Orascom Development to Build Residential Project in Senegal

• Monday, 28th November 2016
• by Karim Mohy

Orascom Development Holding will be finalizing an agreement with the Senegalese government to build a new project, similar to the company’s previous project Haram City, according to Samih Sawiris, the company’s CEO.

Micro Castle to Deliver Second Phase of Porto Perla in May 2017

• Monday, 28th November 2016
• by Karim Mohy

Micro Castle Co. for Real Estate Investment will be finalizing the second phase of its Porto Perla project in Alexandria in May 2017.

Madbouly: NUCA’s Investment Budget for 2016 Registers EGP 37 bn

• Sunday, 27th November 2016
• by Karim Mohy

The investment budget of the New Urban Communities Authority (NUCA) has grown from EGP 5 bn for 2013/2014 to EGP 6 bn at the end of 2014 to EGP 37 bn for 2016, according to Minister of Housing, Utilities, and Urban Communities Mostafa Madbouly speaking at a conference held by the American Chamber of Commerce in Egypt on Sunday dubbed “Sustaining the Real Estate Industry in Egypt”.

New Administrative Capital Company to Float Shares in IPO -Chairman

• Sunday, 27th November 2016
• by Karim Mohy

Up to one third of the shares of the Administrative Capital for Urban Development, the company responsible for building the new administrative capital in East Cairo, will be floated in an upcoming IPO at a date yet to be determined, according to the company’s Chairman Ayman Ismail, speaking at a conference organized by the American Chamber of Commerce in Egypt on Sunday.

Public Lottery Announced to Distribute 2,654 Land Plots in Badr City

• Sunday, 27th November 2016
• by Karim Mohy

A public lottery will take place Sunday at the Arab Contractors Stadium to allocate 2,654 land plots located in Badr City as part of the scheme for allocating 16,400 land plots in eight new cities.

El Alamein to be Demarcated as Separate Governorate -Source

• Sunday, 27th November 2016
• by Karim Mohy

The government is planning to demarcate El Alamein as a separate governorate from its current jurisdiction of Matrouh, an unnamed source at the Ministry of Housing, Utilities, and Urban Communities speaking told Invest-Gate.

Housing Ministry Signs Protocol with Real Estate Chamber to Resolve Developers’ Issues

• Sunday, 27th November 2016
• by Karim Mohy

Mostafa Madbouly, Minister of Housing, Utilities, and Urban Communities and Tarek Shoukry, Head of the Chamber of Real Estate Developers at the Federation for Egyptian Industries, signed a cooperation protocol aiming to resolve challenges facing real estate developers.

ARCO Launches Final Phase of Le Reve Development in Kattameya

• Sunday, 27th November 2016
• by Karim Mohy

Al Arabia Real Estate and Development (ARCO) has launched the final phase of its project Le Reve at a total investment cost of EGP 1 bn.

3 Hotel Companies to Manage City Stars Al Sahel

• Sunday, 27th November 2016
• by Karim Mohy

Al Arabia Real Estate and Development (ARCO) has signed contracts with Fairmont Hotels, Raffles Hotels & Resorts, and Swissotel to handle management for City Stars Al Sahel in the North Coast.

Samih Sawiris: Real Estate Sector Could be Heading Toward Bubble

• Sunday, 27th November 2016
• by Karim Mohy

Due to the current decline in purchasing power amid the depreciation of local currency and a large supply, the Egyptian real estate market could potentially be heading towards a bubble, Chairman of Orascom Development Holding Samih Sawiris said.