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Real Estate Developers Combat COVID-19

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Smart Real Estate Seen a Boon for Home Hunters Amid Uncertainties

Demand for real estate tech and virtual services (i.e. augmented reality (AR), virtual reality (VR), 360° virtual panoramic tours, etc.) is forcefully surging in Egypt more than ever before, in efforts to boost sales and revive demand amidst heightened volatility due to the Coronavirus crisis, as highlighted at Invest-Gate's first virtual roundtable "Smart Real Estate Market Amid COVID-19."

Egypt’s Property Exports to Rebound After Coronavirus Storm: Shoukri

Rooya Group Chairman and CEO Hisham Shoukri foresees a strong comeback of real estate exports as the Egyptian property market begin recovering after the coronavirus storm passes, with a special focus on serviced apartments, at Invest-Gate's first virtual roundtable, dubbed “Smart Real Estate Market Amid COVID-19."

SHMFF Launches its Official Facebook Page

The Social Housing and Mortgage Finance Fund (SHMFF) launches its official Facebook page on May 16, Invest-Gate reports.

New Damietta Sees Almost 3,400 Sakan Misr Units Done

New Damietta saw the completion of 3,384 residential units, or 141 apartment buildings, as part of the Sakan Misr social housing project, while 1,440 others are underway.

Over 9,000 Units to be Ready for NAC Employees in August

Badr City will see 9,024 apartments completed by next August for the first batch of government employees to move to the New Administrative Capital (NAC) once the ministerial district is up and running, Invest-Gate reports.

CBE Expands EGP 100 bn Initiative to Contractors

The Central Bank of Egypt (CBE) has decided to broaden the base of beneficiaries of its EGP 100 bn industry stimulus initiative to include the contracting sector.

Construction at NAC Continues in Full Swing

Construction at the New Administrative Capital (NAC) is moving forward in full swing, with work being stretched over two shifts and a 70% labor force present on-site.

El Gouna Hotels to Gradually Resume Operations in May

Orascom Development Holding (ODH) will gradually reopen hotels in its Red Sea resort town of El Gouna for domestic tourism as of May 15, with plans to have all on-site hospitality facilities fully operational almost a week later.

Egypt Composes ‘Stay Safe’ Guidelines for Reopening Hotels

As Egypt seeks relief for the tourism sector, a range of health and safety requirements has been released by the government to be embraced by hoteliers to safely welcome back guests and employees, while also guarding against Coronavirus spread.

CBE Maintains Current Interest Rates

The Central Bank of Egypt (CBE) has decided to keep overnight deposit rate, overnight lending rate, and the rate of the main operation unchanged at 9.25%, 10.25%, and 9.75%, respectively.

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