Al-Futtaim to Build 2 New Hotels in Cairo Festival City

• Tuesday, 8th November 2016
• by Karim Mohy

UAE-based Al-Futtaim will be constructing two new hotels in Cairo Festival City Mall in New Cairo.

Palm Hills Q3 Net Profit Up 59% y-o-y, Negotiating with NUCA for 6th of October City Land

• Monday, 7th November 2016
• by Karim Mohy

Palm Hills announced its financial results for the third quarter of 2016 in a statement, reporting net profit after tax and minority interest of EGP 235 mn, up 59% year-on-year, exceeding the first two quarters of the year combined. Quarterly revenue was up 34% year-on-year to EGP 1.5 bn.

Dispute Between Qatari Diar and Egyptian Government Ongoing

• Monday, 7th November 2016
• by Karim Mohy

Qatari Diar is not entitled to resort to international arbitration against Egypt, unnamed sources told Shorouk News, following previous reports that the Qatari company would resort to international arbitration in an ongoing dispute over a New Cairo project.

Price of Construction for Social Housing Units Set to Increase

• Monday, 7th November 2016
• by Karim Mohy

The Ministry of Housing, Utilities and Urban Communities is preparing for an increase in the cost of building social housing units, to record EGP 155,000 per unit instead of EGP 135,000, in the contracts that will be signed for the next phases of the new cities and governorates.

New Residential Projects Planned in Upper Egypt

• Monday, 7th November 2016
• by Karim Mohy

Ardic for Real Estate Development (Zizinia) has requested land plots in the cities of Upper Egypt that are operated by the New Urban Communities Authority (NUCA) to develop a new residential project with facilities.

7,690 Social Housing Units to be Implemented in Beheira

• Monday, 7th November 2016
• by Karim Mohy

A total of 7,690 social housing units will be constructed in the governorate of Beheira in the Nile Delta, according to Minister of Housing, Utilities, and Urban Communities Mostafa Madbouly.

Mortgage Finance Fund Loans Remain Steady Amid Interest Hikes

• Sunday, 6th November 2016
• by Karim Mohy

The loans provided by the Mortgage Finance Fund for real estate, targeting middle- and low-income citizens, will remain steady amid a 3% increase in key interest rates at banks, Mai Abdel Hamid, Chairman of Mortgage Finance Fund told Invest-Gate.

Housing Ministry Delivers 3,547 Units in Gharbeya

• Sunday, 6th November 2016
• by Karim Mohy

A total of 3,547 social housing units have been delivered to citizens in Gharbeya after the signing of contracts, according to Minister of Housing, Utilities, and Urban Communities Mostafa Madbouly.

Obour City Continues Campaign to Resolve Building Violations

• Sunday, 6th November 2016
• by Karim Mohy

A total of 64 cases of building violations have been resolved or removed amid a larger campaign to remove any types of violation across Obour City.

AqarMap: 4% Increase in Demand on Real Estate

• Sunday, 6th November 2016
• by Karim Mohy

A high demand on buying properties was recorded in the Egyptian real estate market in October, marking a 4% monthly increase, according to statistics from AqarMap.