Fitch Solutions Downgrades Projections for Egypt’s GDP growth

Fitch Solutions has downgraded its projections for Egypt’s real GDP growth for the second time in two months to reach 3% in 2021, down from the 3.2 % that in December 2020

Dubai Property Prices Drop 0.9%, Rents Fall 6.9% in Q3 2020

The Central Bank of the UAE (CBUAE) has reported that residential prices in Dubai dropped 0.9% YoY in Q3 2020, referring to inexorable pressure from the ongoing Coronavirus crisis.

Al Ahly Sabbour Inks USD 100 mn Facility Management Deals

Al Ahly Sabbour Developments and UAE-based Eltizam Asset Management Group have agreed on two joint ventures (JVs), with a combined value of USD 100 mn (EGP 1.57 bn), for the provision of integrated facility and co ...

Egyptian Expats’ Remittances Rise 19.6% From July to September: CBE

The Central Bank of Egypt (CBE) has uncovered that remittances sent home by Egyptian expats inched up by 19.6% YoY, or USD 1.3 bn (EGP 20.4 bn), during the first quarter of FY 2020/21.

NBK Sees COVID-19 Scars on Egyptian Economy Worn Off

The National Bank of Kuwait (NBK) has recently found that the Egyptian economy’s performance promises hopeful prospects, as the worst repercussions of the novel COVID-19 crisis wears off.

El Gazzar Meets Export Council for Real Estate Investment Members to Address Property Export

Minister of Housing, Utilities, and Urban Communities Assem El Gazzar has met with members of the Export Council for Real Estate Investment to discuss future mechanisms to catalyze exporting real estate in Egypt. ...

Elsewedy, El Mostakbal Agree on EGP 423.3 mn Infrastructure Work

El Mostakbal for Urban Development has signed an EGP 423.3 mn deal with Elsewedy Electric's unit to carry out electricity and telecommunications infrastructure of the latter east Cairo project’s phase III.

Construction at NAC Continues in Full Swing

Construction at the New Administrative Capital (NAC) is moving forward in full swing, with work being stretched over two shifts and a 70% labor force present on-site.

Flexible Offices Can Add USD 254 bn to Economies: Regus

The latest research by Regus, the global workplace provider, has revealed that flexible workspaces will contribute over USD 254 bn (EGP 4.09 trn) to local economies in the next decade.

Egypt, UAE Release USD 200 bn Joint Strategic Investment Platform

Egypt and the UAE have agreed to establish a USD 20 bn (EGP 322.6 bn) joint strategic investment platform, funded equally by the state-run Abu Dhabi Development Holding Company (ADDHC) and the Egyptian newly-intro ...

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