Egypt - Naia Developments has announced a significant acceleration in construction progress at its flagship project, Naia Bay, located in Ras El Hekma on the North Coast. During a recent media tour, the company showcased its commitment to delivering the first phase of the project by the summer of the following year. The tour provided a comprehensive overview of Naia Bay, highlighting its unique features, diverse amenities, and progress on various construction fronts. The project’s Pelagio Townhouse unit within the first phase of ‘Naia Bay,’ showcasing fully completed townhouses. Naia has also partnered with Accor, one of the top three global leaders in the hospitality industry, to operate the first two hotels in Ras El Hekma within Naia Bay. This collaboration further…

Egypt - Sherif El-Sherbiny, Minister of Housing, Utilities, and Urban Communities, chaired Tuesday a meeting of the Board of Directors of the Social Housing and Mortgage Support Fund, during which several files and topics related to the launch and implementation of the presidential initiative “Housing for All Egyptians” were discussed. During the meeting, Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund, said that, to date, 17 announcements have been made since 1 June 2014, with 1.6 million citizens applying for units. The mortgage finance granted to beneficiaries has exceeded EGP 74bn, facilitated by 22 banks and 8 companies, with cash support amounting to EGP 9.7bn. The Minister of Housing explained that since President Abdel Fattah Al-Sisi took office,…

Egypt’s Cred Developments has organized a media tour for several journalists and media professionals inside the CLM, the company’s first project in the New Administrative City (NAC) to inspect the latest developments in the project in terms of deliveries and construction updates. CLM project is situated on an area of 43 feddan with total investments of EGP 5.6bn. The company has delivered 200 units out of a total of 478 units in this phase, in addition to preparing the deliverable of all units in the 1stt phase along with 100 units in 2nd phase of the project. Simultaneously, work on the project is progressing rapidly to complete all its phases, with construction and building processes commencing in the third and fourth phases of the project. Cred has also contracted with…

Madinet Masr has launched its new residential project, The Butterfly, in Mostakbal City via its signature community Minka, with sales of up to EGP 64 billion, as per a press release.   Established on a 187-feddan area, the project comprises luxurious residential units, including independent villas, S-villas, townhouses, and a commercial area.   The project is part Madinet Masr’s plan to expand its business and diversify its land portfolio, the company’s CEO Abdallah Sallam said. It is worth noting that Madinet Masr reported a 150.64% year-on-year (YoY) increase in consolidated profits attributable to the parent company during the first half (H1) of 2024.

Egypt - Mass Developments has announced the launch of a new mixed-use project on Gamal Abdel Nasser Axis in New Cairo, with an investment exceeding EGP 22bn, spanning an area of 30,600 sqm. Atef Manai, Chairperson of Mass Developments, stated that this project is part of the company’s expansion plan in the local market over the coming period, leveraging the extensive experience of its founders, which spans nearly a quarter of a century in real estate development. Manai highlighted the company’s diverse track record, which includes developing commercial businesses, malls, and residential complexes in East Cairo, specifically in New Cairo and the New Administrative Capital, with total investments reaching EGP 20bn. Additionally, the company has residential and commercial…

Egypt - Savills Egypt, the local office of the global real estate advisor, has reported a significant increase in real estate sales along the North Coast, particularly in Ras El Hekma, which has emerged as a standout location. The surge in sales can be largely attributed to the landmark agreement signed in March 2024 between the Egyptian Government and the Abu Dhabi Developmental Holding Company (ADQ), aimed at transforming the region’s real estate landscape. “Year-on-year sales rates have shown tremendous growth,” said Catesby Langer-Paget, Head of Savills Egypt Office. “Beyond the pivotal ADQ deal, several factors are driving demand in the North Coast market. The area is fast becoming a prominent regional tourist destination, attracting a broad customer base…

Discover the allure of Rixos Premium Alamein, the latest addition to Egypt’s Mediterranean coast. This exquisite resort combines elegance, ultimate comfort, and indulgence, inviting guests to embark on an unforgettable journey of luxury and leisure. Rixos Premium Alamein comprises six towers housing 469 residences and 732 rooms and suites, each designed to capture natural light and breathtaking views. Guests can luxuriate in the embrace of a pristine white sandy beach, set against the vibrant shades of blue in the sea, offering a reminiscent of the Egyptian Maldives. Additionally, guests can indulge in an array of water sports activities, for a fun-filled leisure experience. Alternatively, guests can choose to immerse in a refreshing dip, in one of the resort’s indoor or…

Egypt - SODIC has announced the launch of its latest coastal project, Ogami, located in Egypt’s North Coast and home to the exclusive Nobu Hotel and Residences enclave in the region. Named after the serene Ogami Island in Japan, the design-led development draws inspiration from its namesake’s famous sunsets, integrating the island’s aesthetic into a luxurious Egyptian Mediterranean setting offering over 11km of lagoon shoreline. Located in Ras El Hikma, Egypt, the Ogami development will span over 440 feddans of luscious landscaping, and elegant architecture and boasts an 800-metre stretch of pristine, sandy beachfront, providing residents with a beachside paradise. Master-planned by DLR Group, the Ogami development will boast a Nobu Hotel, restaurant and Nobu…

Cairo – Orascom Development Egypt has sold a commercial building to Seoudi Supermarket within the O West commercial strip at a value of EGP 332 million. The transaction aims to integrate the first supermarket in the destination, which will enrich the overall residential and visitor experience, according to a press release. This addition aligns with the EGX-listed firm’s commitment to developing prosperous, enduring, community-centred destinations that enhance the quality of life. In the first half (H1) of 2024, Orascom Development Egypt recorded lower consolidated net profits at EGP 942.76 million, compared to EGP 1 billion in H1-23. Meanwhile, the company turned profitable at EGP 484.64 million in H1-24, against standalone net losses worth EGP 204.12 million a year…

Orascom Development Egypt has sold a commercial building to Seoudi Supermarket within the O West commercial strip at a value of EGP 332 million.       The transaction aims to integrate the first supermarket in the destination, which will enrich the overall residential and visitor experience, according to a press release.   This addition aligns with the EGX-listed firm’s commitment to developing prosperous, enduring, community-centred destinations that enhance the quality of life.   In the first half (H1) of 2024, Orascom Development Egypt recorded lower consolidated net profits at EGP 942.76 million, compared to EGP 1 billion in H1-23.   Meanwhile, the company turned profitable at EGP 484.64 million in H1-24, against standalone net losses…

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…