News / Government

Gov’t to Finalize 648 Social Housing Units in New Assuit

Egypt's housing ministry is on the verge to finalize 648 social housing units, within 27 buildings, in New Assiut, as part of the state's plan to provide affordable housing to low-income citizens.

Phase I of Hurghada Development Plan Done

Egypt's Red Sea resort of Hurghada is witnessing a comprehensive, three-phase development plan, with phase I newly completed as a prelude for agreeing on projects with the highest priority, in a way that will help boost tourism inflows all year round

Gov’t to Issue Booklet on Reconciliation in Building Violations Law

Egypt's housing ministry will soon issue a frequently asked questions (FAQs) booklet for inquiries on "reconciliation in building violations" law, which aims to codify building code infringements and legalize the status of violators' properties

Egypt Plans for New Museum in NAC

Egypt will soon open a new archaeological museum in the New Administrative Capital’s (NAC) cultural district in the upcoming months, adding up to the country’s growing museum collection

Baron Palace to Reopen Before Year-End

Egypt has finalized 85% of restoration work at Baron Empain Palace in east Cairo's Heliopolis, in preparation for its reopening before year-end, at a total cost of EGP 100 mn.

Egypt to Have 4 New Lulu Hypermarkets Soon

Egypt has inked a USD 500 mn deal with UAE’s LuLu Group International to establish four new hypermarkets nationwide over 12 months, coming as part of the state's plans to expand the Egyptian retail sector and provide low-priced food commodities.

Egyptian Expats’ Remittances Jump 43% in May: CBE

The Central Bank of Egypt (CBE) said remittances of Egyptian expatriates, one of the country’s main sources of foreign currency, leaped to almost USD 3 (EGP 49.7) bn in May, up 43% from USD 2.1 (EGP 34.8) bn a month earlier.

CBE Cuts Interest Rates for 1st Time in 6M

The Central Bank of Egypt (CBE) announced that the Monetary Policy Committee (MPC) has decided to cut interest rates by 150 basis points, marking the first cut in six months or since February

Gov’t, Private Developers Annually Pump EGP 200 bn in Housing Industry

Egyptian housing ministry and private sector pump total annual investments of nearly EGP 200 bn in the construction and real estate investment sector, which significantly contribute to the growth of the local economy.

Developers to Finish New Alamein Towers’ Exterior by July 2020

Prime Minister Mostafa Madbouly has called on New Alamein property developers to finalize finishing works of all towers' exterior facades before July 2020, entailing all companies to sign a formal acknowledgment to betoken their commitment to meet the target dates.

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