Construction News
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Devaluation of Egyptian pound hits Orascom’s revenue
The devaluation of the Egyptian pound has dented revenue at contractor Orascom, although this was partially offset by a strong performance in the US.
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Egypt’s real estate portfolio valued at $200 billion, ready for international export
In 2022, Egypt launched an initiative to export real estate with an aim to bolster the local property market and increase foreign currency reserves.
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ADQ to commence construction work in Ras El Hekma Project before end of 2024
El-Gazzar highlighted that the project’s developer has established the plans, secured ministerial decisions, and acquired the necessary licenses.
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Egypt receives $14 billion in 2nd batch of Ras El-Hekma deal: Cabinet
The Egyptian government said it has received $14 billion as the second batch of funding from the $35 billion Ras El-Hekma development deal.
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Cairo real estate market surges by 83% in 6th of October, by 95% in New Cairo
These initiatives align with the country's objective of welcoming 30 million visitors by 2028 and expanding its hotel capacity by almost 250,000 rooms
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PM holds meeting to boost real estate exports, activate investment funds
Madbouly acknowledged the promising opportunities Egypt holds for attracting foreign investment in its real estate sector, especially touristic.
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LE6.5bn worth investments allocated for Ismailia in FY 2023-2024
Investments valued 2.9 billion pounds will be directed to the Suez Canal, with a share of 45 percent, followed by the higher education sector.
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Egypt’s Royal Developments unveils final phase of Monarch project in Mostakbal City
Spanning over 30,000 square metres, the fourth phase will offer a variety of unit sizes including duplexes, company CEO Karim Shaalan told Zawya.
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Mazaya Developments Launches 4Th Project In New Capital With EGP 5Bn Investment
The new project boasts a modest built-up area, occupying only 30% of the total land, with buildings spanning 106 sqm in width.
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New Administrative Capital company to name int’l IPO advisor in 3Q of 2024
Abbas estimated the ACUD assets at around EGP 300 billion. Their value is expected to triple following the liberalization of the local currency.
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Egypt’s steel rebar production up 24.3% YoY in Q1
The surge in production was driven by the decline in prices over the past two months as well as the availability of US dollar liquidity.
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Egypt collects US$12 billion in revenues from Ras al-Hikma
The nation’s economic and financial performance is improving, he assured, adding that “we expect better indicators than the target by the end of June.
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Ajlan & Bros Group plans to invest $1.5B in Ras Jamila in Egypt
The group also submitted an offer to acquire companies within Egypt’s IPO program, expecting negotiations to be completed within 6 months.
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Egypt won't consider any offers for Ras Gamila development until selection of advisory firm
Situated in Sharm El-Sheikh on the Red Sea, Ras Gamila holds significant potential for development.
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UAE-based Freezoner, IFZA team up to showcase investment opportunities in Egypt, UAE, Saudi Arabia
Scheduled for 30 April, in Cairo, the event aims to delve into investment prospects and feasibility of establishing companies in Egypt, UAE and KSA.
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Egypt sets EGP 100M as minimum capital for real estate financing companies
This increase can be fulfilled through cash or its equivalent in foreign currencies at the exchange rate announced by the Central Bank of Egypt (CBE).
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Saudi: Red Sea awards Egypt firm Amaala Triple Bay hotel additional contract
These include the Four Seasons Hotel, Rosewood Residence and Hotel, Six Senses Residence and Hotel, and a medical wellness resort also in Triple Bay.
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Egypt: Three companies propose to participate in New Heliopolis City project
Heliopolis Company for Housing and Development announced that the financial evaluation is expected to be concluded by the end of April 2024.
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Banks, companies contribute EGP 68.85bn to mortgage finance initiative for low-income individuals in Q1 2024
Amlak Mortgage Finance disbursed EGP 252.133m to 2,320 clients, while Tamweel Mortgage Finance allocated EGP 68.666m to 602 clients.
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Egyptian government plans to build 1K smart houses in New Alamain
Twenty-five percent of the city's surface area will be an industrial zone located in the southern section in the desert.