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New Garden City spans over an area of 985 feddans
31 March 03:39 PM Egypt develops New Garden City at EGP 80bn
By: Abdullah Bedeir Cairo – Mubasher: The Egyptian Ministry of Housing and the New Urban Communities Authority (NUCA) have estimated the cost of developing the New Administrative Capital's R5 residential district at EGP 80 billion. The R5 …
The appointment will be effective as of 1 April
31 March 12:57 PM SODIC names new non-executive chairman
Cairo – Mubasher: The board of directors of Six of October Development and Investment (SODIC) announced the appointment of Osama Abdel Moneim Mahmoud Saleh as the non-executive chairman. The appointment will be effective as of 1 April 2020, the …
The losses amounted to KWD 1.69 million by 2019 year-end
31 March 09:49 AM Al Massaleh records 27% lower loss in FY19
Mubasher: Al Massaleh Real Estate reported lower losses by 27% on an annual basis over the fiscal year (FY) ended on 31 December 2019. The losses amounted to KWD 1.69 million (about $5.39 million) by 2019 year-end, compared to KWD 2.31 million …
The losses amounted to KWD 1.96 million in Q4-19
31 March 09:30 AM Taameer Real Estate’s loss down 20% in 2019
Mubasher: The losses of Taameer Real Estate Investment decreased by 19.9% annually during the fiscal year (FY) 2019 to reach KWD 1.08 million (around $3.48 million) when compared to KWD 1.35 million (about $4.34 million). In the fourth quarter …
The transactions will reflect on URC's long-term liabilities
30 March 10:31 AM United Real Estate pens KWD 7m loan deal
Mubasher: United Real Estate Company (URC) has signed a credit facility agreement with a local bank for KWD 7 million ($22.4 million). The loan will finance the company’s commitments and will be due on 15 March 2023, according to a statement to …
A total of EGP 24.9 billion has been disbursed so far
29 March 04:17 PM Egypt’s slum development plan estimated at EGP 396.2bn
By: Abdullah Bedeir Cairo – Mubasher: The Egyptian Ministry of Housing has estimated the cost of slum development plan at EGP 396.2 billion. The plan includes developing unsafe and unplanned areas and markets, according to a document reviewed by …
Ajwan's losses widened to nearly KWD 229,380 in first nine months of 2019
29 March 09:39 AM Boursa Kuwait resumes trading on Ajwan Sunday
Mubasher: Boursa Kuwait has resumed trading the stock of Ajwan Gulf Real Estate as of Sunday, 29 March 2020. The decision comes after the Kuwaiti firm had paid the annual subscription fees for 2020, according to an official statement. It is …
The company suffered losses worth KWD 1.61 million in Q4-19
25 March 09:34 AM Kuwait Remal Real Estate losses up 69% in 2019
Mubasher: Kuwait Remal Real Estate incurred higher losses by 68.5% on an annual basis during the fiscal year (FY) 2019. Losses for the period amounted to KWD 2.23 million ($7.19 million) by 2019 year-end, compared to KWD 1.32 million ($8.02 …
Egyptian Minister of housing Assem El-Gazzar
24 March 01:19 PM Egypt completes 166,000 housing units
Cairo – Mubasher: The Egyptian minister of housing Assem El-Gazzar announced the completion of 166,000 housing units as part of the national project to develop 298 slums areas. A total of 75,000 housing units are currently being set up to improve …
The Egyptian Housing Minister, Assem El-Gazzar
22 March 01:10 PM World Bank provides $500m for low-income housing in Egypt
Cairo – Mubasher: A new $500 million funding package from the World Bank will finance existing low-income housing programmes by the Egyptian government, Egyptian Minister of Housing, Utilities, and Urban Communities, Assem El-Gazzar, said in an …
The repayment period of all loans was extended for six months
18 March 03:31 PM Egypt’s mortgage firms ordered to extend repayment period
By: Islam Fadl Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) issued a decision requiring mortgage, financial leasing, and factoring companies to extend the repayment period of loans to retail and corporate customers for six …
Dubai's property transactions soared by 33% in February
18 March 11:17 AM Property Finder sees hike in Dubai’s real estate transactions in Q1-20
Dubai – Mubasher: Property Finder, an online property portal that helps buyers and renters in the MENA region find a home, reported a surge in real estate transactions in Dubai during the early months of 2020, ahead of concerns regarding the …
The loans will finance Aqar Real Estate's operating activities
17 March 03:51 PM Aqar Real Estate receives KWD 2m credit facilities
