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Tahya Misr Fund Secures EGP 150 mn to Revamp Poor Villages

Egypt's national Tahya Misr Fund (TMF) celebrated on June 16 the signing of two protocols, valued at EGP 150 mn, with a couple of Egyptian charities to renovate 2,885 homes in 100 impoverished villages across the country, while building integrated development projects in three Sohag-based villages

Japan Grants Egypt USD 18 mn to Bolster Healthcare Sector

The Japanese International Cooperation Agency (JICA) will provide USD 18 mn to develop a new building for outpatient clinics of Abu El Reesh Pediatric Hospital, aiming to bolster Egypt's healthcare sector and enhance medical services offered to citizens.

Work in Full Swing at Old Cairo’s NMEC: Minister

Egyptian Antiquities Minister Khaled El Anani has unveiled that the second phase of the National Museum of Egyptian Civilization (NMEC) in Fustat, south Cairo, is 95% completed, while 96% of the third phase's works are done, including three main exhibition halls covering a total surface area of 6,290 square meters.

Marakez to Open Largest Mall in Delta Region Next Fall

Marakez for Real Estate Investment, a subsidiary of Saudi Arabia’s Fawaz Alhokair Group, plans to launch Gharbia Governorate’s first internationally-modeled shopping complex, Mall of Tanta, in fall 2019.

NUCA Approves System for New Cities’ Land Tenders

New Urban Communities Authority's (NUCA) board of directors approved on June 17 a mechanism to deal with investors' requests for land plots offered in new cities, endeavoring to facilitate purchase procedures and boost investment inflows in the newly-introduced areas.

Heliopolis Housing Auctions EGP 66.7 mn Plots in Sheraton

Heliopolis Company for Housing and Development (HHD) auctioned on June 17 eight plots in Sheraton, Heliopolis, amounted at EGP 66.7 mn, as part of the company’s scheme to sell part its land portfolio to finance its investment plan and cut its debt.

Market Cap of Listed Real Estate Firms Hits EGP 80.2 bn: Official

Chairman of Egyptian Stock Exchange (EGX) Mohamed Farid said Egypt’s property sector has managed to log a market capitalization of at least EGP 80.2 bn in 2018, with 36 real estate firms listed at an 18% return on equity, emphasizing the pivotal role of listing in real estate development.

ODE Sells 87% Tamweel Group Stake to Ebtikar-Led Consortia

Orascom Development Egypt (ODE), the largest subsidiary of Orascom Development Holding in Egypt, has sold its entire stake in Tamweel Group, representing 87% of the company, to a consortium led by Ebtikar for Financial Investment, at a total value of CHF 20 mn (nearly EGP 360 mn).

EMPC Intends to Acquire 55.3% Stake in Arabia Investment

State-run Egyptian Media Production City’s (EMPC) board has greenlit talks to acquire a 55.3% stake in Mövenpick Hotel Cairo-Media City of Arabia Investment and Tourist Development, a subsidiary of Arabia Group, from Arab Contractors and three other affiliates.

Egypt, EU Kickstart EUR 3.1 mn Project to Revamp Egyptian Museum

Egypt announced on June 17 embarking on a three-year project to revamp the Egyptian Museum, west Cairo, financed by EUR 3.1 mn of EU funding and backed by a consortium of five European museums, promising to preserve and enhance the storied site.

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