News / Developers

SODIC’s “The Estates” Records EGP 1 bn Presales

Sixth of October Development and Investment Company (SODIC) has achieved EGP 1 bn in presales of its all-villa signature community, “The Estates,” on September 28 during the first day of the launch

PHD Implements EGP 300 mn Hotels on North Coast

Palm Hills Developments (PHD) has invested nearly EGP 300 mn in the Egyptian hospitality industry to implement two niche boutique hotels within Hacienda White and Hacienda Bay, its flagship projects on the North Coast.

Meraas, Brookfield Form AED 5 bn Retail JV

Dubai-based Meraas Holding has entered an AED 5 bn joint venture (JV) with Canada’s Brookfield Asset Management to jointly own and operate the latter developer's retail assets across the GCC region.

Marriott Eyes 40 Africa Hotels by 2023

Marriott International is set to reinforce its commitment to Africa by eyeing the addition of 40 new properties and over 8,000 rooms across the continent by the end of 2023, driven by strong demand and steady growth for its premium and select-service brands

Orascom Investment Sees Higher Losses in H1

Egypt-based Orascom Investment Holding (OIH) incurred higher net losses of EGP 153.3 mn in the first half of 2019, compared to EGP 141.2 mn recorded during the prior-year period.

ERC Takes Legal Action to Scrap USD 40 mn Contracts

Egyptian Resorts Company (ERC) has announced legal action to scrap contracts worth USD 40 mn (EGP 653.6 mn) for four land plots, sold back in June 2015, due to its clients’ failure to make due payments.

Thomas Cook’s Bankruptcy Has Minimal Impact on Orascom

Orascom Development Egypt (ODE) said Thomas Cook's bankruptcy has an "immaterial" effect on the former company's operations, yet the short-term impact is "minimal."

City Edge Uncovers Apartments Complex in New Alamein

City Edge Developments (CED) announced the launch of New Alamein Downtown, a project owned by the New Urban Communities Authority (NUCA)

SODIC Eyes 10% Stake in Heliopolis Housing: CEO

Sixth of October Development and Investment Company (SODIC) eyes buying a 10% stake in state-run Heliopolis Company for Housing and Development (HHD), coming after the government had nodded passing the latter's management to a strategic property investor.

DAMAC Named ‘Property Developer of the Year’

Dubai-based DAMAC Properties has been named the "Property Developer of the Year UAE 2019" at the International Business Magazine Awards, on the back of over AED 480 mn worth of contracts awarded, among other merits.

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