Mubasher: Aqar Real Estate Investments Company received KWD 2.2 million worth of credit facilities from a local bank to finance the company's operating activities. The loan is granted at an interest rate of 1.5% above the discount rate announced …
The CBD project comprises 20 towers
16 March 01:56 PM Egypt nears completion of 1st tower in new capital’s business district
Cairo – Mubasher: Egypt has completed the concrete structure works of the first tower out of total 20 towers being established at the New Administrative Capital’s $3 billion central business district (CBD). The 80-metre C03 tower includes …
The Bridge offers access to major European cities, including Paris and London
16 March 10:37 AM Investcorp takes over Coca-Cola Belgium HQ for EUR 88m
Mubasher: Investcorp announced that its European real estate business has acquired The Bridge, a single let office and research and development (R&D) asset in Brussels, from a wholly-owned subsidiary of the Coca-Cola Company for EUR 88 million …
The profits totalled KWD 281,208 in Q1-19/20
16 March 09:43 AM Al Enmaa Real Estate’s earnings shrink 71% in Q1-19/20
Mubasher: Al Enmaa Real Estate Company reported a decrease in profits by 71% in the first quarter (Q1) ended on 31 January 2020 due to lower operating profit. The profits for the period registered KWD 281,208 ($914,800), compared to KWD 967,818 …
Aldar and Ma'an are expected to launch the bond later this year
15 March 11:45 AM Aldar, Ma'an ink deal for GCC’s first social impact bond
UAE – Mubasher: Aldar Properties has signed a strategic agreement with the Authority of Social Contribution (Ma'an) to invest AED 2 million in the GCC’s first social impact bond by Ma'an. As part of the agreement, Aldar and Ma'an will cooperate in …
Tamdeen's earnings slid by 29.5% in the fourth quarter of 2019
15 March 11:03 AM Tamdeen Real Estate’s profit soars 40% in 2019; 10% dividends proposed
Mubasher: Tamdeen Real Estate reported an increase in net profits by 40.2% during the fiscal year (FY) 2019. The profits amounted to KWD 7.62 million by 2019 year-end, compared to KWD 5.43 million, according to a disclosure to the Kuwaiti bourse …
Profits totalled KWD 11.4 million last year
15 March 09:33 AM NREC’s profit up 6% in 2019; plans 5% bonus shares
Mubasher: The net profit of the National Real Estate Company (NREC) increased by 5.7% on an annual basis to KWD 11.4 million ($37.22 million) in 2019, compared to KWD 10.82 million ($(35.19 million) in 2018. The growth in last year’s profits is …
The number of cases of COVID-19 exceeded 118,000
12 March 11:38 AM Emaar Properties temporarily suspends bookings in 3 hotels on coronavirus fears
Dubai – Mubasher: Emaar Properties confirmed the news about the temporary suspension of bookings in three of its hotels amid rising concerns over the spread of the novel coronavirus (COVID-19).   The company’s subsidiary Emaar Hospitality Group …
The OGM authorised the board to buy or sell around 10% of the company’s shares
11 March 03:20 PM Salhia Real Estate nods to 25 fils/shr dividends for 2019
Mubasher: Salhia Real Estate’s ordinary general meeting (OGM) consented to the proposed dividend distribution of 25 fils per share or 25% of the share’s nominal value for the fiscal year 2019. During its meeting, the OGM further approved last …
MNHD’s net profits dropped to EGP 1 billion in 2019
11 March 01:35 PM MNHD approves due diligence request for subsidiary
Cairo – Mubasher: The board of directors of Madinet Nasr Housing and Development (MNHD) approved a request from an investor to conduct due diligence process on its subsidiary El Nasr for Utilities and Installation Company. This came after an …
Egypt suspended all large public gatherings
11 March 12:52 PM Cityscape Egypt postponed on coronavirus concerns
Cairo – Mubasher: Cityscape Egypt, originally set to be held from 18 to 21 March, has been postponed as the government decided to halt all large public gatherings amid rising concerns over the spread of the new coronavirus (COVID-19), the leading …
The transaction included the sale of 50.15 million shares
11 March 10:54 AM Mansour Amer sells almost entire stake in Porto Group
Cairo – Mubasher: Sol Global Holding owned by Mansour Amer sold nearly its entire stake in Porto Group Holding. The transaction included the sale of 50.15 million shares or 5% of the company’s share capital for a value of EGP 28.136 million, …
The profits amounted to KWD 312,918 in Q1-20
11 March 09:52 AM Arkan Al Kuwait registers 3% higher profit in Q1-19/20
Mubasher: The financial statements of Arkan Al Kuwait Real Estate indicated higher annual profits by 3% over the first quarter ended on 31 January 2020 to KWD 312,918 (approx. $1.03 million) when compared to KWD 304,527 (approx. $998,770).   The …