News / Developers

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.

Marakez to Uncover AEON Towers’ Final Phase in October

Marakez for Real Estate Investment, a subsidiary of Saudi Arabia’s Fawaz Alhokair Group, will launch the last phase of west Cairo's AEON Towers next month, while AEON Courtyards’ first phase is set to be delivered in December, ahead of schedule

El Gouna’s Hotels Fully Occupied During GFF

Orascom Development Holding (ODH) has announced that occupancy rates of El Gouna’s hotels and residential units hit 100% during the period of El Gouna Film Festival (GFF), to be held from September 19 to 27.

The Lounge, Burj Khalifa Sets New Guinness World Record

The Lounge, Burj Khalifa has officially been verified by Guinness World Records (GWR) as the world's "Highest Lounge in a Building."

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