the New Capital to be the first commercial project inside the 211-feddan Al Maqsad. We plan to launch the mall in the current year with payment plans spanning eight years.

The mall will be important because, by May, about 500 clients will receive their units in Al Maqsad, and thus the mall will be the only service centre for the compound’s residents.

The planned mall will span over 2,300 sqm and comprises of 120 stores, with spaces ranging between 20 to 120 sqm.

How much are the mall’s investments and expected sales?

The mall’s investment is approximately EGP 140m, with expected sales of over EGP 250m. We expect to sell 70% of the project by the end of the year.

When will the company begin the project’s construction work?

We plan to begin construction works in the fourth quarter (4Q) of 2020.

When will the company deliver the second mall?

We intend to deliver our three projects in the NAC by the end of 2022, according to our contract with the New Urban Communities Authority (NUCA).

We cooperated with the NUCA to develop one of the squares in R3 District in the NAC which will be over 5,000 sqm, gifted from the company to the NUCA.

Do you plan to assign a facility management company to provide maintenance services for your developments?

No, we will establish an subsidiary to manage and provide maintenance services for our projects.

When will the company launch its third project in the NAC?

The project will be offered for sale in 4Q2020, and will be built on 3,500 sqm.

Commercial and administrative projects often require a high population density to achieve profits, do you have any concerns that the population of the New Capital can be less than required?

The state’s support for the NAC and the governmental district there (via the movement of all ministries and embassies) will undoubtedly increase housing demand. There will high-quality services in the city to facilitate life for residents.

What is the value of the company’s investments in Egypt?

Our investments exceeded EGP 1bn in three projects in the NAC. The company’s projects are self-financed. We have good financial solvency, and don’t plan to borrow from banks.

The company considers obtaining land in one of the new cities from the NUCA to develop a residential project, what are the updates of the negotiations?

We seek to become a leading real estate development company in Egypt and the Middle East, through achieving the highest standards in the real estate market. Our aim is to be a premium choice for those who believe that smart, thoughtful real estate development changes communities to be better.

Dolman plans to diversify its work to include housing projects. Therefore, we plan to develop a mixed-use project in one of the new cities.

Accordingly, we are currently studying the project’s investment opportunities, in terms of return on investment, the period of investment, and client needs.

In your opinion, where do you think the real estate sector is experiencing a gap between supply and demand?

Local market demand is approximately 600,000 to 650,000 units, but the supply is about only 20-30%. Commercial and administrative projects are promising and complementary to the residential market.

What is your vision of Egypt’s real estate market in 2020?

Egypt’s property market is very strong as the demand is ten times the supply. The issue is the low purchasing power; however, the government provided the solution through launching the mortgage finance initiative for middle-income housing in 2019.

Moreover, the year 2019 was the year of offerings; meanwhile, 2020 is the year of challenge due to implementation. Besides, the market will grow in the second half of the current year due to the operation of the governmental district in the NAC.

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60 local, international exhibitors participate in Cityscape Egypt https://wwww.dailynewssegypt.com/2020/02/10/60-local-international-exhibitors-participate-in-cityscape-egypt/ Mon, 10 Feb 2020 15:14:18 +0000 https://wwww.dailynewssegypt.com/?p=721718 Egyptian real estate looks to new heights following EGP 23.3bn boost in investments in 2018

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A revived buyer interest in the Egyptian real estate market has been illustrated by a sharp increase of EGP 23.3bn in investments in 2018, and this will be stimulated further by a pipeline of 700,000 units expected to be delivered by June 2020, according to the Central Agency for Public Mobilization and Statistics.

Cityscape Egypt, the country’s largest real estate exhibition and conference on property development, presents industry experts with the perfect chance to identify the current opportunities and challenges facing the resurgent real estate market.

Organised at the Egypt International Exhibition Center on 18-21 March, the exhibition will feature newly launched projects and developments in the country, and will feature a line-up of over 60 local and international exhibitors, including Al Futtaim, Orascom, City Edge, Hyde Park, Palm Hills, Imkan Misr, and Misr Italia.

Cityscape Group Director of Informa Markets Chris Speller, which organises the event, said there are promising signs that Egypt’s real estate is witnessing a resurgence. These figures will come as welcomed encouragement for real estate developers and industry professionals in the country, with many looking to capitalise on this upward trend in 2020.

Before the exhibition, the Cityscape Egypt Conference runs from 16 to 17 March under the theme The Future is Now. The conference will set the tone for Egypt’s real estate market, with keynote speakers and expert panel discussions analysing global macroeconomic trends and their relevance and impact on Egypt’s economy during the opening day; spotlighting important factors for growth in the country’s real estate market and what decision makers need to do to fuel sustainable development on day two.

The conference is expected to draw hundreds of delegates over the two days including local, regional, and global real estate professionals, market analysts and government representatives. Insights will be delivered on pertinent topics such as the evolution of the global real estate market and the factors that are shaping investor interest, the challenges and opportunities presented by the New Administrative Capital, how to build efficient infrastructure within existing cities, and highlighting the risks and opportunities of Egypt’s developments across a multitude of asset classes.

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Amr El Kady becomes deputy CEO of Hisham Talaat Moustafa https://wwww.dailynewssegypt.com/2020/02/09/amr-el-kady-becomes-deputy-ceo-of-hisham-talaat-moustafa/ Sun, 09 Feb 2020 14:10:34 +0000 https://wwww.dailynewssegypt.com/?p=721546 Talaat Moustafa Group (TMG) has announced Amr El Kady has joined the group as deputy to Hisham Talaat Mostafa, CEO and Managing Director of the group.

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Talaat Moustafa Group (TMG) has announced Amr El Kady has joined the group as deputy to Hisham Talaat Mostafa, CEO and Managing Director of the group.

The company indicated in a statement to the Egyptian Exchange on Monday the selection of El Kady as a deputy CEO due to his extensive experience in field of real estate development. He assumed the position of CEO of City Edge Developments, and before that he held many strategic positions in a number of major real estate companies in Egypt and the United Arab Emirates.

