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Shorouk City to offer 100 acres for bidding, starting 2013

By Badawy Shalaby Abdelmoteleb Mamdouh, head of the El-Shorouk City administration, announced that the city will make 100 acres available for investors at the beginning of next year. The land is suitable for all commercial or educational purposes. Mamdouh said that the plots will range from 8,400 square metres to five acres. The city will …

Daily News Egypt

Al-Khabir’s director forecasts revival of real estate market

By Badawy Shalaby Mohamed Saad, director of the Al-Khabir Company for Investment and Real Estate, predicted that confidence will return to the real estate market in the coming period after a period of downturn, expressing hope that the current period of political stability will lead to a full recovery. He said that the Egyptian real …

Daily News Egypt

84 feddan for industrial investment in Nahda

By Badawy Shalaby Engineer Mufeed Shawqy Cairo Governorate Director of Investment, confirmed that the preparation of 84 feddan in the Nahda area for investment is underway, as is the process of drawing the plot’s borders with the armed forces’ Military Factory 18 and the Qalyubia Governorate authorities. Shawqi noted that the land is des- ignated for …

DNE

SODIC swings to 2011 net loss

Ehab Farouk and Tom Pfeiffer / Reuters CAIRO: Egyptian real estate developer SODIC said on Tuesday it fell to a net loss last year, when the industry was thrown into turmoil by challenges to state land sales and a mass uprising. SODIC, the country’s third-biggest listed developer, reported a loss of LE 193 million ($31.96 …

DNE

Jordan’s anti-business backlash scares investors

By Suleiman Al-Khalidi /Reuters AMMAN: At a meeting in the royal palace last month, Jordan’s King Abdullah did not disguise his exasperation with his officials as he listened to a chorus of complaints from foreign investors. Among the frustrated investors was Abu Dhabi property developer Al Maabar, whose plan to build a resort in the granite …

DNE

SODIC sees no impact from ruling against ex-chairman

By Dina Zayed / Reuters CAIRO: Egypt’s SODIC, the country’s third-biggest listed developer, said on Tuesday a court ruling that fined and sentenced its former chairman to prison over graft charges would have no impact on its shareholders or its assets. A court on Thursday sentenced Magdi Rasekh, father-in-law of ousted President Hosni Mubarak’s eldest son …

DNE

Unrest pushes Orascom Development into loss

By Shaimaa Fayed / Reuters CAIRO: Swiss-listed Egyptian property and hotels group Orascom Development on Friday reported a full-year net loss of 69.7 million Swiss francs ($76.82 million), due to the political turmoil in Egypt and elsewhere in the Arab world last year. The firm, known mostly for building luxury resorts, took extraordinary charges in 2011 …

DNE

American real estate brand Re/Max forays into Egypt

By Reem Abdellatif CAIRO: With an eye on the country’s promising real estate market, North American real estate brand Re/Max has expanded its reach to Egypt, launching its first headquarters in Cairo. Short for Real Estate Maximum, Re/Max has an international network of agents in more than 82 countries with more than 7,000 franchise offices. Region …

DNE

Egyptian Resorts posts full-year loss of $1.2 mln

By Reuters CAIRO: Real estate company Egyptian Resorts posted a narrower full-year loss, helped by new revenue from its Sawari project on the Red Sea. Egyptian Resorts said on Sunday it made a 2011 net loss of LE 7.4 million ($1.2 million), compared with a LE 9.1 million loss in 2010. Revenue nearly doubled to LE …

DNE

Egypt index slumps, led by real estate

By Reuters CAIRO: Egypt’s main index declined 2 percent, led by real estate stocks after the 2011 results of property developer Egyptian Resorts disappointed the market, traders said. The real estate firm narrowed its full-year loss after making new revenue from its Sawari project on the Red Sea, the firm said on Sunday. “The Egypt …

DNE

Majid Al Futtaim eyes $500 mln Egypt loan: sources

By David French and Michelle Meineke / Reuters DUBAI/LONDON: Dubai-based developer Majid Al Futtaim (MAF) has picked two Egyptian banks to arrange a loan worth around $500 million, to fund construction of its Mall of Egypt project, three sources with knowledge of the move told Reuters. The developer, the sole franchise of Carrefour in the Gulf, …

DNE

Egypt’s Palm Hills falls into loss, revenues plunge

By Yasmine Saleh / Reuters CAIRO: Egypt’s second-biggest listed property developer, Palm Hills, reported on Monday it made a net loss of LE 331.3 million ($55 million) last year, compared with a profit of LE 526 million in 2010, as sales revenue plunged 67.6 percent. The firm suffered from last year’s uprising that toppled President Hosni …

DNE

TMG full-year net falls 39 pct

By Tom Pfeiffer / Reuters CAIRO: Egypt’s Talaat Moustafa Group said its full-year net profit fell 39 percent last year when the real estate industry was thrown into turmoil by a popular uprising and disputes over land ownership. The decline was narrower than a 44 percent drop in first-half earnings. TMG reported full-year profit of LE …

DNE

Aldar lifts Abu Dhabi; most Gulf bourses up

By Nadia Saleem / Reuters DUBAI: Aldar Properties led Abu Dhabi’s bourse to a seven-month high on Sunday after Moody’s raised its outlook on the developer to positive and Dubai’s bourse extended its rally while other regional markets ended mixed. Shares in Aldar surged 6.8 percent to their highest close since August. Moody’s changed the company’s …

DNE

Activity returning to Cairo’s real estate market but challenges remain, says report

CAIRO: There is evidence of more clarity and increased activity in Egypt’s real estate sector, with confidence returning twelve months after the revolution, a report said, adding however that much will also depend upon the country’s ability to address many of the residual challenges that are still largely unresolved. Jones Lang LaSalle, a leading real …

DNE

2012 breathes confidence into real estate market

By Annelle Sheline CAIRO: Uncertainties had their impact on the real estate market in Egypt in 2011, but as the participants of Cityscape would note, the industry is looking at a strong comeback in 2012. The decision to hold a Cityscape exhibition and real estate summit in Cairo this year demonstrates the preeminence of the Egyptian …

DNE

Cityscape Egypt opens next week, in association with Next Move

CAIRO: Cityscape Egypt, in association with Next Move, is gearing up to open its inaugural exhibition and conference on February 20, at the Cairo International Convention Center. Taking place February 20-23, Cityscape Egypt/Next Move 2012 will convene investors and real estate professionals to talk the sectors related to the industry. The exhibition and conference will …

DNE

Towards cleaner, safer housing

By Amr Ramadan CAIRO: For the past year, Egypt’s real estate sector has faced numerous challenges, including land disputes and corruption charges, that’s beside a longstanding bureaucratic investment climate. Not too long ago, the sector was the pride and joy of Egypt’s economy as development boomed along with property prices. Investors remained optimistic and the sector …

DNE

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