Egypt - Madaar Development’s CEO, Ahmed Ehab, revealed that the company holds an extensive land portfolio. They strategically release land offerings based on market absorption and project feasibility. Currently, approximately 5 million square meters are under development, covering 900 feddan.   Ehab shared that the company’s investments in the Azha North Coast project total around EGP 8bn, while sales in Ain Sokhna have reached EGP 6bn. The company plans to create a new project in New Zayed, west Cairo, spanning 250 feddan. This fully integrated residential project will include an administrative segment and will be developed over six years. Ehab emphasised their collaboration with a top global master designer to create the project’s masterplan. They are…

The Middle East Development Company (MEDCO) and Palm Hills Development have entered into separate agreements with the Al Arabia Real Estate Development (ARCO) to develop two new projects in Egypt, according to three anonymous sources who told Asharq Business.   MEDCO, owned by Egyptian billionaire Mahmoud El-Gammal, will develop a 743-feddan tourism project on a land plot owned by ARCO in the North Coast, a source said. In return, MEDCO will receive 65% of the targeted revenues, estimated at EGP 200 billion over 12 years, the source added. For the second project, Palm Hills Development will develop a residential project in the 6th of October City on a 56-feddan land plot owned by ARCO, in exchange for 65% of the revenues. Founded in 2005 by Saudi businessmen Hassan Al-Sharbatly…

Egypt has constructed 1.5 million housing units to address the housing shortage for 7.5 million citizens within a decade, according to Prime Minister Mostafa Madbouly.   Within this relatively short timeframe, Egypt has completed, delivered, and is in the process of finishing more than 1.5 million housing units. Approximately 85% to 90% of these units were specifically designed as social housing for youth and low-income individuals, as well as alternative housing for slum areas considered unsafe. Madbouly emphasized that executing this ambitious project effectively addresses the housing needs of approximately 6 to 7.5 million Egyptian citizens, assuming an average family size of 4 to 5 individuals. This achievement stands in stark contrast to the slower pace of housing development…

Egypt's Safwat Kaliouby Group (SKG) holding company and Emirati KSH Investment Company have signed a 24 billion Egyptian pound ($500 million) deal for a real estate project on the Nile in Cairo, Egyptian state news agency MENA reported on Tuesday. The agreement includes three residential and commercial towers and a five-star hotel in an area overlooking the Nile's Warraq Island, north of the centre of the capital, on an area of 20,000 square meters (215,278 square feet), MENA said. As per MENA, KSH Investment Company is affiliated with the Private Department of Sheikh Mohamed Bin Khalid Al Nahyan, a real estate company owned by members of Abu Dhabi's ruling family. The United Arab Emirates is among the main Gulf investors in Egypt. Abu Dhabi sovereign fund ADQ signed a landmark deal…

Madinet Masr Housing and Development has signed a memorandum of understanding (MoU) with Aboelwafa Contracting and Real Estate Investment Company to execute the construction work of the Sarai project.     The MoU covers the construction of residential buildings, fencing, and surface drainage for gardens across 14 buildings in the S2 neighborhood, according to a press release.   These buildings will occupy 82,527 square meters (sqm) on a land area of 31,640 sqm, with construction slated for completion by September 2025.   Abdallah Sallam, President and CEO of Madinet Masr, said: “We have an ambitious vision to develop the Sarai project, leveraging its prime location and unique design as part of our unwavering commitment to creating sustainable communities…

The Egyptian Real Estate Platform has entered into a strategic commercial agreement with New Avenue for real estate consultancy. Under this agreement, 300 real estate agents will be listed on the platform, showcasing their units. The collaboration aims to leverage global technologies used by approximately 2 million agents worldwide. The signing took place between Ahmed Elbatrawy, founder and CEO of the Egyptian Real Estate Platform, and Ahmed El-Dessouki, Managing Director of New Avenue. This landmark agreement represents a significant milestone in Egypt’s real estate market. By introducing innovative solutions, it promises to revolutionize how real estate is bought, sold, and managed in Egypt. One key aspect is the establishment of a unified real estate number, streamlining…