TMG confirmed that El Kady’s  appointment is due to his extensive experience and brings additional value to current experiences and competencies in the group, and will contribute to strengthening the group’s position as a leader in the field of real estate development in Egypt.

TMG profits reached EGP 1.37bn during the first nine months of 2019, compared to EGP 1.24bn in the same period of 2018. The company’s revenues increased during the period to EGP 5.1bn compared to EGP 4.74bn.

 

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EGP 350m price tag for Park Lane’s first phase construction in NAC https://wwww.dailynewssegypt.com/2020/02/05/egp-350m-price-tag-for-park-lanes-first-phase-construction-in-nac/ Tue, 04 Feb 2020 22:57:18 +0000 https://wwww.dailynewssegypt.com/?p=721163 El Attal expected to achieve a large rate of sales for the Park Lane project, especially with the government administrative district being so close to them, which will garner great demand for investments.

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El Attal Holding began constructing Park Lane Compoundhood’s first phase in the New Administrative Capital (NAC), Chairperson Ahmed El-Attal announced.

El Attal said the construction cost for the first phase of the project amounted to EGP 350m.

He noted that Atcon Construction, the affiliate company for El Attal Holding, is the one that undertakes all contracting and construction works for the Park Lane project in addition to facilitating a number of other projects in NAC.

He said that the company was contracted to construct a concrete plant that will operate inside the project site with a capacity of 4,000 cubic metres per day.

El Attal expected to achieve a large rate of sales for the Park Lane project, especially with the government administrative district being so close to them, which will garner great demand for investments.

El Attal has achieved sales of EGP 750m since its launch nine months ago and about EGP 180 m for commercial units, he said, adding that it was scheduled to complete and deliver the project in 2023.

The Park Lane Compoundhood spans over 26 feddan in R7 in the NAC, close to the Swedish and British Universities and the diplomatic district.

As for his expectations for Egypt’s real estate market and performance rates during 2020, El Attal indicated that there is great optimism in the sector, especially with the Central Bank of Egypt launching its mortgage finance fund initiative for middle-income people with a decreasing interest of 10%, at a value of EGP 50bn at the end of 2019. This is considered one of the more positive measures that support the sector and contribute strongly to reviving sales in the market in  2020.

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BYC brokers EGP 3.6bn sales for developers in 2019 https://wwww.dailynewssegypt.com/2020/02/03/byc-brokers-egp-3-6bn-sales-for-developers-in-2019/ Mon, 03 Feb 2020 09:00:23 +0000 https://wwww.dailynewssegypt.com/?p=720944 Regarding participation in external exhibitions, he said: “BYC participated in many external exhibitions, including Cityscape Dubai, Al Ahram Real Estate Exhibition in Kuwait, and the Abu Dhabi Expo. Gulf countries are major target markets, mainly the UAE, Saudi Arabia, and Kuwait.”

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BYC Egypt, real estate brokerage and consultancy company, has achieved EGP 3.6bn sales for several developers in 2019.

CEO of BYC Egypt Karim Ghoneim said the company’s target in 2020 was to increase its contracted real estate development companies’ sales by 15%.

He added the company contracted with mega developers in the local market this year, namely City Edge Developments, Emaar Misr, Palm Hills, SODIC, Madinet Nasr for Housing and Development, and Ora Developers.

He added that his company targeted EGP 200m sales in Ora’s 400-feddan project in New Cairo.

Regarding participation in external exhibitions, he said: “BYC participated in many external exhibitions, including Cityscape Dubai, Al Ahram Real Estate Exhibition in Kuwait, and the Abu Dhabi Expo. Gulf countries are major target markets, mainly the UAE, Saudi Arabia, and Kuwait.”

”We targeted Egyptian expatriates to provide the country with foreign currency, but Egypt was experiencing difficulty in exporting real estate due to inability to apply necessary mechanisms to boost property export,” he added.

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HomeBerry provides development, marketing consultancy for projects with EGP 6bn sales https://wwww.dailynewssegypt.com/2020/02/03/homeberry-provides-development-marketing-consultancy-for-projects-with-egp-6bn-sales/ Mon, 03 Feb 2020 08:30:52 +0000 https://wwww.dailynewssegypt.com/?p=720946 CEO and Founder of HomeBerry Mohamed Elwy said the company provided integrated consultations for three projects since its inception six months ago; a residential compound in New Cairo, administrative units in Sixth of October, and a residential project in the New Administrative Capital.

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HomeBerry, a consulting firm, provided marketing and development consultations to three real estate development projects with sales exceeding EGP 6bn.

CEO and Founder of HomeBerry Mohamed Elwy said the company provided integrated consultations for three projects since its inception six months ago; a residential compound in New Cairo, administrative units in Sixth of October, and a residential project in the New Administrative Capital.

Elwy noted that the company’s services are founding, recruiting, restructuring, setting development plans, identifying investment opportunities, conducting feasibility studies, financial management, and marketing and selling consultations.

He pointed out that the company studied requests from six major companies to provide integrated consulting services for their projects in the New Capital and Sheikh Zayed. However, the company does not prefer the ill-considered expansion and seeks to diversify locations of projects to which it provides its services.

Many companies in the market are facing difficulties in developing their projects because they have not prepared an appropriate feasibility study, and some of them will stumble in the coming period, Elwy warns.

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ECB takes over management, supervision of EGP 16bn projects in NAC https://wwww.dailynewssegypt.com/2020/02/03/ecb-takes-over-management-supervision-of-egp-16bn-projects-in-nac/ Mon, 03 Feb 2020 08:00:04 +0000 https://wwww.dailynewssegypt.com/?p=720933 The ECB founder Mohamed Abdel Ghany said the NAC accounted for a large share of the company's projects, namely IL Bosco and Vinci by Misr Italia Properties, and Capital 1 and Capital 2 developed by Safwa for Urban Development.

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Engineering Consulting Bureau (ECB) manages and supervises EGP 16bn projects in the New Administrative Capital (NAC). The company’s contracts with developers vary between project management, designing, and implementation supervision.

