Real Estate News
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Al-Futtaim to invest $700 mln in Egypt after dispute settled
Investments would be directed towards new projects in a second phase of the company's Cairo Festival City development.
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Egypt's Amer Group to become two companies
Real estate developer will become two companies in order to show actual value of its Porto projects and as part of wider plans to expand other developments.
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Egypt says it resolves land dispute with Dubai’s Al-Futtaim
A government source had previously said the negotiators were considering a payment of around 235 million Egyptian pounds ($33 million).
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Egypt's SODIC reports 37 pct rise in profit
SODIC, Egypt's third-largest listed property developer, reported a 37.4 percent rise in nine-month net profit on Tuesday.
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Orascom Construction to obtain IPO in February: Nassef Sawiris
Company won international arbitration case against petroleum ministry but decided not to act upon it, the businessman says.
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UAE's Aabar buys 5.1% stake in Palm Hills
Aabar, a subsidiary of the United Arab Emirates' sovereign wealth fund and run by the Abu Dhabi government, will have a representative on the board.
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OCI wins appeal to Egypt's tax authority, Sawiris plans large investments
In July, Sawiris was sentenced in absentia to three years in prison and fines worth LE50 million on charges related to the case.
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JPMorgan, EFG-Hermes said to be working on Emaar’s Egypt IPO
Engagement letters are due to be signed with the banks this week to run the initial public offering of Emaar Misr.
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Final ruling for the OCI postponed to 4 November
Following a number of meetings with the Egyptian government, the tax dispute liability case was referred back to the committee.
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The real estate market in Egypt is experiencing intense competition
The real estate industry has gone through different stages since the 1980’s while gaining an increasing importance for the Egyptian economy.
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Egypt turns to illegal buildings to tackle housing crisis
The cabinet approved the project designed to help Egyptians who built or bought bare apartments in the unplanned buildings.
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SODIC to invest up to $2.5bn in Egypt real estate
Earlier this year SODIC agreed to pay EGP 900m to the Egyptian government over seven years after reevaluating the East town project in Cairo.
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CAPMAS: Egypt's housing market slowing sharply in 2012/2013
CAPMAS attributed the slow to economic conditions and political upheaval experienced by Egypt during this period.
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Government considers offering international tender for Maspero development
Decisions to demolish buildings in the Maspero area were issued to residents recently as the buildings formed a threat to their lives.
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SODIC named Best Office/Business Developer in Egypt by Euromoney
Regarded as the benchmark awards for the global real estate industry, the Euromoney Real Estate Survey is now in its 10th year.
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Egypt's Palm Hills Q2 net profit down 8.3 pct
Real estate developer posts net profit of LE84.7 million for 3 months ended on 30 June, compared to LE92.4 million in previous year.
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Orascom Development Holding registers first profit since 2010
The Swiss hotel operator is expecting an improvement in the hotel performance during the second half of 2014.
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Billionaire Sawiris Plans Egypt Return With Construction IPO
Amsterdam-based OCI NV (OCI) approved separating its fertilizers and construction businesses.
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Egypt's property owners given 60 days to appeal valuation, taxes
Amendments to the property tax law were issued last week by Egypt's president, as the finance minister refines stipulations.
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Egypt imposes property tax on oil and gas fields
Property tax is set at 10 per cent of a unit's rental value and three per cent of a unit's capital value.