SID to invest 10 billion EGP in Egypt’s real estate market

Newsletter

13 Sep 2023

SID to invest 10 billion EGP in Egypt’s real estate market

SID to invest 10 billion EGP in Egypt’s real estate market. Sultans for Investment and Development (SID), a company that operates as an urban developer, has announced its strategy and roadmap in the Egyptian market, as well as its first project, “Crown Central,” in collaboration with Investmentors and Palm Hills Developments. The project is a commercial and administrative development that covers an area of 77,000 sqm in Palm Hills in October and features digital and technical enhancements to offer a unique experience to its clients. (Daily News Egypt)

Horizon Egypt Developments, a real estate firm backed by UAE investors, last week unveiled its maiden real estate project, dubbed Saada New Cairo.
The multi-use Saada development is set to cost some 36 billion EGP in initial investment. The 370-feddan plot in New Cairo will feature 1.3k villas, two hotels, 250 serviced apartments, an international school, a club, a mall, and a commercial and administrative area. The company is owned by the UAE’s Sheikh Majid Bin Saeed Al Nuaimi, a member of the Ajman royal family and head of the emirate’s court. It also counts Abdullah and Adnan Saffarini of Dubai-based architect and engineering consultant firm Adnan Saffarini Group among its founders. (Al Mal)
Egypt’s Talaat Moustafa Group to build 10.6 billion USD sustainable city in Riyadh.
Talaat Moustafa Group (TMG), one of the largest developers in Egypt, will build an integrated smart and sustainable residential city near the Saudi capital Riyadh at a cost of 40 billion SAR (10.6 billion USD). TMG said in a statement on Egypt’s bourse that it finalised the deal with Saudi’s National Housing Company (NHC) at Cityscape Global event in Riyadh on Sunday. (Zawya)
It’s worth noting that the agreement includes the construction of an “integrated smart and sustainable residential city” over the total space of 10 million square metres.
The new city will comprise around 27,750 villas and residential units and nearly 40 percent of the area will comprise large green spaces. The mixed-use project will be located in NHC’s Al-Fursan Suburb in northeast of Riyadh and will involve several facilities including healthcare, educational, and commercial centres, in addition to sports club and other public facilities. (Zawya)
Tatweer Misr to announce 1st 4 billion SAR project in Saudi Arabia soon.
Egyptian real estate company Tatweer Misr will announce in the upcoming weeks its first project in Riyadh, in cooperation with the Saudi real estate developer Naif Alrajhi Investment, worth up to 4 billion SAR. The project represents the starting point for the launch of several projects in the Saudi market. (Asharq Business)
The Finance Ministry is reportedly considering selling another 10-15% stake in state-owned Telecom Egypt as part of the state privatization program.
The potential stake sale would come a few months after the government sold a 9.5% stake in the company to institutional investors. (Al Borsa)
Banque Misr, e& Egypt to launch 500 million EGP e-payment firm end-2023.
Banque Misr will launch, in cooperation with the UAE-based telecom operator e& Egypt, an e-payment company with capital of 500 million EGP before the end of 2023. e& Egypt will hold a 60% stake in the new company, while Banque Misr will own 40%, one source noted. Earlier in April, it was reported that the bank is awaiting obtaining the licenses required to establish an e-payment firm. (Asharq Business)
Egypt denies imposing 1,000 USD fee on tourists.
The Egyptian Cabinet has denied rumors shared online claiming it has imposed about 1,000 USD on tourists coming to Egypt from various countries. No decision had been issued in this regard; the Cabinet stressed. It explained that no new fees have been imposed on tourists entering Egypt, other than the applicable fees for visas to a number of countries. The Cabinet added that the decision to collect a fee of 1,000 USD has nothing to do with tourists coming to Egypt for tourism purposes, but rather legalizing and reconciling the status of foreigners residing illegally in the country. (Daily News Egypt)
Madbouly launches Egypt's e-platform for environmental and climate investment.
Prime Minister Mostafa Madbouly has launched Egypt’s e-platform for environmental and climate investment in English and Arabic languages. The platform is an e-portal for businessmen, developers, financiers and investors, where they can review business opportunities in the green economy in the Egyptian market. In addition, it provides numerous initial economic feasibility studies and promising investment opportunities in waste management, sustainable energy, eco-tourism, bio-based industries, agriculture and food production. (Arab Finance)
Storm Daniel to hit Egypt started yesterday on Monday, bringing active winds and low temperatures.
The Egyptian Meteorological Authority announced that Storm Daniel will impact western Egypt starting yesterday Monday, bringing with it weather instability, low temperatures and strong active winds. Storm Daniel is a rare storm with sub-tropical characteristics that tends to occur in the month of September. It is accompanied by increased risks of torrents and floods, alongside strong winds and waves rising above sea level. (Daily News Egypt)
Al Ahly for Development’s consolidated profits skyrocket 1847% YoY in H1.
Al Ahly for Development and Investment’s (AFDI) consolidated net profits after tax and non-controlling interest soared 1846.8 % year on year (YoY) to 15.989 million EGP in the first half (H1) of 2023, compared to 821,290 EGP. Revenues came in at 63.457 million EGP in H1 2023, up from 38.356 million EGP in H1 2022. In terms of standalone business, the firm recorded a 46.1% YoY surge in net profits after tax to 12.259 million EGP, up from 8.390 million EGP in H1 2022. (Arab Finance)