Egypt to turn once again to the International Monetary Fund (IMF), which on June 26 agreed to the former's request for a one-year, USD 5.2 bn (EGP 84 bn) financing package, as the country's economy reels from the Coronavirus financial fallout.
Ministry of Housing, Utilities, and Urban Communities said the foundations and determinants for the involvement of private developers in social housing projects have been finalized.
The New Urban Communities Authority (NUCA) has agreed to extend dealing with recent prices of industrial lands in new cities until year-end, which was in effect between January and June, targeting no hikes during this period.
EFG Hermes has partnered with newly set-up mortgage finance company Qasatli to issue five-year securitized bonds, worth EGP 1.8 bn.
Sixth of October for Development and Investment Company (SODIC) said the first batch of standalone villas in west Cairo's VYE project has been sold out, raising EGP 250 mn in sales within 48 hours only.
Palm Hills Developments (PHD) and Taaleem Management Services, a subsidiary of CI Capital Holding for Financial Investments, have signed a Memorandum of Understanding (MoU) to build a higher education campus in Badya, PHD's flagship project in west Cairo.
Palm Hills Developments (PHD) has inked an EGP 365 mn medium-term loan agreement with Arab African International Bank (AAIB) and Banque Misr to fund work at the former's North Coast project, or Hacienda Bay.
Egypt's EgyptAir Airlines will resume flights to 24 destinations during the first week of July and will add more in the following weeks, operating at 20-30% capacity.
The Central Bank of Egypt (CBE) has left interest rates stationary for the third consecutive meeting, citing lowered inflation rates, enhanced global financial conditions, and expectations of an economic recovery.
Deputy Minister of Housing, Utilities, and Urban Communities for National Projects Khaled Abbas has announced that the New Administrative Capital's (NAC) Iconic Tower - set to be the tallest in Africa - stands at 188 meters long now, out of the planned 400 meters.
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