City Edge, Tazkarti to develop entertainment services in New Alamein City
City Edge Developments was granted the sole development rights for New Alamein City by the Ministry of Housing and New Urban Communities Authority (NUCA)
Shaimaa Al-Aees
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Latest by Shaimaa Al-Aees
Egyptian steel, iron, cement exports decline 33% in 1Q 2020
The report said 67% of these exports went to Saudi Arabia, Libya, Spain, the US, the Netherlands, Kenya, Italy, and Uganda at value of $113.077m.
COVID-19 is Egypt’s impetus to rethink its smart cities
Opportunities for structural change to how cities are developed following the pandemic
First Group to launch residential project in Sheikh Zayed by mid-May
The new luxurious villas only compound spans over 40 feddan, and is currently in the process of obtaining ministerial approval for the project development.
NAC real estate developers promise punctual project delivery
Construction work has not stopped despite Covid-19 outbreak with projects remaining on schedule, say developers
Prime Minister Madbouly asks local manufacturers to increase raw materials production
Current crisis is perfect time for local industry to strengthen its position and expand
MENA hotel sector likely to recover in 4Q 2020: Colliers
This came as governments continue to introduce measures to slow the spread of the virus, with hotel owners also taking precautions as travel comes to a halt.
Egypt exports $20m worth of medicinal, aromatic plants, herbs in 1Q2020
Amgad El-Kady, General Manager of the Technology and Innovation Industrial Council
Hyde Park supplies 3 hospitals with 2,000 COVID-19 detection kits
HPD provided the test kits to enhance the hospitals’ capabilities and provide them with the medical devices to protect their employees and medical teams against the coronavirus outbreak.
Parliament initially approves draft law on economic measures dealing with COVID-19 impact
The committee modified the second article on submitting tax returns so that it can apply to tax returns provided by ordinary citizens, whose deadline expired on 31 March.
Egypt’s food exports likely to decrease 30% due to COVID-19: FEC
Factories risk halting operations if coronavirus crisis lasts for three months, says Berzi
FEC urges CBE to reconsider cash withdrawal limit for companies
Instead, Berzi suggested that companies should no longer have these limits, since many conduct their financial transactions in cash.
Egypt sees 2% non-oil export increase, 24% import decrease in 1Q 2020
Trade deficit decreases by 39%
77% of freight forwarders operational despite COVID-19: EIFFA
The EIFFA recently conducted a survey of its members to monitor and analyse developments and potential repercussions of the COVID-19 outbreak.
Ministry of Trade and Industry inspects factories for COVID-19 measures implementation
The inspections are to take place to ensure compliance with the measures to ensure worker safety in factories and production continuity during this delicate stage.
IFC invests $20m in new private equity fund to boost MENA growth
The fund, named SPE AIF I, is managed by SPE Capital Partners and will focus mainly on Egypt, Morocco, and Tunisia. Access to equity is especially constrained in these countries, because of macro-economic and political challenges.
20% increase in real estate sales projected following COVID-19
El Shehry added that the local real estate market remains, so far, unaffected by the ongoing pandemic. He highlighted that, although there had been a slowdown in sales, companies have yet to record losses or a halt in sales.
Real Estate Chamber members commit to agreed project delivery
Members agree to preserve employment, pay salaries, take preventive workplace measures
Tatweer Misr, Dar Al-Orman, Ahl Masr collaborate to fight COVID-19
Tatweer Misr will also support families in the village who have survived off of daily incomes by supplying them with necessary food items throughout Ramadan.
COVID-19 delays new DM Developments project launch to 2H 2021
“The property sales volume is expected to be affected in 2Q and 3Q 2020, due to current precautionary procedures taken by the government,” Abdel Hamid said. “However, I believe that this limited period will be followed by a large boom in the volume of sales in the 4Q.”
ODE records 38.8% revenue growth in FY19
Company achieves EGP 6.9bn net sales
Business community endorses ‘Stay at your factory, protect your family’
Accordingly, businesspeople are being asked to bear the costs of accommodating workers for a period of 14 days, equal to the period of quarantine. During this time, workers will double their work shifts to increase production.
Government allows construction sector to work as normal despite Covid-19 precautions
The precautionary measures have been put aside in the case of the construction industry to ensure projects with a national interest currently under development are completed quickly.
Egypt can use COVID-19 to increase engineering exports: EEC
The EEC conducted a study of Chinese exports to gather information on the most important products and goods that it exports to its target countries. It then compared China’s figures with Egypt’s export capabilities for these products.
Property developers strive to support society against coronavirus
The companies have launched charitable and social initiatives to assist families affected by the outbreak and the ensuing emergency measures taken to curb its spread.
PRE eyes EGP 1bn sales for developers in 2020
Company intends to develop property projects in coming period, enter partnerships to develop commercial and hotel projects
Egyptian Chemistry Administration strengthens quality control over disinfection products
Administration tests over 500 samples of cleaning materials, protective clothing daily
EIB to create €25bn pan-European fund supporting European economy
EIB Group’s coronavirus response will support financing of up to 1.5% of Europe’s GDP
Mortgage finance increases 46.6% yoy in January: FRA
The FRA said that the value of mortgage refinancing decreased to EGP 14m in January 2020, compared to EGP 101m in the same period last year. This marks an 86% decline.
IEC oversees implementation of Kazan Plaza in Sheikh Zayed
Kazan Plaza spans over 12,000 sqm and contains commercial and administrative units as well as a multi-storey garage according to the project’s masterplan, said IEC Chairperson Faysal Abo El Azm.