The ECB founder Mohamed Abdel Ghany said the NAC accounted for a large share of the company’s projects, namely IL Bosco and Vinci by Misr Italia Properties, and Capital 1 and Capital 2 developed by Safwa for Urban Development.

The company is currently negotiating other projects in the NAC.

He added that IL Bosco implementation was proceeding at great rates. The villas in the first three phases of the project and the first and second phases of buildings have been completed. It is scheduled to begin delivering units this year.

“Opening of the first phase of the NAC is scheduled for the middle of this year. It represents a qualitative leap for real estate and development in Egypt. Moving government offices and employees to the city will contribute to increasing development projects and demand in the New Capital, which in turn will recover sales and investment in the coming period,” Abdel Ghany says.

The company is currently working on 190 projects in Egypt whether housing or infrastructure projects, and the company plans to expand its business outside Egypt.

The decline in sales and fierce competition made the commitment to implementation schedule and payment of land instalments on time the most difficult challenge for developers in 2020, he noted.

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Altameer Arabian launches Egypt debut Rivan New Capital with EGP 3bn investments https://wwww.dailynewssegypt.com/2020/02/03/altameer-arabian-launches-egypt-debut-rivan-new-capital-with-egp-3bn-investments/ Mon, 03 Feb 2020 07:30:59 +0000 https://wwww.dailynewssegypt.com/?p=720932 Company intends to expand in Egyptian market, says board member

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Altameer Arabian launches Rivan compound, the company’s first project in the New Administrative Capital (NAC), with EGP 3bn investments.

Marzouk Mansour, CEO of Altameer Arabian, said Rivan is the first serviced apartment project in the NAC and also the company’s debut in the Egyptian market.

Rivan shall be built on 71,000 sqm area and includes 700 serviced apartments with various spaces ranging from 77 to 500 sqm.

The company provides various payment plans, which are compatible with the purchasing power of targeted customers. The payment period is up to 10 years. Besides, Rivan has special offers on cash payment.

The company has already obtained the required ministerial approval to begin developing the project and has offered the first phase for sale.

Mansour said the company assigned international and local engineering consulting offices to design Rivan in a unique and different way than other projects in the New Capital.

NAC accounts for a large share of the real estate market, being a promising investment opportunity, especially with the expected high demand

.

Salem As-Sudais, a board member and Saudi partner in the company, said Rivan will be promoted in Gulf region within the company’s plan to export Egyptian property benefiting from its strong presence in the Gulf market.

As-Sudais added that Altameer Arabian plans to contract with foreign companies to market the project, besides participating in local and foreign exhibitions.

He notes that the company intends to expand in the Egyptian market in the coming period, and

eyes EGP 500m sales this year.

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Ora develops 400-feddan project in New Cairo with EGP 100bn expected sales https://wwww.dailynewssegypt.com/2020/02/03/ora-develops-400-feddan-project-in-new-cairo-with-egp-100bn-expected-sales/ Mon, 03 Feb 2020 07:00:59 +0000 https://wwww.dailynewssegypt.com/?p=720931 New development will be launched in 2Q2020, with EGP 6bn targeted sales, says CEO

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Ora Developers obtained a 400-feddan land plot in New Cairo to launch its latest mixed-use development project with expected sales of EGP 100bn.

The new project comprises integrated residential, commercial, and administrative units, providing all essential needs in one place, in addition to a sports club and vast green areas.

The project will offer villas, apartments, duplexes, and penthouses.

CEO and Chairperson of Ora Developers Naguib Sawiris said: “Following the success of ZED El Sheikh Zayed, we’re striving to introduce a new project in East New Cairo that would combine affordable beauty, luxury, and practicality all in one development. We are all about embracing innovation and seeking new developments, and we have a proven record of creating beautiful environments that balance exceptional thinking with enduringly sensitive design. We think that this new acquisition was the right move and we’re very excited to be launching our first project in New Cairo.”

He added that the 400-feddan project does not only interweave mixed-use facilities into its masterplan, but will also incorporate a world class 50-feddan club that will include 5 and 11 a-side football pitches, swimming pools, squash, tennis and paddle courts in addition to an indoor multipurpose court. Besides the sports facilities, the club will also offer wide green spaces for the community to enjoy as well as a kids area, a club house and a range of restaurants and cafes.

CEO of Ora Developers Egypt Haitham Abdel Azim said that the idea of launching the project was to provide a safe, self-sustainable community that accommodates all basics of living, all ages, and all tastes, to become the landmark to those in surrounding areas.

Through this project, Ora would work on blending low and high density zones with a contemporary feel, giving a sense of comfort to live differently and walk safely in a multi-use destination that combines all necessary components, made for residents and visitors, Abdel Azim added.

He noted that the project would be implemented with a minimum partnership system with New Urban Communities Authority. Project land has been acquired and its designs are being prepared.

He pointed out that the first phase of the company’s new project in New Cairo would be launched in the second quarter (2Q) of this year, with targeted sales of EGP 6bn.

He further explained that the first phase would include 1,000 units with various spaces and includes villas and apartments. Moreover, the company expects a rapid marketing of these units due to the distinguished location of the project.

Ora Developers operates in several markets: Britain, Cyprus, Grenada, Pakistan, and Egypt. It invests more than $2bn outside Egypt.

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Plan to attract more Arab, foreign investments in Egypt real estate sector https://wwww.dailynewssegypt.com/2020/01/28/plan-to-attract-more-arab-foreign-investments-in-egypt-real-estate-sector/ Tue, 28 Jan 2020 10:38:10 +0000 https://wwww.dailynewssegypt.com/?p=720795 NUCA is one of the biggest agencies attracting investments in Egypt, whether foreign or local

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Minister of Housing, Utilities, and Urban Communities Assem El-Gazzar said the plans to attract investors come within the framework of the Egyptian state’s tendency to enhance the attractiveness of economic sectors for investment, increase economic growth rates, and provide job opportunities. In an interview with Daily News Egypt, he answers to question related to Emaar Misr Development Company two projects in Sheikh Zayed City. He also responds to question on the Ministry of Housing consideration of attracting investments in Egypt.

