Invest-Gate Weekly Newsletter

December 22 nd, 2019

	Highlights
	Demand vs Supply: Booming or Busting in 2019? – Part II
		The economics of real estate rests on supply and demand curves for being closely intertwined concepts, determining production and resource intensity, as well as, consumer spending.

Government Updates

Gov’t to Deliver 33 Distinguished Buildings in New Alamein

Minister of Housing, Utilities, and Urban Communities Assem El Gazzar said 33 distinguished housing buildings will be delivered in New Alamein starting next January.

CBE Raises Tourism Financing Package to EGP 50 bn

The Central Bank of Egypt (CBE) has announced on December 15 an extensive financing plan to boost the tourism sector with EGP 50 bn instead of EGP 5 bn, state-owned Ahram Online reports.

Egypt Passes New Conditions for Foreign Citizenship

Prime Minister Mostafa Madbouly has signed off on granting the Egyptian citizenship to foreigners who either buy assets or invest at least USD 250,000 (EGP 4.03 mn) in the country.

Gov’t Issues Booklet on Reconciliation in Building Violations Law

Egypt Rolls Out 225 Projects in El Saf Investment Zone

Egypt’s Ministry of Investment and International Cooperation has officially rolled out El Saf Investment Zone, Banha, offering a total of 225 fully-finished and serviced projects.

US Commits USD 6 mn in Bilateral Aid to North Sinai

The Egyptian Ministry of Investment and International Cooperation and the US Agency for International Development (USAID) inked on December 16 a USD 6 mn (EGP 96.3 mn) funding deal for phase II of the North Sinai development initiative.

Developers News

Arkan’s Expansion Works to Conclude in Q1 2020: Savills

UK-based property advisor Savills Egypt has revealed that expansion works are underway at west Cairo’s Arkan, bringing the mixed-use project’s built-up area to 260,000 square meters by Q1 2020.

Heliopolis Housing Approves Selling Over 35 Acres to Zahraa Maadi

Heliopolis Company for Housing and Development (HHD) has ratified the selling of 144,816.29 square meters in New Heliopolis, east Cairo, to Zahraa Maadi Investment and Development.

PHD Closes EGP 1.1 bn Loan Facility to Settle Debt

Egypt’s property developer Palm Hills Developments (PHD) signed on December 18 a deal with the Commercial International Bank Egypt (CIB) to secure EGP 1.1 bn medium-term loan facility.

Al-Futtaim Breaks Ground on EGP 2 bn Festival Avenue

Chairman of Saudi Masa Alameriah Group Bandar Alameri said his company plans to invest EGP 15 bn in New Alamein.

Sabbour, Marriott Partner to Open W Hotel in New Cairo

Cairo-based real estate developer Landmark Sabbour has signed an agreement with Marriott International to bring the W Brand to Cairo.

MNHD Nods to EGP 150 mn Facility from United Bank

Madinet Nasr for Housing and Development (MNHD) has revealed that its Board of Directors (BoD) approved an EGP 150 mn credit facility extended by the United Bank”.

Advertorial: Midtown New Cairo Blends Luxury Lifestyle & Suburban Serenity

Egypt’s Better Home Group has been shaping, for almost two decades, fine residential spaces, where hand-picked lifestyles and communities emerge. Today, this legacy continues in its newest ultra-premium destination: Midtown New Cairo.

The Middle East's Latest

Mandarin Oriental to Manage Abu Dhabi’s Emirates Palace

UAE’s Emirates Palace Company (EPCO) has announced that Mandarin Oriental Hotel Group will be responsible for the management of Emirates Palace in Abu Dhabi as of January 1, 2020.

JIIC Awards Over AED 80 mn Works for Jubail Island

UAE’s Jubail Island Investment Company (JIIC) has granted an infrastructure works contract worth over AED 80 mn for Jubail Island to Gulf Contractors Company (GCC).