Real estate

The dividend amount represents 10% of the company’s capital

1 July 10:12 AM Sumou Real Estate nods to SAR 25m dividends for FY19

Riyadh – Mubasher: The ordinary general meeting (OGM) of Sumou Real Estate Company consented to distribute cash dividends worth SAR 25 million to shareholders for fiscal year (FY) ending on 31 December 2019. The dividend amount, equivalent to SAR …

Board of Directors

The deal is effective for 10 years - (Photo Archive)

30 June 01:50 PM NCLE’s unit inks building lease contract for SAR 64m

Riyadh – Mubasher: Al-Ghad National Schools Company, a 100% owned subsidiary of the National Company for Learning and Education (NCLE), has signed a lease agreement with Roboua’ Altaleem Real Estate Company for an educational complex in Riyadh. …

Companies Investments

The securitised bonds will be issued for two of the top real estate companies

28 June 11:02 AM Qasatli, EFG Hermes ink EGP 1.8bn securitised bond issuance deal

Cairo – Mubasher: Mortgage finance firm Qasatli signed an agreement to issue five-year securitised bonds worth EGP 1.8 billion with the Egyptian Financial Group Hermes Holding (EFG Hermes). The securitised bonds will be issued for two of the top …

Bonds

The syndicated credit facility will partially finance the investment cost of Hacienda Bay

25 June 12:00 PM Palm Hills borrows EGP 365m from AAIB, Banque Misr

Cairo – Mubasher: Palm Hills Developments Co. has signed a medium-term loan agreement worth EGP 365 million with Arab African International Bank (AAIB) and Banque Misr. The syndicated credit facility will partially finance the investment cost of …

Amer Group reported net profits of EGP 10.65 million in Q1-20

24 June 01:26 PM Amer Group awaits approval for 45-feddan land allocation in New Minya

Cairo – Mubasher: Amer Group Holding Co announced that its subsidiary has not received the New Urban Communities Authority’s (NUCA) official approval for the allocation of 45 feddans in New Minya. The matter is still subject to regulatory …

The iconic tower is set to be the highest in Africa

23 June 02:12 PM New capital’s iconic tower now stands at 188 metres

Cairo – Mubasher: The Egyptian Ministry of Housing announced that the iconic tower in the new administrative capital currently stands at 188 metres, the same height of Cairo Tower. Construction is still underway as the tower, located in the …

The transaction’s impact will reflect on Taiba’s financials

21 June 02:18 PM Taiba Investments exits stake in Fiber Glass Oasis

Riyadh – Mubasher: Taiba Investments Company on Sunday announced the sale of its 29.5% stake in Fiber Glass Oasis Co (FGOC), a closed joint-stock associate company. The sale is in line with Taiba’s strategic plans to exit some non-core investments …

Mergers and Acquisitions

Al Sudairy expects the real estate finance sector to double in 10 years

21 June 02:14 PM Amlak CEO: Our IPO came at the right time – Interview

By: Mahmoud Salah El-Din Mubasher: The recently announced initial public offering (IPO) of Amlak International for Real Estate Finance is part of the company’s strategy since its inception, especially as it is achieving strong growth, according to …

The Q1 profits totalled SAR 41 million

15 June 05:15 PM Makkah Construction profits shrink 14% in Q1-20

Riyadh – Mubasher: Makkah Construction and Development Company has logged SAR 41 million in net profits after Zakat and tax over the first quarter (Q1) of 2020, compared with SAR 48 million, posting a 14.5% year-on-year (YoY) decline. Sales …

Sales of the company came at SAR 205 million in Q1

15 June 05:01 PM Emaar The Economic City incurs SAR 282m loss in Q1-20

Riyadh – Mubasher: Emaar The Economic City’s interim financials showed net losses after Zakat and tax of SAR 282 million in the first quarter (Q1) of 2020, versus net profits of SAR 7 million in the corresponding period in 2019. Sales of the …

The company’s revenues went down by 28% in Q1-20

11 June 05:33 PM Dar Alarkan’s profits fall 51% in Q1-20

Riyadh – Mubasher: Dar Alarkan Real Estate Development Company’s net profits after Zakat and tax decreased by 51.3% year-on-year (YoY) in the first quarter (Q1) of 2020, as shown in the company’s interim financial statements. The profits for the …

Khaled Zakaria El Adly Imam has been appointed as the chairman

9 June 12:35 PM Housing Heliopolis’ board reformed

Cairo – Mubasher: The board of directors of the Holding Company for Construction and Development (HCCD) decided to reform the board of directors of its subsidiary Heliopolis Company for Housing and Development (HHD). The new board will serve a …