The ministry seeks to attract investments in the real estate sector. What procedures are taken to facilitate this mission?

The ministry seeks to attract further Arab and foreign investments in the local real estate sector, facilitate land allocation procedures to investors, and solve any problems that were faced in previous periods.

We had  recently signed investment agreements with major real estate companies, including Emaar Misr, in the presence of Prime Minister Mostafa Madbouly and company officials, to confirm their commitment to supporting the increase of investment rates in the sector.

Emaar Misr Development Company is developing two projects with integrated urban activity on an area of 620.9 feddan in Sheikh Zayed City after signing a final reconciliation agreement between the New Urban Communities Authority (NUCA) and the company, along with another agreement to allocate a plot of land along the Sheikh Zayed City with investments amounting to EGP 50bn.

The plans to attract investors come within the framework of the Egyptian state’s tendency to enhance the attractiveness of economic sectors for investment, increase economic growth rates, and provide job opportunities. El-Gazzar said that the Ministry of Housing, represented by the NUCA, is considered one of the largest agencies attracting investments in Egypt, whether foreign or local, as the NUCA works on offering lands with various areas and activities that provide opportunities for companies.

What about new cities. How can it  help to attract investments?

The housing ministry recently started the implementation of a large number of development projects in new cities, among which are the fourth-generation cities, the first stages of which will be opened in the middle of 2020.

We plan to attract investments work within the framework of the National Strategic Plan for Urban Development in Egypt 2052, which aims to double Egyptian urban areas from 6% to 14%, in order to provide various development opportunities.

El-Gazzar said that providing investment opportunities is preceded by a study of the needs of new cities, which is done through the planning and projects sector in the NUCA, which is the main guide for planning projects, and defining development programmes in all fields.

The sector, in the past year, has obtained ministerial decisions to approve urban design, planning, and division for about 109 urban and service investment projects, which will be established on a total area of about 34,000 feddan in 17 new cities. About 1,900 building permits have been issued for those projects so far.

The projects will contribute to pumping investments in the local market, and working to provide about 220,000 direct job opportunities next to thousands of indirect job opportunities, which lead to advancing the development of new cities, and working to pump foreign, and local investments in them.

And what about the contribution of the new projects?

The new projects contribute has increased the area of Egyptian urbanisation, especially since the current area is no longer able to meet the economic needs of steadily increasing population.

Can you tell us about the direct contracting mechanism introduced by NUCA?

I believe that the direct contracting mechanism introduced by NUCA has achieved great success and may be attributed to the developers and investors being now able to select lands in new cities, thus obtaining various investment opportunities in these new cities.

The new mechanism has received a wide response from investors as it aims to facilitate procedures and increase the pace of development in new cities, especially fourth-generation cities.

He pointed out that NUCA is working to provide land to meet investment requests, and to absorb companies’ appetite for expansion in the Egyptian real estate sector, especially in light of the current political and economic stability.

The concept of urban development is not only limited to the construction of cities and housing units, but also extends to all aspects of development in various fields, including agriculture, industry, education, etc., for example, in New Alamein, the first activity to be attracted was universities.

The Urban Egyptian market has shown a good performance in 2019. How does the State aim to keep it up?

The Egyptian market is one of the largest developing, especially in the field of urban development, which has achieved a growth of more than 5%, as these projects provided a large number of direct and indirect job opportunities.

The state is working within the framework of an integrated plan at the government level, and aims to promptly push development rates, implement the largest number of projects in the shortest possible time, and at the highest quality, and provide the largest number of job opportunities and cooperation with developers and investors to participate in the current urban development process.

Local councils have mandates to provide resources for permanent spending on new urban cities, maintenance of various projects that are implemented in them, maximising returns from implemented projects, and speeding up investor problem solutions to achieve the desired interests of projects that are being implemented, and providing many investment opportunities in new cities.

We are working to change the management philosophy so that the new cities become a source of income rather than a source of spending money,he said.

During the current year, the Ministry of Housing will offer housing units and lands for different income brackets in new cities distributed in Ganna, Sakan Misr, and individual land in the most distinctive and social housing axes.

The state has interest in developing Upper Egypt and providing various services by pumping billions of investments in new Upper Egyptian cities to provide civilised planned areas for housing and investment in Upper Egypt.

The housing ministry implemented a number of projects in the areas of housing, drinking water, sanitation, and roads, in 2019.

“In 2019, 437,000 housing units, varying between social housing units, medium housing, and luxury housing, were made available, along with the units that are implemented on the plots of land that the ministry has made available to citizens in all segments, in addition to the housing units implemented in projects in partnership with the private sector.

T 54 projects for drinking water have been completed, with a capacity of 1 million cubic metres per day, 76 projects for sanitation with a capacity of 1.3m cubic metres per day at a cost of EGP 10.1bn, and 165 projects for the sanitation of villages, at a cost of EGP 2.6bn. The ministry also constructed 25 roads projects extending over 732 km at a cost of EGP 8bn.

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Mountain View to deliver 1,200 units of New Cairo’s iCity in June https://wwww.dailynewssegypt.com/2020/01/28/mountain-view-to-deliver-1200-units-of-new-cairos-icity-in-june/ Tue, 28 Jan 2020 10:22:43 +0000 https://wwww.dailynewssegypt.com/?p=720787 Company eyes EGP 8bn sales this year, says chairperson 

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Mountain View intends to begin delivering the first phase of iCity project in New Cairo in June.


Amr Soliman, chairperson of Mountain View, said iCity is a co-development project with the Ministry of Housing.


The co-development iCity is a partnership contract signed during the economic summit in March 2015, with EGP 7bn in investments, Soliman added, pointing out that the partnership with the state speeds up the project’s implementation.

During a press conference on Monday, Soliman elaborated that fundamental utilities and services for the first phase of the project have been connected and installed, making them habitable.


The company also seeks to facilitate customers moving their housing units and not just owning closed units, he noted.

Additionally, he pointed out that the first phase is located on an area of ​​150 feddan and includes 4,000 housing units and a social sports club.


Delivery of 1,200 units within the first phase will be from June to December.

