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Moody’s Keeps Egypt Credit Rating at B2 Thanks to Economic Strength

Moody’s Investors Service has kept Egypt’s credit profile at “B2 stable,” with a stable outlook underpinned by the country's economic strength.

Gov’t Reclaims 15-Acre State Land Near Madinaty

Head of New Cairo Development Authority Amin Ghoneim has embarked on a massive campaign to forcibly remove encroachments on state-owned lands, mainly recovering a 15-acre plot opposite to Madinaty, northeast Cairo.

Sohag Sees Pilot Operation of EGP 500 mn Treatment Plant

Minister of Housing, Utilities, and Urban Communities Assem El Gazzar has announced the pilot operation of the first phase of an EGP 500 mn sewerage treatment plant to serve a total of 450,000 people in Saqlata, east of Sohag, some villages in Akhmim and other neighboring areas.

Al Arabia Constructs 50% of All its Property Projects Nationwide

Al Arabia Company for Real Estate Development has announced the completion of 50% of work on all of its real estate projects in New Cairo, coinciding with the celebration of its 17th anniversary as the Egypt-based developer offers potential clients with payment schemes of up to 72 years.

Over 9,000 Homes for NAC Employees Almost 92% Done

Merely 9,024 apartments (376 residential buildings) are almost 91.5% complete in Badr City, which are designated for the first batch of government employees to move to the New Administrative Capital (NAC) upon operation of the new city's ministerial district.

About 903 Acres Are Reallocated for Urban Expansion Into Giza: NUCA

Vice President of the New Urban Communities Authority (NUCA) for Commercial and Real Estate Affairs Mohamed Anwar Hilal said investors can apply for acquiring two state-owned parcels of 880.99 and 21.83 acres, separately, across Giza, which are being reallocated for the development of additional urban areas.

SODIC to Bring New Innovative Office Lease Solution to Egypt

Sixth of October Development and Investment Company (SODIC) has partnered with the largest office furniture and interior/exterior systems manufacturer in the Middle East, Mobica, to bring a new office concept and an innovative lease solution for small- and medium-sized enterprises (SMEs).

Al Ahly Sabbour Inks USD 100 mn Facility Management Deals

Al Ahly Sabbour Developments and UAE-based Eltizam Asset Management Group have agreed on two joint ventures (JVs), with a combined value of USD 100 mn (EGP 1.57 bn), for the provision of integrated facility and community management services to four of the former Egyptian developer's projects across the country.

Gov’t Reviews Ways to Create New Construction Permit System

An expanded ministerial meeting to discuss ways to develop a new construction permit system that tightens control procedures, particularly using modern technology, bidding to move ahead of the six-month conceptual planning phase to fast-track urbanization.

HAC, Siemens Land NAC Energy Control Center Tender

The Egyptian Electricity Transmission Company (EETC) has awarded the consortium of global technology giant Siemens and Hassan Allam Construction (HAC) an EGP 838 mn tender to construct an electricity control center in the New Administrative Capital (NAC).

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