amwalalghad :: Real Estate

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For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        


Business - Real Estate

Amwal Al Ghad English - 2016-11-23 09:05:50
Asia's emerging markets sold off in the wake of the surprise win for now U.S. president-elect Donald Trump, but the region's property investments may actually benefit, according to analysts at Colliers. "Emerging market financial assets, including property, have been unpopular ever since the global financial crisis, whereas developed market assets, in particular U.S. assets, have been in strong demand," Andrew Haskins, executive director of the global real-estate services company, said last week. "Now, the combination of Brexit and Mr. Trump's election in the U.S. over the medium term should [serve] to remind investors that you can have surprises in developed as well as emerging markets," he said. "That should mitigate long-standing political and economic concerns about Asia." He expected that the premium returns that investors demand for the perceived higher level of risk in Asia should come down, boosting appetite for assets in the region. But while Trump's election win was broadly unexpected, Haskins said Colliers wasn't significantly changing its generally positive economic forecasts for Asia Pacific. "Growth in China and Hong Kong so far this year has exceeded expectations. Growth in India has been very strong. Growth in Australia is strong," he said. "So we are optimistic about the overall direction of Asia Pacific economies." But he added that it wasn't yet clear whether Trump's policies would prove expansionary or contractionary for the U.S. economy, with knock-on effects for Asia. Among the regional property markets Colliers covers, India could become an interesting investment target, Haskins said. "On a three-to-five year view, India is going to be a very exciting market," he said. "Restrictions on foreign investment in India are gradually easing and the government has passed the real estate regulation act which should raise the standards of the Indian real estate sector towards international norms. " While the government's move to "demonetize" the 500 and 1,000 rupee notes could hurt liquidity in the property market in the near term, it's probably positive in the longer term, he said. Colliers was also positive on the Singapore market, despite the recent economic concerns. Revised gross domestic product (GDP) data for Singapore, due on Thursday, were expected to show the economy contracted 2.5 percent on-quarter, according to a Reuters poll. "The economy has been under pressure, but the long term attractions of Singapore -- a world-class market economy, very high regulatory transparency -- are very clear," Haskins said. "Prices have not moved up as they have elsewhere in Asia so Singapore, relatively speaking, is better value. And that has been reflected in strong investment interest." Singapore's residential property prices have been hit by the government imposing a series of cooling measures starting from 2011. Those measures included an additional buyers' stamp duty (ABSD), which adds much as an additional 15 percent to the purchase price for foreign buyers and Singaporeans with more than one property. Prime and luxury residential property prices have dropped around 15-25 percent since the market hit a peak in 2011. The city-state's commercial property has also faced headwinds, with demand for retail space lagging amid sluggish consumer spending and competition from ecommerce. At the same time, the office segment has faced both a drop in demand and surging completions of new buildings. Despite widespread concerns that Australia's property market has entered bubble territory, Colliers took a more sanguine view of the outlook. "The Australian economy has been robust, particularly in the southeast, so around Sydney and Melbourne. And interest in Australia remains high," he said. "However, at least in office property, which is where we concentrate, it's increasingly difficult to find good assets. There is an increasing shortage of stock, so it's increasingly difficult to find assets to buy." More»
Maha Essam - 2016-11-22 14:22:58
Egypt’s El Mostakbal for Urban Development will build a wastewater treatment plant in its flagship Mostakbal City at investment cost of 1.3 billion Egyptian pounds ($74.3 million), its chairman announced on Tuesday. The anticipated plant will be with total capacity of 240,000 cubic metres per day geared to fill the project’s water needs to irrigate green spaces, Essam Nassif, El Mostakbal chairman, told Amwal Al Ghad. Mostakbal City is the flagship and largest planned mixed-use development in Egypt’s New Cairo district, being developed on an area of 45 million square metres consisting of five phases, where the roads and green areas represent 50 percent of the total area of the city. Nassif further said that the plant is set to provide irrigation water to Mostakbal City in addition to other neighboring projects as well. El Mostakbal is the master developer of Mostakbal City, in charge of preparing the master plan, urban planning, and design guidelines for the whole project, securing the governmental approvals, and implementing the main roads network along with main infrastructure networks. The company is set to incorporate sub-developers to be responsible for developing the different areas of the project according to the approved master plan and urban planning, and design guidelines. Founded in 2006, El Mostakbal for Urban Development is an Egyptian incorporated company in which major state-run banks and construction firm are main shareholders; Banque Misr, National Investment Bank, National Bank of Egypt, and Arab Contractors. More»
Amwal Al Ghad English - 2016-11-21 13:35:39
Egypt’s Minister of Hosing Mostafa Madbouly and Qena governor Abdel Hamid El Hagan have delivered Monday 5467 social housing units in New Qena, 8 Km far from the Upper Egyptian city Qena. Madbouly said that his ministry concluded 2967 social housing units as well as implemented 3840 others in Nag Hammadi, El Waqf, Abu Tesht, Qus, Naqada, and Qena cities. He further stated that the government also completed 2500 social housing units and is currently implementing 2560 other units. "We have plans to carry out 1008 units in New Qena," Madbouly showcased.The ministry will participate in a major project in cooperation with World Bank for delivering sanitation services to a number of villages in Qena and Sohag, the Egyptian minister concluded. More»