Soliman revealed that Mountain View is looking to reach EGP 8bn in sales projects during the current year, noting that EGP 6bn of sales have been recorded in 2019 with an increase of EGP 2bn over the targeted sales for that year.


“The company signed construction contracts worth EGP 3.5bn for its projects during the current year, as the company seeks to accelerate the implementation of its projects to fulfill its contracts with customers,” he explained. ” The company has agreed with banks to factor EGP 1bn, which is the value of offered ready units. This way, we get paid by the bank in cash and then the bank installs the money and receives customers payments over 3 years.

iCity project is an integrated city with every service. It spans over ​​500 feddan, with a 28% partnership rate for the Ministry of Housing.


He further disclosed that the local real estate market remains strong and will continue in the current year thanks to the devaluation of the dollar against the Egyptian pound and initiating the Central Bank of Egypt’s initiative to provide mortgage finance for middle-income housing.

Mountain View will participate in the MIPIM exhibition in France to showcase its partnership experience with the government in the iCity project in New Cairo and review the company’s cooperation with Kalliston International in the Happiness Index in Buildings, he concluded.

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Namaa for Development considers debuting real estate investment fund https://wwww.dailynewssegypt.com/2020/01/28/namaa-for-development-considers-debuting-real-estate-investment-fund/ Tue, 28 Jan 2020 10:21:30 +0000 https://wwww.dailynewssegypt.com/?p=720786 Company launches Capital One project in new capital with EGP 2bn investments

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Namaa for Development and Real Estate Investment studies will be launching a productive real estate investment fund that has a periodic return for the company’s projects similar to global funds, which directly contributes to the encouragement of Egyptian and foreign capitals to invest in the sector.

Mohamed Al-Nawawi, managing director of Namaa for Development said that these funds are considered an important element for developing property market, through the benefit of the client by purchasing the company’s units.

Al-Nawawi noted that the proposed fund develops, manages, and leases the company’s buildings.

He further revealed that the company is currently developing the Capital One project in the New Administrative Capital (NAC) with EGP 2bn in investments.

Capital One is an integrated, environmentally-friendly, administrative project that suits the needs of local and international companies, he said.

He pointed out that the company’s strategic plan focuses on providing different and new services in the market, as well as creating a new vision for investment in real estate and providing a distinguished real estate product. It does so through simulating global investment funds mandated to develop and manage production while generating real estate income periodically, which contributes effectively to real growth in the local market, maximising property value.

For his part, Karim Moursi, vice president for Development and marketing at the company, said that Capital One spans over ​​60,000 sqm with investments amounting to EGP 2bn.

The project provides various administrative space, on a 90,000-sqm built-up area in the Central Business District of the NAC.

Moursi added that the company for the first time will offer a part of the Capital One project for sale, and keep the remaining space to add it to the income-generating real estate portfolio that meets the needs of multinational companies. Therefore, the project will be managed according to the highest levels and standards of service, to ensure the continuity of the project and coordination between owners and tenants to achieve higher returns to all parties.

He further noted that the entire building will be handed over in 2023.

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Parliament to discuss draft law regulating proposed Real Estate Developers Federation https://wwww.dailynewssegypt.com/2020/01/20/parliament-to-discuss-draft-law-regulating-proposed-real-estate-developers-federation/ Mon, 20 Jan 2020 14:47:15 +0000 https://wwww.dailynewssegypt.com/?p=720120 Real Estate Development Chamber to form a committee for property export, says chamber deputy head

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Real Estate Development Chamber of Federation of Egyptian Industries presented its objectives for 2020 in a press conference on Saturday.

The chamber’s objectives includes issuance of the long-awaited law to establish a federation for real estate developers, and improving the sector’s investment climate.

Tarek Shoukry, head of the Chamber, said they held several meetings with Prime Minister Mostafa Madbouly and the Ministry of Housing on the draft law. They ended with a consensus that the federation will be independent in terms of internal organisation.

“We reached the final draft of the law. We now follow up on the law issuance process. The cabinet now reviews the bill, and is expected to be sent to the parliament for discussion and approval soon,” he added.

The Chamber cooperates with the Ministry of Housing last year to solve several problems of local developers. They agreed, for example, that the legal responsibility of any project’s developer shall end after delivering the project.

In addition, the Ministry of Housing shall ensure that electricity capabilities of an area are matching the needs of suggested projects in that area before licencing them.

The Chamber also worked on activating the second phase of partnership contracts between developers and government, which was important in this period after economic reforms.

Accordingly, the Chamber handled the partnership between the Ministry of Housing and developers in the development of social and middle-income housing projects, and ended up with a formula approved by the Ministry.

Another important achievement was the Central Bank of Egypt’s (CBE) quick response to the Chamber’s call to launch an initiative to finance middle-income housing projects with a decreasing interest of 10%. The initiative’s mortgage finance reached EGP 50bn.

Shoukry said the Chamber is also working on improving and facilitating investment procedures in the sector. He also joined the cabinet committee on climate change as a representative of the sector.

Hany El-Assal, deputy head of the Chamber, said the Ministry of Housing is currently studying the final draft of development contracts of social and middle-income housing projects to be established by developers in collaboration with the state. In addition, the Chamber will choose the suitable lands for these projects.

He added that the Chamber asked for distinctive areas that are easy to market and compatible with the requirements of social housing projects.

The CBE’s initiative to finance middle-income housing was one of the most important measures to support the sector in 2019, and contributed strongly to stimulating the market. It also motivated companies to develop projects for middle-income people benefiting from the high demand in this segment.

“The Chamber is looking forward to issuing executive instructions to banks to join middle-income mortgage initiatives which are expected within less than a month,” El-Assal disclosed.

The Chamber is mainly concerned with tourism projects and is studying a set of important issues in this regard, especially with the great interest of the state in such projects, such as medical tourism in Ras Sidr, Sinai.

Undersecretary of Real Estate Development Chamber Amgad Hassanein said the Chamber worked over the last year on supporting small and medium-sized enterprises (SMEs) operating in the sector as it represents a large part of the market and faces many challenges as there is no official body that represents them. Therefore, the chamber began to communicate with those companies and met with those working in New Cairo, with plans for more meetings in the coming period.

