News / Developers

Emaar-El Nasr Arbitration Proceedings Suspended

Emaar Misr for Development, a unit of Dubai's Emaar Properties, announced the legal proceedings regarding the case filed by state-owned El Nasr Housing and Development have been suspended for another four weeks “with the purpose of reaching a settlement"

HHD Calls for Private Partner to Take Over Management

Heliopolis Housing and Development (HHD) announced its invitation for private investors to qualify as eligible bidders to take over the company's management

Inertia’s The Cribs Among Final Candidates for Cityscape Awards

Egypt's property developer Inertia announced that its The Cribs Neighborhood project in Jefaira, located on the North Coast, has been a finalist at the Cityscape Awards for the Emerging Markets for future residential projects

CIRA Inks EBRD Funding Deal for University in Upper Egypt

Cairo for Investment and Real Estate Development (CIRA) signed an agreement with the European Bank for Reconstruction and Development (EBRD) for an EGP-denominated facility worth EUR 25 mn ( EGP 442.78 mn) to set up a university in west Assiut’s Nasser City

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.

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