News / Government

Cabinet Amends Regulations of Real Estate Funds

Egypt's cabinet issued a decree on June 11 to amend the executive regulations of "Capital Markets Act," governing real estate funds, in an attempt to facilitate and reduce burdens halting real estate investment.

Drawings of Saqqara Development Project to be Ready Before End-June

Minister of Housing, Utilities, and Urban Communities Assem El Gazzar has mandated the swift preparation of drawings for the restoration of ancient Saqqara archaeological area before the end of June, coming up to provide an array of services to potential visitors and contribute to the growth of inbound tourism as a result

Housing Committee Mulls Amendments to Old-Rent Contracts

Egyptian Parliament's Housing Committee approved on June 11 a proposed amendment that would see tenants, who signed long-term leases before 1996 and are using their properties for non-residential purposes, pay significantly higher rents.

Bahrain to Open World’s Largest Underwater Park in August

Bahrain is set to become a global leader in the ecotourism field as it plans to open the world's largest eco-friendly underwater theme park, coming up within the kingdom's master-planned island city, Diyar Al Muharraq.

Annual Headline Inflation Up to 14.1% by End-May: CAPMAS

The Central Agency for Public Mobilization and Statistics (CAPMAS) reported a 1.1% rise in Egypt’s annual headline inflation rate in May, hitting 14.1%, up from 13% a month earlier.

ERC Proposes 8-12% Middle-Income Mortgages Interest Rates

The Egyptian Real Estate Council (ERC) has proposed renewing interest rates applied on mortgage financing for would-be middle-income homebuyers to range from 8 to 12%

Mortgage Finance Loans Hit EGP 392.7 mn by End-April

Egypt’s Mortgage Finance Fund (MFF), targeting middle- and low-income citizens, provided loans worth EGP 392.7 mn in April versus EGP 127 mn in the year-ago period, amid a 208% surge in banks' key interest rates

Gov’t to Deliver 168 Units in New Cairo’s Dar Misr Phase I

Head of New Cairo Development Authority Adel El Naggar has announced plans to start handing over on June 9 the tenth batch of Dar Misr's first phase in El Koronfel Villas, New Cairo.

Badr City to Have Largest Medical Tourism City in MENA

Egypt plans to establish the largest medical tourism city in the MENA region, situated at Badr City, east Cairo, with costs valued at EGP 20 bn.

Egypt, Bulgaria Ink MoU to Boost Tourism Cooperation

Egypt's Tourism Minister Rania Al Mashaat has signed a memorandum of understanding (MoU) with her Bulgarian counterpart Nikolina Angelkova on boosting bilateral relations in a way that contributes to the economic development of both countries, while promoting their tourism sectors.

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