Hassanein pointed out that the Chamber is also concerned with raising the efficiency of the sector’s companies. In this regard, it plans to hold several seminars and meetings for developers in cooperation with the American University in Cairo (AUC).

The AUC has great experience in the scientific, academic, and analytical aspects of real estate projects. Those seminars will also enhance developers’ experience in marketing, financial analysis, and liquidity management.

Mohamed Minshawy, a board member of the Chamber, said one of the important issues that the Chamber is working on is establishing a database for the real estate sector in Egypt.

“We have already contacted the Ministry to provide data of building licences, ministerial approvals, sold lands and their areas, and new projects to be the nucleus of the proposed database. We will also contact the Central Agency for Public Mobilization and Statistics to contribute to setting up this platform,” he added.

A problem solving committee was formed by the Chamber in cooperation with the Ministry of Housing to settle important issues in the sector last year.

Bassel Shoirah, deputy head of the Chamber, said they worked on the file of property export and opening foreign markets for developers. The Chamber called for granting residency to foreigners in exchange for buying property, which was added to the Property Law approved last year, but the idea still needs to be promoted appropriately.

“We work vigorously on this file on two levels, the first is to define investment opportunities in African markets and provide detailed data about these markets, and the second is to promote local properties in foreign markets,” he added.

Shoirah revealed that the Chamber will form a committee for property export whose mission is to provide technical support and communicate with relevant authorities to support companies in marketing their projects abroad.

He emphasised the importance of e-marketing for property export, which is the best way to reach target customers.

As for advertisements by real estate companies via various media outlets, he noted that it requires a legal framework that prohibits advertising agencies from promoting projects that do not obtain ministerial approval or building permits to protect both the market and customers.

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Housing Ministry to sponsor Nile Property Expo in 3 Gulf countries https://wwww.dailynewssegypt.com/2020/01/13/housing-ministry-to-sponsor-nile-property-expo-in-3-gulf-countries/ Mon, 13 Jan 2020 19:23:51 +0000 https://wwww.dailynewssegypt.com/?p=719137 The ministry will use this event to promote the investment opportunities in 14 fourth-generation cities.

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Egypt’s Ministry of Housing, Utilities, and Urban Communities announced its sponsorship and participation in the third edition of the Nile Property Expo, which will be held within the first quarter of 2020 in Saudi Arabia, UAE, and Kuwait.

The ministry will use this event to promote the investment opportunities in 14 fourth-generation cities.

Bassem Kalila, chairperson of Expo Republic, the founder of Nile Property Expo, said that the Ministry will have a booth within the exhibition to promote housing projects at the New Administrative Capital, New Alamein, New Mansoura, and other projects in West Cairo.

Nile Property Expo will kick off in January in Riyadh, Dubai in February, and then Kuwait in March.

The exhibition area in each country will be 2,000 sqm divided into equal areas for each company, fully equipped with displays.

The goal of holding Nile Property Expo is to bring together companies that have an adequate size of projects in real estate industry and to take them out of Egypt to let people outside Egypt to know more about their record, he elaborated.

He pointed out that large banks and several mortgage financing companies will be presented in the expo to facilitate Egyptians purchasing suitable properties through simple and easy financing methods.

“Property export is a great addition to the Egyptian economy by providing hard currency from foreign clients,” he said. “The local market depends on its real estate sales of more than 90% of Egyptian customers and only 10% foreigners, compared to the 25% foreign makeup in other foreign market sales.”

Kalila concluded that the initiative launched by the Central Bank of Egypt to finance middle-income housing units with a value of EGP 50bn will revive the real estate market.

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The Waterway launches its 5A project in New Cairo at EGP 4bn investments https://wwww.dailynewssegypt.com/2020/01/13/the-waterway-launches-its-5a-project-in-new-cairo-at-egp-4bn-investments/ Mon, 13 Jan 2020 19:10:52 +0000 https://wwww.dailynewssegypt.com/?p=719102 It is scheduled to begin delivery of the units during 2020 and opening in March 2021

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Egyptian developer The Waterway launches its latest integrated business area including administrative, commercial, and entertainment services in Fifth Settlement in New Cairo with investments valued at EGP 4bn.

Haitham Samir, CEO of Equity Real Estate Development, said that the new project is designed for businessperson, major institutions, and local and foreign brands.

Samir added that the 5A’s debut boasts a strategic location in the heart of New Cairo overlooking the Ring Road, at the entrance to the N 90th Street. 5A also offers a private entrance on the Ring Road.

With the latest applied world-class construction and technical methods, the “Waterway” offers the finest international designs and innovative architectural style, according to Samir.

He said that the company is considered one of the largest developers in the Fifth Settlement through the implementation of distinguished projects such as The Waterway compound,  White by the Waterway that brought life to such an important area in the Fifth Settlement.

He expressed his optimism about the real estate sector during 2020, especially over the demand for administrative and commercial service areas. “This urged The Waterway to further expand by establishing pioneering projects to satisfy the great demand for these services by both international and local brands.”.

Samir said, “The Waterway is betting, through its 5A project, to present a distinctive real estate to the Egyptian market. Some international brands new to the Egyptian market are interested in opening branches at 5A, including one of the most famous brands in Paris.”

5A provides built-up areas divided into a 32,000 square metre (sqm) administrative area, a 20,000 sqm commercial area, and a 44,000 sqm for garages and parking, he explained.

He pointed out that it is scheduled to begin delivery in 2020 and opening in March 2021.

He said that Equity Real Estate Development is the marketing arm of the 5A project, adding, “The company is always keen on finishing buildings at first before the process of sales and marketing, which adds a favourable advantage over competitors in the market.”

He emphasised that The Waterway received demands by big brands as well as major companies and institutions wishing to buy commercial and administrative areas. The deals will effectively be executed and announced next March.

He concluded, “Over 10 years in the market, The Waterway has adamantly managed to achieve success, and to bring many high-end international brands to Egypt. Since its inception in the Egyptian market, The Waterway has been keen on implementing projects with innovative and unique designs, focusing on providing unique water scenery and wide landscapes, and pursuing state-of-the-art architecture techniques and providing world-class quality of completion.”

