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NUCA to Terminate Deal With New Alamein Contractor

Prime Minister and Minister of Housing, Utilities, and Urban Development Mostafa Madbouly has requested the New Urban Communities Authority (NUCA) to terminate a deal with one of the contractors implementing projects in New Alamein, due to its failure to adhere to the set timetables and quality of implementation

Egyptian Expats’ Remittances Rise 8% in 10 M

The Central Bank of Egypt (CBE) has announced that remittances from Egyptian expats, one of the country’s main sources of foreign currency, rose 8% YoY during the first ten months of 2018 to reach USD 21.4 bn, up from USD 19.8 bn in the corresponding period of 2017

MBG Mulls Building Medical Center in NAC: Chairman

Chairman of MBG Development Mahmoud Al Adl unveils developer intends to launch an international medical center in the New Administrative Capital (NAC), expecting to reach an agreement with the Administrative Capital for Urban Development (ACUD) before year-end

OIH Completes 30% Acquisition of Sarwa Capital

Egypt-based Orascom Investment Holding (OIH) has announced acquiring 30% (or about 216 mn shares) of structured- and consumer-finance player Sarwa Capital

Egypt, KSA Ink Deal for Young Entrepreneurs in Tourism Field

Tourism Minister Rania Al Mashat has inked a deal with President of the Saudi Commission for Tourism and National Heritage (SCTH) Prince Sultan bin Salman bin Abdul Aziz on supporting the Arab young entrepreneurs in the tourism field

Porto Receives Plot to Develop New Project in Mostakbal City

Egypt's Porto for Tourism Development, a subsidiary of Porto Group, has received a land plot from El Mostakbal for Urban Development - master developer of Mostakbal City - to develop its newest residential project in the new city, Porto City

Fitch Solutions Sees Egypt’s Fiscal Deficit Shrinking to 6.4% of GDP by FY 2019/20

Giant financial services provider Fitch Solutions said it anticipates Egypt's fiscal deficit to shrink from an estimated 9.4% of GDP in FY 2017/18 to 7.8% and 6.4% of GDP in FY 2018/19 and FY 2019/20, respectively

Palm Hills to Raise The Crown’s Credit Facility Limit

Egypt-based Palm Hills Developments' board has approved increasing the credit facility limit for The Crown compound, west Cairo, to EGP 1.24 bn from EGP 852 mn

Sisi Tours Some Development Projects at El Galala City

President Abdel-Fattah El-Sisi has embarked on an inspection tour of a number of mega development projects being implemented at El Galala City in the northeastern governorate of Suez, Ain Sokhna

Marakez, Al-Futtaim Misr to Open West Cairo’s 1st IKEA Store by 2020

Marakez for Real Estate Investment, a subsidiary of Fawaz Al Hokair Group, has signed a long-term agreement with Al-Futtaim Misr for Retail to open a new IKEA store at the Mall of Arabia in West Cairo by 2020

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