Amwal Al Ghad English - 2016-11-21 09:00:05
The shortage of affordable residential units has created a rise in the size of illegal construction that is estimated at more than 500,000 units without government permissions over the past three years, according to the Ministry of Housing. The construction process is one that is haunted by bureaucracy and based on mortgage finance, making it subject to a lot of actions and procedures to ensure the construction’s legality. More than two and a half years after launching the Central Bank of Egypt’s (CBE) mortgage finance initiative, Daily News Egypt talked to developers to evaluate the mortgage fund. In February 2014, the CBE announced it had allocated 10 Egyptian pounds to finance low-income housing projects, with the aim of boosting the construction and real estate sectors. The money had been sent to banks in the form of deposits over a period of 20 years at low interest rates. Low-income citizens who qualify to benefit from the programme will be lent the money at a yearly interest rate of 7-8%. Moreover, the CBE provided a new tranche to make use of the initiative called “distinctive middle-income”, with a decreased annual interest rate of 10.5% with a minimum wage of 15,000 pounds per person and 20,000 pounds per family. The unit’s price is 950,000 pounds. There is inadequacy in the CBE’s initiative because only individuals, not real estate companies, have the right to be financed by the mortgage fund; therefore, real estate developers have to finance those companies. This is a very big problem which developers are negotiating with the banks, according to Amgad Hassanein, chief projects officer at Capital Group Properties. Hassanein predicted that after the issuance of a new mortgage law instead of the current Law No. 148 of 2001 would double the size of the real estate market in Egypt in less than a year. Meanwhile, head of the Mortgage Finance Fund (MFF) Mai Abdel Hamid said that the CBE’s initiative contributed to the increase in the proportion and volume of real estate financing in Egypt. Abdel Hamid noted that Egypt needs 500,000 housing units each year, pointing out that the mortgage fund received 400,000 applications for real estate financing, of which only 52,000 were approved. She explained that the MFF spent 5 billion pounds of the money allocated to the CBE’s initiative, while the remaining amount will be spent by next year. She pointed out that social housing projects will contribute to spreading the culture of mortgage finance in Egypt. From his part, chairperson of the Egyptian Financial Supervisory Authority (EFSA) Sherif Samy said that despite the mortgage size growing by 30% during the first quarter of 2016, it is not enough, saying that problems with registration remain the main challenge. Samy added that the growth percentage is positive but must be further increased. The total value of financial leasing contracts over the first nine months of 2016 amounted to 15 billion pounds, compared to 13 billion pounds in 2015. He added that only 30 out of a potential 200 companies are registered as financial leasing companies. “It is illegal for companies to finance unregistered real estate units,” he said. “As of now, the unregistered units account for 90% of the total.” Egypt suffers from a decline in the number of mortgage companies. Meanwhile, member of the Real Estate Investment Division at the Federation of Egyptian Chambers of Commerce (FEDCOC) and CEO of Beta Egypt for Urban Development, Alaa Fikri, said that the mortgage system in Egypt faces many challenges that prevent its strong launch in the market due to the large number of required documents to receive the funding. Fikri further noted that long procedures, bureaucracy, high interest rates on financing units—ranging from 14-17%— hinder the mortgage system. Head of the parliament’s Housing Committee Alaa Waly explained that mortgage finance faces several issues, calling on the minister of investment to sign a cooperation protocol with banks to facilitate mortgage and agriculture finance for companies. Fourteen banks injected 4.107 billion pounds to finance low- and middle-income housing until the end of October, which comes in the framework of the mortgage funding initiative, according to Abdel Hamid. She noted that 17 banks have signed protocol agreements with the MFF, but only 14 have injected funding to low- and middle-income housing until now. The MFF has obtained funding worth $125 million from the World Bank, Abdel Hamid said, noting that the figure was part of a $500 million funding package that will be received in the coming period. Bankers estimated rates of non-payment in funding injected by banks in the framework of the mortgage finance initiative of the CBE to close to zero. The funding is estimated at 4.1 billion pounds until the beginning of October. The bankers noted that the low-income tranche surprised everyone, due to its commitment to the payment. More»
Amwal Al Ghad English - 2016-11-21 08:05:20