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Egypt to participate in UAE, Saudi Arabia’s IPS in March https://wwww.dailynewssegypt.com/2020/01/13/egypt-to-participate-in-uae-saudi-arabias-ips-in-march/ Mon, 13 Jan 2020 10:19:11 +0000 https://wwww.dailynewssegypt.com/?p=718992 EGP 600m in pre-sales for exhibitors at the IPS Riyadh

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The UAE Strategic Marketing and Exhibitions organises two real estate exhibitions for International Property Show (IPS) in the UAE, and Saudi Arabia in March and April, with several Egyptian real estate companies participating.

Egypt’s participation comes under the auspices of the Ministry of Housing and New Urban Communities.

Mohamed El Saidi, CEO of Strategic Marketing and Exhibitions and IPS’s organiser, said that the company’s agenda includes a group of exhibitions in several countries in Dubai Property Festival (DPF) from 24 to 26 March at the World Trade Centre and coincides with the International Investment Forum in which delegations from more than 150 countries and heads of more than 10 countries come together.

He added that for the first time, the Egyptian pavilion will be held at the entrance of the halls in the World Trade Centre, in halls 4 and 5, and will include more than 20 real estate development projects in fourth generation cities, namely New Administrative Capital, and New Alamein.

He further noted that the second exhibition will be held, for the first time, in Dammam, Saudi Arabia from 2 to 4 April. The Egyptian real estate pavilion will be held in Dammam and will include more than 420,000 Egyptians.

El Saidi pointed out that the company’s last exhibition in Riyadh achieved great success after achieving sales worth over EGP 600m.

Dubai-based Strategic Marketing and Exhibitions is a specialised company in organising real estate exhibitions around the world, and has nine branches in different Asian, European, and African countries. The company has also supervised and organised 18 editions of Annual Investment Meetings in Dubai, and one edition in Cairo early this year.

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Brickzey records EGP 3.5bn in sales for developers in 2019 https://wwww.dailynewssegypt.com/2020/01/13/brickzey-records-egp-3-5bn-in-sales-for-developers-in-2019/ Mon, 13 Jan 2020 10:16:02 +0000 https://wwww.dailynewssegypt.com/?p=718999 Company has achieved EGP 1bn in sales for administrative and commercial projects

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Brickzey Property Management has achieved contractual sales in favour of developers, amounted to EGP 3.5bn in 2019, and signed 5 exclusive marketing contracts.

Chairperson and CEO of Brickzey Property Management Ahmed Selim said that the company’s sales were concentrated in Giza projects in Sheikh Zayed and Sixth of October cities, especially the housing units within the towers, in addition to projects in the New Administrative Capital (NAC).

Selim added that the share of administrative, commercial, and medical projects amounted to about EGP 1bn in total achieved sales last year, , with plans to increase this value this year.

He noted that the company completed the marketing of 5 exclusive projects during the past year, namely, IL Mondo, Lakeville, The Gate.

The company has contracted out the marketing of four new, and exclusive projects last year, with plans to market them this year as part of the company’s plan to expand its exclusive marketing, and diversify its real estate portfolio, he elaborated.

The goal for this year for many real estate companies is to accelerate the implementation rates of projects in parallel with marketing. This comes in tandem with preserving the company’s credibility with customers, and avoiding risks stemming from delayed implementation.

He explained that the West Cairo region will witness great competition this year, as a number of large companies develop projects in this area, especially in Sheikh Zayed expansion city in addition to Sixth of October city.

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Naguib Sawiris opens ZED Park https://wwww.dailynewssegypt.com/2020/01/13/naguib-sawiris-opens-zed-park/ Mon, 13 Jan 2020 10:15:50 +0000 https://wwww.dailynewssegypt.com/?p=719000 ZED Park sets a new definition to park entertainment with the launch of “Zed Park Presents”.

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ZED Park was officially inaugurated on Thursday. The state-of-the-art park is spread over 65-feddan and introduces Egypt to park-side living right in the heart of El Sheikh Zayed.  The inauguration was attended by Naguib Sawiris, Chairperson and Global CEO of Ora Developers.

ZED Park sets a new definition to park entertainment with the launch of “Zed Park Presents”.

“Zed Park Presents” took over and transformed the park into a magical destination by bringing, for the first time in Egypt, the famous Winter Wonderland experience, and in parallel launched the greatest music event the Middle East Music Event.

Sawiris said, “This has been a long-awaited journey, but we are very excited to be finally unveiling our ZED Park, which has been witnessing a series of events in various sectors including sports and entertainment.”

“At Ora, we are always focusing on offering something new, a fresh concept that the community can benefit from and enjoy. We’re very excited to officially open our doors to the public and looking forward to welcoming the community to ZED Park,” he added.

Officially opening on the 10 January, Cairo Winter Wonderland, in collaboration with The Alchemy Project, the Middle East’s leading entertainment agency, offers a wide range of attractions including the iconic outdoor ice-skating rink, the carousel, the swing ride, infinite carnival games in addition to the 45-meter Ferris wheel which will be available towards the end of January. Cairo Winter Wonderland will be offering a wide selection of beverages and food as well as a great retail experience until the end of February.

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City Edge increases capital, forms new board https://wwww.dailynewssegypt.com/2020/01/13/city-edge-increases-capital-forms-new-board/ Mon, 13 Jan 2020 10:11:20 +0000 https://wwww.dailynewssegypt.com/?p=718993 Earlier, a preparatory meeting of the company’s board was held in the presence of Assem Al-Gazzar, Minister of Housing and New Urban Communities.

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City Edge Developments, Egypt’s National leading real estate developer, held a board meeting on Saturday to discuss the company’s expansion plan.

Earlier, a preparatory meeting of the company’s board was held in the presence of Assem Al-Gazzar, Minister of Housing and New Urban Communities.

