Egypt Prepares to Invite Investors to New Administrative Capital

• Tuesday, 12th April 2016
• by Nadine Abou el Atta

The Egyptian government has begun organizing a forum for major real estate investment companies to offer potential investment opportunities in the new administrative capital.

‘Serenity’ and ‘Residence’, Latest Hyde Park Major Additions

• Monday, 11th April 2016
• by Nadine Abou el Atta

Chief Executive Officer of Egypt's Hyde Park Properties, Amine Serag, told Al Borsa News that the real estate company is heading towards further expansions in the Egyptian real estate market, through two new projects: "Serenity" and "Hyde Park Residence." Serag also said that his firm is looking forward to expanding throughout the country. “The firm has overcome logistical obstacles and is currently working on a plan to provide solid infrastructure for the Hyde Park projects,” Serag continued.

A Number of 2,448 Units Built in New Assiut

• Monday, 11th April 2016
• by Nadine Abou el Atta

The construction of 2,448 units, part of the social housing program in New Assiut, has been finalized; once delivered, construction companies assigned the project will begin constructing additional 5,136 units within the second phase of the program, over an area of 266 acres, in the south-eastern expansions in the city, Ahmed Omran, Head of Assiut Development Authority, told Invest Gate.

Egypt’s Minister of Housing Meets with Bavarian Ministry of Economic Affairs

• Monday, 11th April 2016
• by Nadine Abou el Atta

Minister of Housing, Moustafa Madbouly, met yesterday with Franz Josef Pschierer, State Secretary in the Bavarian Ministry of Economic Affairs and Media, Energy and Technology, and a number of German businessmen, within the framework of a high-level delegation visiting Egypt to cooperate in common areas, reported Invest Gate.

Federation of Egyptian Banks Calls for Tax Exemption on Foreclosed Properties

• Saturday, 9th April 2016
• by Nadine Abou el Atta

The Federation of Egyptian Banks (FEB) is preparing to submit a memorandum to Tarek Amer, Governor of the Central Bank of Egypt (CBE), calling for tax exemptions for banks holding foreclosed real estate properties, according to Daily News Egypt.

Egypt to Invest EGP 400 M in Connecting Cairo’s New Administrative Capital to Main City

• Saturday, 9th April 2016
• by Nadine Abou el Atta

The New Urban Communities Authority has announced a plan to reduce traffic congestion in New Cairo, as well as connect Cairo’s new administrative capital to the main city. The plan includes the digging of two tunnels, and the development of roads and squares, at a cost of EGP 400 million, Vice President of the New Urban Communities Authority, Kamal Fahmi told Invest Gate.

Egyptian Banks Pump EGP 2 B in CBE’s Mortgage Initiative

• Friday, 8th April 2016
• by Nadine Abou el Atta

Egypt’s local banks placed EGP 2 billion pounds ($225 million) in the Central Bank of Egypt’s (CBE) low income mortgage initiative in March 2016, Chairman of the Mortgage Finance Fund (MFF), May Abdel Hamid, told Amwal El-Ghad.

Minister of Housing: EGP 61 B Allocated for Social Housing in FY 2016/2017

• Wednesday, 6th April 2016
• by Nadine Abou el Atta

Minister of Housing, Utilities, and Social Development, Moustafa Madbouly, stated that the Board of Directors of the Social Housing Fund has amended the proposed Fund budget for the fiscal year (FY) 2016/2017 from EGP 33.5 billion to EGP 61 billion, reported Invest Gate.

Saudi Egyptian SECON Launches New Project in Egypt

• Tuesday, 5th April 2016
• by Nadine Abou el Atta

The Saudi Egyptian Construction Company (SECON) launched its newest project in Egypt, Riyadh-SECON, reported Daily News Egypt.

Egyptian, Saudi Investors Voice Concerns over Obstacles

• Tuesday, 5th April 2016
• by Nadine Abou el Atta

A number of major real estate investors operating in Egypt have voiced concerns over obstacles affecting the growth of the industry, and hence their businesses. The most prominent of these obstacles include an increase in the price of land, lack of vision, and absence of trained labor, reported Daily News Egypt.