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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.

Elsewedy Electric Acquires Renewable Energy Assets in Greece

Elsewedy Electric, an integrated energy and infrastructure solution provider, has entered into a purchase agreement with R.F. Energy, a subsidiary of F.G Europe, to acquire 100% stake in four Greece-based companies for EUR 55 mn.

Mall of Arabia Hosts CIB PSA World Tour Finals for 1st Time

West Cairo's Mall of Arabia, one of the commercial projects built by Marakez for Real Estate Investment, a subsidiary of Saudi Arabia’s Fawaz Alhokair Group, was selected by the prestigious Professional Squash Association as the host venue for 2018/19 CIB Professional Squash Association (PSA) World Tour Finals from June 9 to 14.

Royal Uncovers EGP 500 mn Capital Prime in NAC

Egypt’s Royal for Real Estate Development has uncovered establishing a mixed-use project in the New Administrative Capital (NAC), dubbed "Capital Prime," with investments worth EGP 500 mn.

New Alamein Int’l University to Open This Fall

Deputy Minister of Housing, Utilities, and Urban Communities for National Projects Khaled Abbas announced on June 17 the inauguration of New Alamein International University for Sciences and Technology in the North Coast, with the first academic year scheduled to commence as of next September.

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