8 June 03:13 PM AAIB to invest EGP 2bn in Landmark Sabour’s 1-NINETY

Cairo – Mubasher: Arab African International Bank (AAIB) will invest EGP 2 billion in the establishment of a new administrative building at Landmark Sabbour’s 1-NINETY in New Cairo. The new building will be established over about 52,000 square …

Emaar Misr submitted a proposal to establish ‘Emaar Square'

8 June 01:19 PM Emaar Misr proposes to build EGP 40bn investment zone

Cairo – Mubasher: Emaar Misr for Development has proposed to establish an investment zone at a cost of EGP 40 billion. The company welcomes any investment-related initiatives proposed by the General Authority for Investment and Free Zones (GAFI), …

The residential sales are expected to reach around EGP 5.1 billion

8 June 11:20 AM Palm Hills pens co-development deal of Ain Sokhna project at EGP 3.5bn

Cairo – Mubasher: Palm Hills Developments signed a co-development agreement of a mixed-use community in Ain Sokhna on a revenue-sharing basis with Al Shorouk for Touristic Developments. Situated on km 93 Suez-Zaafrana road, the development will be …

Companies Investments

The department is implementing precautionary measures

7 June 12:19 PM Dubai records AED 20bn real estate transactions in Q1-20

UAE – Mubasher: Dubai Land Department (DLD) has recorded AED 20 billion worth of real estate transactions during the first three months of 2020 amid the economic consequences of coronavirus (COVID-19). The DLD completed around 100,000 electronic …

The company is setting up eight projects in Abu Dhabi, Dubai

7 June 11:36 AM Reportage Properties' projects on progress despite COVID-19

UAE - Mubasher: Abu Dhabi-headquartered Reportage Properties is implementing the construction works of its projects in Abu Dhabi and Dubai according to the specified schedule despite the coronavirus (COVID-19) challenges. Setting up six projects …

Egypt's construction and building industry is valued at $25 billion

4 June 05:20 PM Fitch sees Egypt as MENA's largest construction market by 2029 – Cabinet

Cairo – Mubasher: The Egyptian cabinet said that Fitch Ratings expects the construction and building sector in the most populous Arab nation to continue its robust growth over the next decade. Between 2020 and 2024, the construction sector is …

The two schools are slated to open by September 2022

4 June 11:29 AM Orascom Development inks third school deal for O West

Cairo – Mubasher: Orascom Development Egypt (ODE) signed its third school development agreement with Nermien Ismail Schools (NIS), continuing to deliver on its accelerated land bank monetisation strategy and securing EGP 535 million worth of cash …

Companies Investments

Tamdeen recorded 40.2% higher net earnings in 2019

3 June 04:00 PM Tamdeen Real Estate’s board halves 2019 dividends

Mubasher: Tamdeen Real Estate’s Board of Directors approved on Wednesday cutting the proposed cash dividend for fiscal year (FY) 2019 to be 5% of the share’s nominal value or five fils per share. The decision comes in light of the current …

The company will grant a remuneration of KWD 40,000 to board members

3 June 01:22 PM Kuwait Real Estate approves 2019 bonus shares

Mubasher: Kuwait Real Estate’s general assembly on Wednesday consented to the proposed bonus share distribution of five treasury shares for every 100 shares for fiscal year (FY) 2019, representing 5% of the capital. The bonus issue will be matured …

General Assembly

Union Properties incurred a net loss of AED 218.806 million in 2019

28 May 11:27 AM Union Properties expects verdict in AED 1.5bn claim in 18M

Dubai – Mubasher: Union Properties expects a final verdict to be delivered in its AED 1.5 billion arbitration claims against a contractor within 18 months until the end of 2021, according to a press released on Thursday. The claim is related to …

The outlook on all ratings was changed to ratings under review

26 May 04:48 PM Moody’s downgrades Arabian Centres ratings

Riyadh – Mubasher: Moody’s Investors Service has downgraded Arabian Centres Company's (ACC) corporate family rating (CFR) to ‘Ba2’ from ‘Ba1’. The rating on the $500 million Sukuk, which was issued by Arabian Centres Sukuk Limited and due in 2024, …

Losses amounted to AED 106 million during the first quarter

25 May 06:01 PM DAMAC turns to losses in Q1-20

Dubai – Mubasher: DAMAC Properties has reported losses of AED 106 million during the first quarter (Q1) of 2020, against a profit of AED 31.1 million for the same period of 2019. The value of the company’s assets fell to AED 23.3 billion, while …

The Burj Khalifa displayed the ‘UAE Gold Bullion Coins’

25 May 12:35 PM DMCC lights up Burj Khalifa in celebration of Eid Al Fitr – Photos

UAE – Mubasher: The Dubai Multi Commodities Centre (DMCC) has exhibited a light show on the emirate's iconic Burj Khalifa to mark the celebration of Eid Al Fitr by sending a message to all across the UAE. In addition, the facade of the Burj …

Event