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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 company reported consolidated new awards of $599.2m
21 May 01:39 PM Orascom Construction reports $5.4bn in Q1-20
Cairo – Mubasher: The backlog excluding BESIX of Orascom Construction PLC reached $5.4 billion during the first three months of 2020, up 24.1% year-on-year (YoY) from $4.3 billion in the same months of 2019. With the pro forma including 50% of …
Bashayer El-Khair III includes about 11,000 housing units
21 May 01:06 PM Sisi inaugurates Bashayer El-Khair III in Alexandria
Cairo – Mubasher: The Egyptian President Abdel Fattah El-Sisi has inaugurated the third phase of Bashayer El-Khair housing project in Alexandria. The third phase of Bashayer El-Khair is the largest one of the project which aims to eliminate unsafe …
TMG Holding will pay an annual amount of EGP 7 million to the governorate
18 May 10:58 AM Talaat Moustafa Group inks settlement deal with Alexandria Governorate
Cairo – Mubasher: Talaat Moustafa Group Holding (TMG Holding) signed an agreement with Alexandria Governorate to settle a dispute, dating back to 2016, over Alexandria’s San Stefano project. Under the deal, TMG Holding will pay an annual amount of …
Eligibility is for businesses with annual sales of over EGP 50 million
14 May 10:41 AM CBE extends EGP 100bn initiative to contracting sector
Cairo – Mubasher: The Central Bank of Egypt (CBE) decided to broaden the base of beneficiaries of the EGP 100 billion industrial support initiative to include the contracting sector. The initiative involves offering loans at a declining rate of 8% …
Ora Developers signed a EGP 1 billion loan agreement with Banque Misr
12 May 11:50 AM Ora Developers inks deals with Orascom, Banque Misr for ZED Phase I
Cairo – Mubasher: Orascom Construction PLC signed an agreement with Ora Developers to establish the first phase of ZED Sheikh Zayed in Egypt. In addition, Ora Developers also signed a EGP 1 billion loan agreement with Banque Misr to finance the …
The loan will be used to finance part of the investment cost of SARAI project
10 May 02:48 PM MNHD inks EGP 2.1bn syndicated loan deal
Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) signed a long-term loan agreement worth EGP 2.1 billion with the National Bank of Egypt (NBE), Arab African International Bank (AAIB), and Banque Misr. The loan will be used to finance …
Heliopolis Housing lowered its revenue forecast to EGP 1.838 billion
6 May 01:20 PM Heliopolis Housing cuts FY20/21 profit, revenue forecasts
Cairo – Mubasher: The board of directors of Heliopolis Company for Housing and Development (HHD) revised the estimated budget for fiscal year 2020/2021 due to the economic repercussions of the coronavirus (COVID-19) outbreak. The state-owned firm …
The Central Park will be built over an area of about 1,000 feddans
5 May 01:33 PM Egypt warns Capital Park developer to stick to schedule
Cairo – Mubasher: The Egyptian Ministry of Health has warned one of the companies developing the Capital Park, located in the New Administrative Capital, to stick to the project implementation schedule. During his tour, the assistant minister of …
These projects will be built over a combined area of 2,535 feddans
5 May 12:33 PM Egypt approves 25 urban projects with EGP 100bn investments
Cairo – Mubasher: Egypt approved the master plan design for 25 urban projects in 11 new cities during the first quarter of 2020, the housing minister Assem El-Gazzar said. The New Urban Communities Authority (NUCA) approved the designs of these …
Haider Ali Khan, Head of EMPG - MENA
29 April 11:01 AM EMPG merges with OLX Group in UAE, Egypt, other markets
UAE – Mubasher: Emerging Markets Property Group (EMPG), a top-notch property portal group in emerging markets, and OLX Group, a subsidiary of Prosus, announced their merger in the UAE, Egypt, Lebanon, and Pakistan. The deal involves a $150 million …
Egypt’s steel output ranges between 7-7.5 million tonnes per year
22 April 02:02 PM Egypt eyes EGP 620m revenue from new steel, cement licences
Cairo – Mubasher: The Egyptian government is looking to generate EGP 620 million in revenue from the issuance of new steel and cement production licences in fiscal year 2020/2021, Reuters reported on Wednesday, citing an explanatory note for the …
Egypt aims to supply 1.2 million housing units with natural gas
15 April 02:14 PM Egypt allocates EGP 5.7bn for social housing in FY20/21
Cairo – Mubasher: the Egyptian Ministry of Finance has raised the allocated amount for social housing by 46.2% to EGP 5.7 billion in the draft budget for fiscal year 2020/2021. This increase is aimed at meeting the growing demand for social …
Total dues owed to contractors and suppliers amounted to EGP 17.311 billion
13 April 03:43 PM Egypt pays EGP 14.4bn compensations to contractors
Cairo – Mubasher: The Egyptian minister of housing Assem El-Gazzar revealed that compensations owed to contractors and suppliers were paid from May 2018 to December 2019 amounted to EGP 14.468 billion. The total sum represents 83.58% of total dues …
The net value of contracted units reached EGP 1.53 billion
12 April 04:24 PM Orascom Development takes measures against COVID-19, reveals impact on Q1 sales
Cairo – Mubasher: - Orascom Development Egypt announced several measures against the negative implications of the novel coronavirus (COVID-19) outbreak.    The company decided to cut capital expenditures (CAPEX) to keep the necessary items only, …
The projects include rerouting the International Coastal Road
1 April 05:50 PM Egypt builds roads, bridges at EGP 2.54bn in New Alamein City
By: Abdullah Bedeir Cairo – Mubasher: The Egyptian Ministry of Housing and New Urban Communities Authority (NUCA) are developing roads and bridges in New Alamein City at a combined cost of EGP 2.54 billion, according to an official document …
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 …
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 …
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 …
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 …
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 …