Palmier Real Estate Investment and Project Management intends to launch a tourist resort in Marsa Matrouh located on an area of 10 feddans with investments estimated at US$9 million, according to company chairperson Mohamed Abdel Aziz. Abdel Aziz said that Marsa Matrouh is quite attractive for real estate investment, adding that the resort will include villas and chalets featuring some of the latest designs in the region. The company has not yet received all of the required approvals from concerned authorities for obtaining the land. Once the company received the approval, the project’s first phase will be implemented within the next few months. Abdel Aziz noted that the current period has witnessed an increase in the prices of residential units, at rates ranging between 30 per cent and 40 per cent, due to the increase in the price of the US dollar against the Egyptian pound. The company’s chairperson predicted that prices of units will increase over the next three months by 100 per cent, as a result of increase in steel prices, which represents 60 per cent of the cost of real estate projects. He pointed out that the company is currently considering how it will price its units and will wait until the exchange rate stabilises and the delivery of the International Monetary Fund (IMF) loan, which will contribute to the provision of US dollar liquidity. Abdel Aziz complained about the difficulty in obtaining land, especially in the new coastal communities, due to the complicated bureaucratic procedures and high prices of land. The company currently has ongoing real estate projects in the Faisal area in Giza and is studying the possibility of expanding in other areas, such as the North Coast. More»
Maha Essam - 2016-11-17 11:52:27
Morocco has awarded the U.S. firm Hill International a €800 million ($858.7 million) contract to supervise the implementation of a terminal container in Tangier city, North Africa regional manager told Amwal Al Ghad on Wednesday. Waleed Abdel-Fattah further said his company would supervise the execution of the Tangier terminal container in coordination with a Moroccan firm, which is mandated to carry out the project.Hill International, with 4,800 professionals in 100 offices worldwide, provides programme management, project management, construction management, construction claims, and other consulting services primarily to the buildings, transportation, environmental, energy, and industrial markets. More»
Maha Essam - 2016-11-16 18:01:41
The U.S. project management firm Hill International is still in ongoing negotiations with the Egyptian Armed Forces Engineering Authority to take part in the country’s new administrative capital city project. Hill International is still negotiating with the Egyptian Armed Forces Engineering Authority on the possibility of partaking in managing the development of the new capital city, said senior vice president and North Africa regional manager Waleed Abdel-Fattah told Amwal Al Ghad on Wednesday. Abdel-Fattah further said Hill International enjoys a wide expertise in how to manage the development of mega projects. The proposed new capital of Egypt is a large-scale project announced by Egyptian housing minister Mostafa Madbouly at the Egypt Economic Development Conference held in Sharm El-Sheikh on 13 March 2015. The new, yet-unnamed city is to be located 45 kilometres (28 miles) east of Cairo and just outside the Second Greater Cairo Ring Road in a currently largely undeveloped area halfway to the seaport city of Suez. Egyptian authorities plan to make the new city become the country’s new administrative and financial capital, housing the main government departments and ministries, as well as foreign embassies. Work has already begun on a 270-square-mile tract of army-owned land that would house as many as 5 million people when completed in 2021, though it is estimated that the figure could rise to seven million. More»
Amwal Al Ghad English - 2016-11-15 12:21:51
Egyptian real estate developer Six of October Development and Investment – SODIC reported a 14.6 percent increase in profits during the first nine months of 2016. Nine months 2016 net profit rose to 266.5 million Egyptian pounds (around $17.1 million), from 232.5 million pound in the same period last year, the firm added in a statement on Tuesday. Meanwhile, third-quarter net profit hiked 35.5 percent to record 108.7 million pounds versus 80.2 million pounds last year. Standalone nine-month net profit fell 15 percent to 137.5 million, compared to 162 million pound in the same period in 2015. More»
Maha Essam - 2016-11-14 11:20:10
Egyptian property developer Al Karma for Real Estate Investment said Sunday it has launched its new flagship Al Karma Trio mini compound project in New Cairo, with investments worth 60 million Egyptian pounds (around $3.6 million).The new project will be built on space of 1500 square metres.Ahmed Mostafa, chairman of Al Karma for Real Estate Investment, further said that Al Karma Trio project would include 30 social housing units with spaces ranging between 135 and 135 square metres. Mostafa further stated that his company expects to complete its mini compound project within 18 and 25 months.Al Karma Company plans new expansions soon by announcing three new projects in North Coast, Sheikh Zayed City, and 6th of October, the Egyptian official said. Mostafa explored that the company targets completing investments at a cost of 300 million pounds within 2017 in form of new residential projects in New Cairo. New Cairo district will witness an increase in the prices of housing units prices by 20 percent per year, he said. Al Karma's shareholders are 51 percent for Egyptian investors and 49 percent for Kuwaiti businessmen. More»
Marwa Hemdan - 2016-11-14 09:48:28
Egyptian construction firm, Arab Contractors announced Monday the completion of Kuwaiti Sheikh Jaber Al-Ahmad Al-Sabah Hospital project in Kuwait, which will be the sixth biggest hospital in the world. With total cost of 304 million Kuwaiti dinars ($1 billion), the project is one of the mega projects that mark the strong ties between Kuwait and Egypt, said Mohsen Salah, chairman of Arab Contractors. Salah has attended the ceremony dedicated for the initial delivery of the project. “It is the sixth largest hospital in the world, and it represents an unprecedented accomplishment in the Middle East region.” Salah said The hospital is one of the biggest projects Arab Contractors is currently undergoing outside Egypt, the Egyptian official added. The hospital is built at total space of 720,000 square metres, Salah added. Entirely managed by Kuwaiti Ministry of Health, the Jaber Al Ahmed Al Jaber Al Sabah Hospital will be built on a surface of 270,000 square feet and will offer 1168 beds and provide a large range of medical services including diagnostic and treatment services, a trauma centre, a dental facility, in- and out-patient care services as well as VIP suites for visiting heads of state. More»