News / Egypt

CBE Makes 2nd Consecutive Cut to Interest Rates

The Central Bank of Egypt (CBE) made the second consecutive cut to key rates by 1% (100 bps), driven by the declining inflation rates, which hit a six-year low in August, alongside the falling unemployment and soaring economic growth.

NUCA Offers 46 Villas in Marina Alamein

The New Urban Communities Authority (NUCA) will start issuing the terms and conditions booklets for 46 semi-finished villas in Marina Alamein, North Coast, starting September 29.

El Kassara Slum Sees 126 Units 95% Finished

Rashid City's El Kassara, one of Beheira's unsafe slums, is having five buildings, comprising 117 housing and nine commercial units, 95% completed, with investments worth EGP 25 mn

Alburouj Phase I to be Delivered This Year: Imkan

Abu Dhabi's Imkan said the first phase of Alburouj development in east Cairo, near Shorouk City, will be delivered this year.

New Investor Service Center Opens in Port Said

Prime Minister Mostafa Madbouly opened on September 19 the Investor Service Center (ISC) in Port Said, endeavoring to eliminate the bottlenecks investors face when starting up new businesses.

Egypt Allots EGP 9.3 bn to Social Housing in FY 2019/20

The government allocated a total of EGP 9.3 bn for the social housing program in FY 2019/20, complementing its plan to ensure decent lives for all citizens through building integrated urban communities.

Orascom Investment Sees Higher Losses in H1

Egypt-based Orascom Investment Holding (OIH) incurred higher net losses of EGP 153.3 mn in the first half of 2019, compared to EGP 141.2 mn recorded during the prior-year period.

Mountain View Brings Happy Office Spaces to Egypt

Egypt's real estate developer Mountain View held the first edition of Future Offices International Summit at The Nile-Ritz Carlton, Cairo on September 22, under the patronage of Ministry of Housing, Utilities, and Urban Communities.

ERC Takes Legal Action to Scrap USD 40 mn Contracts

Egyptian Resorts Company (ERC) has announced legal action to scrap contracts worth USD 40 mn (EGP 653.6 mn) for four land plots, sold back in June 2015, due to its clients’ failure to make due payments.

Madaar Development Hosts Azha Endurance Festival

Egypt's Madaar Development, in collaboration with TriFactory, hosted on September 21 Azha Endurance Festival at its luxurious Ain Sokhna resort, Azha, welcoming nearly 500 amateurs and sports enthusiasts.

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