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Demand for Egypt’s Infrastructure Development Unprecedented: Orascom Construction

CEO of Egypt's Orascom Construction Osama Bishai said that although Egypt's IMF-backed reforms had inevitably resulted in a number challenges for the construction sector, the current level of demand for infrastructure across the country could be described as "unprecedented," with plenty "still to do"

Egyptian Expats’ Remittances Grow 20.4% YoY in September: CBE

The Central Bank of Egypt (CBE) has announced that remittances from Egyptian expats, one of the country's main sources of foreign currency, jumped by 20.4% YoY in September to reach USD 1.8 bn, up from USD 1.5 bn in the same month in 2017

Egypt Aims to Reduce Budget Deficit to 7% in FY 2019/20

The Finance Ministry's FY 2019/20 draft state budget targets reducing Egypt's total budget deficit to 7% of the country's GDP, down from 8.4% in the current fiscal year, anticipating to see the deficit shrinking to 5.6% of GDP in FY 2020/21 and 3.9% in 2021/22

Egypt’s GDP Up to 5.3% in Q1 2018: Minister

Egypt’s Planning Minister Hala El-Saeed said that the country’s GDP jumped to 5.3% in Q1 2018, which began in July, compared to 5.2% in the prior-year period, amid the government's invested efforts to achieve comprehensive reforms in all sectors to maintain its upward trend

Egyptian-American Enterprise Fund to Inject USD 3 mn in Dawi Clinics

The Egyptian-American Enterprise Fund (EAEF) and Dawi Clinics (Dawi) announced on November 12 that EAEF will inject USD 3 mn into the Egyptian-based chain of outpatient clinics, "a strategic step taken by the two entities to support the growth of Egypt’s healthcare sector" and is part of their plans to expand across the country

SODIC Receives Letter from NUCA for Change of Al Yosr’s Land Use

Egypt’s Sixth of October Development and Investment (SODIC) has announced that Al Yosr for Projects and Agricultural Development, a subsidiary of SODIC, has received a letter from the New Urban Communities Authority (NUCA) regarding the change of use of a land plot owned by Al Yosr in Sheikh Zayed city, west Cairo

TMG Holding’s Profits Rise 12.5% to EGP 1.25 bn in 9M

Egypt-based property developer Talaat Moustafa Group Holding (TMG Holding) has recorded a 12.5% surge in its net profit to EGP 1.25 bn in the first nine months of 2018, up from EGP 1.1 bn in the year-ago period

Gov’t Earmarks EGP 2.48 mn Investments to New Valley in FY 2018/19

The value of the Egyptian government's earmarked investments in the New Valley is estimated at EGP 2.48 mn in the FY 2018/19, Planning Minister Hala El-Saeed stated on November 12, underlining the province's promising investment opportunities and massive competitive capabilities

NUCA Extends Deadline to Submit Applications for Lands in New Sphinx City

Tarek El Sebai, deputy chairman of New Urban Communities Authority (NUCA) for Real Estate and Commercial Affairs, said that the submission period for applications of those who already hold sale contracts or land ownership documents for plots within the new Sphinx City boundaries have been extended to November 29

Rofaida Begins Initial Delivery of Row Marina’s 1st Phase

Egypt’s property investment company Rofaida Real Estate has started the initial delivery of the first phase of Row Marina Resort project in North Coast, aiming for the project to commence operations by next summer

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