Somabay, a prominent leader in tourism investment and the real estate developer of Somabay peninsula, reported a 155% year-on-year (YoY) surge in profits for the first half (H1) of 2024, recording EGP 102 million, according to an emailed press release. The company generated revenues of EGP 588 million in the six months to June 2024, marking a 29% YoY increase. Moreover, contracted sales tripled to EGP 5.5 billion in H1 2024 as compared to the same period last year. For his part, Ibrahim El Missiri, CEO of Somabay Group, unveiled the company's ambitious expansion plans for the Egyptian real estate market in 2024. This strategy covers the launch of new projects and investing EGP 2 billion in construction and infrastructure development across these ventures. Somabay has successfully…

Naia Developments has announced a significant increase in its investments in Egypt, reaching EGP 46bn as part of its ambitious expansion plans. The company is also expanding its land portfolio, which now includes 252 feddans in West Cairo and Ras El Hekma, on the North Coast. The company held a press conference to unveil its future strategies, highlighting the success of its flagship projects, Naia Bay in Ras El Hekma and Naia West in New Zayed City.   “Naia is keen to creating thriving communities that cater to families’ needs,” said Hisham El-Danasoury, CEO of Naia Developments. He added that the company is exploring new investment opportunities in east Cairo, leveraging the government’s infrastructure development initiatives. El-Danasoury noted that…

Egypt’s Minister of Housing, Utilities, and Urban Communities Sherif El-Shorbagy has approved several new measures aimed at supporting the real estate sector, including establishing fixed land prices and extending operating licenses for administrative buildings.       The decisions were made in response to demands from the Real Estate Development Chamber at the Federation of Egyptian Industries, following a series of correspondences and meetings with Chamber Chairperson Tarek Shoukry.   Shoukry stated that the new decisions include directives from the Minister of Housing to establish a fixed price for land at the start of the offering. Previously, a system was in place where an initial price was set at the beginning of the offering, and the final price was…

Zaytoun Development has announced a new collaboration with Inspire Management for the management and operations of its Inizio project in Egypt’s New Administrative Capital (NAC).       The collaboration comes as construction on the Inizio project, which comprises 180 commercial and administrative units on a 10,500-square-metre site, nears completion.   The project, located in the Financial District near bank headquarters and ministries, is more than 95% finished, with the company beginning to deliver units according to the set timeline. Over 90% of the project has already been sold.       Zaytoun Development Chairperson Ahmed Zaytoun said that Inspire will manage, operate, and organise the Inizio project. “This collaboration…

  Home Group Developments has announced the launch of its latest project, a commercial, administrative, and medical mall in Egypt, in partnership with Saudi Aseel Group. The project, with investments exceeding EGP 1bn, will be built in New Cairo.     Home Group Developments Chairperson Anton Gamal confirmed the strategic partnership with Aseel, a company under Saudi Saleh Almudayfer Son’s Holding Company, to collaborate on various projects.   “The project is a commercial, administrative, and medical mall, consisting of a ground floor and six additional floors, along with two underground parking levels,” Gamal said. “The architectural design of the project ensures a complete separation between the commercial and administrative services,…

Egypt - Gates Developments has announced exceeding EGP 8.7bn in sales for its Lyv Ceaser Ras El Hekma project on the North Coast, within just a few months of its launch.       The company’s CEO, Hassan Nasr, said the project, developed in partnership with landowner Pibic Housing, features integrated residential, administrative, and commercial properties. He attributed the strong sales performance to collaboration with leading specialised companies, including Studio 5 and Prime Hospitality, which are designing and managing the Lyv Boutique Hotel.   Gates Developments has also launched the Esca Beach Club and opened the beach at Lyv, offering a range of leisure services. The project, spanning 206 feddans at kilometre 200 on the North Coast, offers a diverse…

Egypt’s Prime Minister Mostafa Madbouly held a meeting at the government headquarters in New Alamein, on Wednesday, to follow up on procedures for delivering the first phase of the Ras El Hekma City development project and distributing compensations to the eligible beneficiaries. At the beginning of the meeting, the Prime Minister emphasized that the meeting was convened to monitor the progress of the Ras El Hekma project, particularly concerning the delivery of the first phase to the UAE side and compensating the eligible residents of the area. Mohamed El-Homsani, the official spokesperson for the Prime Minister, stated that the meeting reviewed the ongoing executive procedures in preparation for handing over the first phase of the land designated for the Ras El Hekma area…

  Palm Hills Developments Company has established a company in Saudi Arabia and appointed Majed Sharif as its CEO.     The EGX-listed firm announced the news in a bourse disclosure on 4 August 2024.   In the first quarter (Q1) of 2024, the consolidated net profits after tax and non-controlling interest of Palm Hills hiked by 298% to EGP 1 billion from EGP 252.67 million in Q1-23.   Meanwhile, the standalone net profits dropped to EGP 160.62 million as of 31 March 2024 from EGP 208.82 million in the year-ago period.

Talaat Moustafa Group Holding (TMG) announced Tuesday that its sales have reached $8.1bn since the start of the year through July 29, driven by strong performance in both Egypt and Saudi Arabia. The sales were achieved in the company’s global project SouthMED in Egypt and the Banan project in Saudi Arabia. The company said the these projects have significantly contributed to boosting real estate export and increasing Egypt’s foreign currency resources, thanks to the record sales achieved in a short time. The company’s flagship project, SouthMED, located on Egypt’s northwest coast, has generated $5.2bn in sales in less than a month since its launch, TMG said in a financial disclosure to the Egyptian Exchange. This div positions the project as the fastest and…

The Central Bank’s decision to float the Egyptian pound in the first quarter of this year has sparked a positive shift in sentiment for Cairo’s office sector, anticipated to generate long-term improvement and growth opportunities, according to JLL’s Cairo Market Dynamics Report for Q2 2024.   As market conditions stabilize and business confidence grows, Cairo is set to receive approximately 540,000 sqm of new office space in the second half of the year, primarily in the New Administrative Capital (NAC) and New Cairo. However, some projects may face delays due to slow construction or leasing difficulties. During the second quarter, around 15,000 sqm of office gross leasable area (GLA) was delivered, expanding the total stock to over 2 million sqm. Enquiries for…

Egypt will launch a marketing campaign to promote more than 35,000 newly built housing units in several of the country’s new cities, Prime Minister Mostafa Madbouly said Sunday.     The initiative aims to boost the real estate market by maximizing the use of the newly constructed homes, Madbouly said during a meeting.   Housing Minister Sherif El-Sherbiny presented a detailed marketing plan outlining the distribution of the units among five companies for six projects. The homes are located in the New Administrative Capital, New Alamein, New Cairo, and 6th of October City.   The plan includes specific timelines, sales targets, and responsibilities for each company.   Madbouly also ordered officials to develop a marketing strategy for administrative…

Egypt - Madinet Masr, a prominent real estate developer in Egypt, has recently entered into a partnership agreement with Midar for Investment and Urban Development. The collaboration aims to develop an integrated residential project in the fourth phase of Al Amal Axis within Mostakbal City. This strategic move aligns with Madinet Masr’s expansion plan to enhance its land portfolio and create advanced residential communities that cater to Egypt’s growing real estate demands.   The project covers an impressive area of 238 feddan (approximately one million square meters) and boasts a modern, nature-inspired master plan. It will offer a diverse range of residential units, including apartments and various types of villas, to meet the expectations of discerning customers.…