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.

69% of Real Estate Professionals Confident in Market Growth

• Monday, 4th April 2016
• by Nadine Abou el Atta

An estimated 50 percent of investors and 69 percent of real estate professionals expressed confidence in Egypt’s real estate market and expected growth over the upcoming year, according to a market analysis by YouGov, an internet-based market research firm, reported Daily News Egypt.

5m Smart Water Meters Deal for Cairo’s New Administrative Capital

• Monday, 4th April 2016
• by Nadine Abou el Atta

Minister of Housing, Utilities, and Urban Communities, Moustafa Madbouly, signed a cooperation protocol with a Chinese company that has secured the supply of 5 million smart water meters for Cairo’s new administrative capital, as well as assistance in laying out the control systems of the capital, Invest Gate reported.

Construction of Cairo’s New Administrative Capital to Begin this Month

• Sunday, 3rd April 2016
• by Nadine Abou el Atta

Construction of the new administrative capital has officially begun. According to a statement by Mostafa Madbouly, Minister of Housing, four construction companies have been assigned with execution of the project’s first phase infrastructure, reported Akhbar Alakarat.