Egypt - Assistant Minister of Housing for Technical Affairs, Abdel Khalek Ibrahim, recently met with Acting British Ambassador in Cairo, Qudsi Rasheed, and representatives from over 30 British companies. The purpose of the meeting was to discuss partnership and investment opportunities in Egypt’s real estate sector, including new cities, as well as drinking water and sanitation projects.   The meeting, organized by the Egyptian-British Chamber of Commerce at the British Embassy in Cairo, brought together key stakeholders. Advisor to the Ministry of Housing for International Cooperation, Hassan El-Leithy, and International Cooperation Advisor in the Utilities Sector at the ministry, Hisham Gaafar were also in attendance. Ibrahim emphasized that Egypt presents a promising…

Egypt - Gates Developments, a leading real estate developer, has launched its latest project “Lyv” located at the Egyptian Ras El Hekma, in partnership with Pibic Real Estate Development, the landowner.     This new venture continues the company’s successful streak of projects in the New Administrative Capital, Sheikh Zayed, and New Zayed, showcasing Gates Developments’ efficiency and capability to manage multiple projects simultaneously.   The launch event at the St. Regis Hotel resulted in an impressive 8 billion EGP in sales, underlining the company’s ability to meet its clients’ growing needs and earn their trust.   Lyv marks a significant entry into the North Coast area, particularly in the promising investment in Ras El…

Egypt - Uptown October has secured 24 land plots from the New Urban Communities Authority for a new commercial venture in the New 6th of October City. The company is set to develop 16 commercial and administrative plots, covering a total area of 70,000 square meters in the Uptown district. This initiative is a part of Uptown October’s broader expansion and development strategy, which has recently received the green light from the authority.   Ahmed Abozaid, the Chairperson of Uptown October Group of Companies, remarked that the acquisition of these plots marks a significant step in enhancing the services and urban landscape of the Uptown district. The move is expected to catalyze the urban development of New 6th of October City. The new commercial and administrative hub will…

Mountain View Development has unveiled Plage, its newest venture on the North Coast, marked by an impressive EGP 90bn investment. Spanning 900 acres, Plage introduces diverse experiences, starting with The Wave Plage and The Greek Plage.     Situated in the idyllic Sidi Abdel Rahman area at kilometre 120 on the Alexandria-Marsa Matrouh Road, Plage is conveniently located just two and a half hours from Cairo. It is nestled near key landmarks and vital infrastructure, including major roads and the North Coast’s vibrant entertainment and commercial hubs.   Amr Soliman, Founder and Executive Chairman of Mountain View, remarked, “The introduction of Plage signifies a strategic milestone in Mountain View’s growth, building on our notable achievements along…

Attal Properties has partnered with Arab Contractors Company to launch its premier project in "The 101" with total investments of around EGP 25 billion, according to a press release.     The scheme, which spans more than 424,000 square metres, will be located in Plot No. 1 in Phase 1 of Mostakbal City at New Cairo.   Ahmed El-Attal, Chairman of El-Attal Group, said: “"The 101" offers a variety of luxurious residential units, including maisonettes, twin houses, townhouses, and villas, with sizes ranging from 120 to 500 square meters."   " The project features all entertainment facilities, including sports and health clubs, artificial lakes, jogging and cycling tracks, vast green areas, and other recreational zones. Additionally, it boasts a sophisticated…

Marking nearly four decades of joint Egyptian-Kuwaiti collaboration, the Egyptian-Kuwaiti Real Estate Development Company heralds 2024 as a pivotal year with a strategic plan to bolster its market leadership. The plan encompasses a series of new projects, organisational restructuring, and talent acquisition to reinforce its industry dominance.     Managing Director Yousry Selim has declared the company’s commitment to this strategic vision by introducing a range of projects across East and West Cairo. These initiatives align with Egypt’s Vision 2030 and aim to propel the company to the forefront of the region’s real estate sector.   General Consultant Mohamed Elwy has unveiled the company’s flagship project, Noble Residence, situated in Taj…