The meeting approved the resignation of Hassan Ghanem from his position as chairperson of the company, but will remain as a board member representing the Housing and Development Bank (HDB). Moreover, Ashraf Salman, Ahmed Al-Washahi, Lubna Hilal, Mohsen Adel, Ragaa Fouad, and Abdul-Muttalib Amara were appointed as board members representing the New Urban Communities Authority (NUCA).  Ashraf Salman was named the new chairperson of City Edge.

The meeting also approved the appointment of Mohamed Mekawy as CEO of City Edge, to assume his duties alongside Amgad Hassanein, the current CEO.

City Edge also increased its capital, raising the NUCA’s share to 75%, while the HDB holds 25%. The capital was EGP1.3bn before the increase.

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RE/MAX Al Mohager eyes EGP 4bn sales for developers by 2020-end https://wwww.dailynewssegypt.com/2020/01/13/re-max-al-mohager-eyes-egp-4bn-sales-for-developers-by-2020-end/ Mon, 13 Jan 2020 10:11:08 +0000 https://wwww.dailynewssegypt.com/?p=718994 Company to launch new online selling platform

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RE/MAX Al Mohager, a real estate brokerage, aims to achieve EGP 4bn contractual sales for developers this year, an increase of 38% compared to 2019, according to Mohammad Degheady, the franchise broker owner.

The company conducted about 1,300 real estate brokerage operations last year, including residential, commercial, administrative, and service units.

Egypt’s real estate market is witnessing some changes in this period, most notably, price increase of about 15% for residential units, with the purchase trend of ready-to-deliver. However, real estate companies will continue to provide long-term payment schemes to support sales.

“Companies that will not focus on different elements and create new executive and marketing mechanisms this year will be out of competition and away from the client’s preferences, given the similarity of a large part of real estate products in the recent period,” Degheady explained. “There is a need for companies to focus on innovation in its projects in order to suit the needs of clients.”

He pointed out that the most prominent challenge for real estate companies for the new year is to adhere to implementation and delivery dates, especially since the last year witnessed a shortage in liquidity for many real estate companies due to a decrease in sales, causing many of them to delay their projects’ delivery.

Moreover, the companies that delivered their projects are required to focus on providing a means of subsistence and the integration of services within the project in order to benefit from the delivery of units on time.

He stressed that the Federation of Real Estate Developers is an opportunity to regulate real estate market and classification of companies so that the customers can make a choice based on the developer’s classification and his ability to adhere to the implementation and delivery dates, which can benefit the market in the coming period.

He further noted that weak purchasing power is still a challenge facing real estate developers during the new year as a result of continued stability in the income of the targeted customers. This new found stability means that companies will have to work harder to meet the needs of their largest segment of the housing market, middle-income housing units.

Additionally, he expected a decline in the market trend to build commercial and administrative units, especially since Egypt has seen an explosion of these spaces in the past few years and suffering from a lack of selling. For example, New Cairo has about 130,000-sqm of unused commercial and administrative space and an additional 300,000 sqm commercial space, which translates to mass congestion if they’re bought up or non-exploitation if they are.

He continued: “City authorities must distribute licences to implement service projects according to the masterplan for the city and in a way that properly distributes services and achieves integration in the city.”

He explained that the company has been operating for nearly 30 years in the market and works under the umbrella of RE/MAX International. The company markets residential, administrative and commercial projects and owns three branches in New Cairo, Sheikh Zayed, and Heliopolis, as well as a company portfolio comprising of 211 diversified projects.

Moreover, the company also provides market studies for real estate developers.

He revealed that the company intends to launch a new online sales platform, through which units for various real estate projects are marketed, which is in line with the state’s plan to export property.

He stressed the importance of providing real estate units that are in line with what a foreign customer wants, namely the implementation of fully finished units.

The share of foreign clients who purchased units from the company does not exceed 2%, he said.

There must be a specific strategy to participate in foreign exhibitions every year to reach a large number of foreign clients who have a desire to buy and invest outside their country, he highlighted, calling on the government and private sector to cooperate in facilitating the ebbs and flows of foreign purchasing.

He pointed out that the demand is centring around east Cairo, especially in the New Administrative Capital, which is an essential destination for clients looking for a unit to live or invest in, after the completion of the first phase in mid-2020. At the level of coastal projects, North Coast remains a destination for those looking for second home, with the progress of the implementation phases of New Alamein.

Degheady remains optimistic about the Egyptian real estate market, especially with the improvement of customers’ purchasing power, steady development of local economic climate, interest rates cuts, and the Central Bank of Egypt’s initiative to finance middle-income housing.

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MNHD’s contracts, reservations recorded EGP 6.3bn in 2019 https://wwww.dailynewssegypt.com/2020/01/09/mnhds-contracts-reservations-recorded-egp-6-3bn-in-2019/ Thu, 09 Jan 2020 14:26:06 +0000 https://wwww.dailynewssegypt.com/?p=718718 Egypt’s developer Madinet Nasr Housing and Development (MNHD) announced on Thursday that its pre-sales (contracts and reservations) for the year 2019 reached a record EGP 6.3bn compared to EGP 5.5bn in 2018.

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Egypt’s developer Madinet Nasr Housing and Development (MNHD) announced on Thursday that its pre-sales (contracts and reservations) for the year 2019 reached record EGP 6.3bn compared to EGP 5.5bn in 2018.
The company reported that the 15% increase over last year comes from strong demand on the company’s residential projects, as well as the diversified offering of commercial offered in the company’s flagship office park, Cobalt Business District.
The company’s pre-sale for Taj City project reached EGP 1.257bn in 2019, compared to EGP 2.575bn in 2018, besides, recording EGP 3.045bn in pre-sales in 2019 of its project Sarai compared to EGP 2.325bn in 2018.
MNHD’s Chief Executive Officer Ahmed El Hitamy said: “We are extremely happy to achieve yet another record breaking year in terms of pre-sales for the company.”
El Hitamy added that MNHD is committed to growth despite any market condition, on the back of its diversified portfolio of projects and offerings in Taj City and Sarai.
In total, MNHD has more than 10,000 units under development / design at five key projects in the Greater Cairo Area, he elaborated.

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