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…

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.