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…

El Batal Developments has announced the launch of five new projects in 2024, spanning areas in the New Administrative Capital (NAC), Sheraton, and New Heliopolis. These projects are estimated to have a total investment of EGP 10bn, and their details will be revealed successively throughout the year.   Emad Doss, CEO and Managing Director of El Batal Developments, emphasized the company’s commitment to significant investments in these new projects. Their strategic locations, both residential and commercial, are expected to contribute to the company’s expansion plan in the property market. In 2023, El Batal Developments achieved contractual sales amounting to approximately EGP 3bn. For the current year, they aim to reach sales of about EGP 4bn. The upcoming projects…

Ahmed Mekky, Chairperson of Mekky Developments, expressed the company’s commitment to enhancing its real estate portfolio and expanding its market presence. The Gardenia Plaza Mall comprises an administrative and medical commercial complex, spanning a ground floor and two additional levels. Completion and customer delivery are expected by the end of 2026. The project offers a diverse range of units within Gardenia Plaza Mall. Commercial units start from 35 square meters, while administrative and medical units begin at 30 square meters. To accommodate various customer needs, flexible payment plans are available, with down payments starting at 10% and repayment terms extending up to 72 months. During the initial offering period, the project’s first phase will feature…

Eden Development has entered into a strategic partnership with Emirati businessman Ahmed Al Mansouri to develop the SEQUOIA project in the North Coast. The project boasts investments exceeding EGP 3 billion.     The SEQUOIA project is a luxurious tourist resort, the first of its kind in the North Coast, with investments surpassing EGP 3bn.   Omar Tweer, General Manager of Eden Development, emphasized that this collaboration aligns with Egypt’s national development growth plans. It also reflects the company’s commitment to diversify its investment portfolio and contribute to the urban renaissance of Egypt. The partnership underscores the UAE’s confidence in the Egyptian real estate market, which is currently undergoing a comprehensive transformation…

Egypt - Sky Real Estate, a subsidiary of Sky Investments, and Innovo Group, specializing in engineering consultancy, design, and sustainability systems, have jointly introduced Sky Innovo Developments—a real estate enterprise focused on crafting sustainable residential and commercial projects.     The inaugural venture, Park St. Edition, marks the company’s entry into the Egyptian real estate market. Situated in New Cairo, this mixed-use complex sets a benchmark for modern development. Covering an impressive 20,000 square meters, with a built-up area of 65,000 square meters, the project represents a significant investment of approximately EGP 10bn.   Ayman Hussein, Chairperson of Sky Investments (the parent company of Sky Real Estate), emphasized the…

Egypt - New Event Developments recently announced its latest project, Qamari, located in the R8 area of the New Administrative Capital (NAC). This ambitious venture represents a substantial investment of EGP 10bn.     Hamid Al Rgwy, Chairperson of New Event Developments, emphasized that the NAC has emerged as a crucial investment hub, attracting both local and foreign investors. Over the past few years, the city has witnessed remarkable development, transforming aspirations into concrete reality.   Project highlights:   Size: Qamari covers an expansive 25 feddan. Facilities: The project features swimming pools, a commercial mall, green spaces, sports fields, a medical centre, a social club, a gathering area, a BBQ zone, and a sports walkway. Residential…

Orascom Development Egypt’s (ODE) is planning to invest $500 million in 2024, compared to $400 million in 2023, Asharq Business reported, citing the company’s CEO Omar El Hamamsy.       El Hamamsy pointed out that 50% of the $500 million investment will be allocated for projects in Egypt, mainly in El Gouna, West Cairo, and Makadi.   It is worth noting the ODE’s consolidated revenues soared to EGP 4.175 billion during the first quarter (Q1) of this year from EGP 2.952 billion in Q1 2023.  

Egypt - Assistant Minister of Housing for Technical Affairs, Abdelkhalek Ibrahim, stated that Egypt’s real estate assets, including both state and private sector projects, are valued at $200bn and are suitable for export. This includes the ongoing Ras El-Hikma project.   Since 2022, the Egyptian government has launched an initiative to export real estate, aiming to invigorate the local market and increase foreign currency reserves through property sales, Ibrahim explained. At a press conference on Sunday, he remarked, “This initiative is a comprehensive strategy to improve the economic environment, focusing on attracting more investors. By directing investments into the real estate sector from international markets, we’re enhancing stock market performance and…

Egyptian real estate titan, Mabany Edris, has announced the latest expansion of its Koun project in Ras El Hekma, North Coast. This marks a significant investment surge, with plans to channel EGP 15bn into the development over the next three years, starting from 2024.   Following the swift sell-out of units, Mabany Edris now aims for total sales to hit approximately EGP 12bn from the Koun project. The project covers a vast 447,657.5 square meters and includes over 1,500 residential units.   The current phase introduces 593 fully finished residences, featuring various designs and sizes. These range from ground-floor apartments to standalone villas, townhouses, and twin homes, with sizes spanning from 59 to 114 square meters.   Mabany Edris’ Chairperson, Mohamed…