Dr. Tarek Wafiq, Egypt’s Housing and Urban Communities Minister, has affirmed that ministry is working hard in order to carry out the developing Suez Canal Axis establishment project which will be discussed next Wednesday by Shura Council (the country's Upper House). Wafiq added that the project has been discussed for more than a month by the Cabinet, noting that Cabinet’s Legislative Committee has well-reviewed the project. The minister stated that this draft law to carry out the Developing Suez Canal Axis establishment is an unprecedented, explaining that upon the new law, Suez Canal Authority (SCA) will have a full authority. Furthermore, he has confirmed that once the law will be passed and approved by Shura Council, the ministry will start to carry out the project. Wafiq said the ministry has chosen 5 international prominent firms, including HP, so as to start the construction works in the Suez Canal Axis. HP has previously taken part the Port Said port’s launch. More»

Egypt will be signing on Sunday an umbrella agreement with French Development Agency (AFD) seeking to improve drinking water and sewage drafts in Upper Egypt. AFD will participate in funding up to € 57 million (US$ 74.4 million) in cooperation with a number of other European donors countries. It is scheduled that Dr. Ashraf  El-Araby, Egypt's Minister of Planning and International Cooperation, will sign the umbrella agreement with AFD’s Director, Dov Zerah who has arrived on Saturday in Cairo for a two-day visit. More»

The seventh edition of Cityscape Abu Dhabi will be held under the patronage of General His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. Over 70 companies will exhibit at Abu Dhabi's only international real-estate development and investment event, including Abu Dhabi Chamber of Commerce and Industry, Abu Dhabi Department of Municipal Affairs, Abu Dhabi Urban Planning Council, Aldar Properties, Sorouh Real Estate, Mubudala Real Estate & Infrastructure, Al Qudra, TDIC (Tourism Development and Investment Company), Reem Island, Reem Investment, Al Maabar and many more. These exhibitors will showcase more than 500 developments, products and services and share insights into Abu Dhabi's 2030 Vision. Exhibitors and guests will have the opportunity to delve deeper into the issues surrounding the industry through a series of interactive investor round tables focussed on the latest developments within the real-estate community, including investment and development in emerging markets. More»

Egypt’s Investment Minister Osama Saleh said on Sunday the government is expected to sign the settlement agreements with a number of major real estate developers; DAMAC Properties and Al-Futtaim within days. On the sidelines of the Economic Transition Conference organized by the Faculty of Economic and Political Sciences, Saleh stated that the Egyptian government is offering a number of facilities for the investors. The Cabinet is adopting a system that enables the developers’ legal advisers to directly sign settlement agreements with the Egyptian government. More»

Sixth of October Development and Investment Company (SODIC) (OCDI.CA) announced that An Egyptian court accepted SODIC’s Urgent Request to suspend NUCA’s decision to revoke the Eastown plot from SODIC. SODIC added in a relese that as previously announced, the hearing of the State Council was held on 6th of April 2013 and a decision was issued in SODIC’s favour. Sodic satated that " This entails returning full legal land ownership and affirming SODIC’s right to develop the Eastown plot until the case is judged on its merits. Decision is extremely positive and allows SODIC to commence development on Eastown land.  " More»

Madrid-based company Aqualia, FCC's water management subsidiary, in partnership with Orascom Construction Industries (OCI) (OCIC.CA) and Belgian Besix seek to win a $3.5 billion contract for the construction and maintenance of a sanitary water treatment system in Kuwait. The project will serve nearly 1 million people, according to El Confidencial, a Spanish daily. More»

Orascom Housing Communities Company (OHC, Orascom Housing Cooperative), plans to conclude the second phase of its project Haram Life which locates on an area of 504,000 sq m (120 feddans) with spaces ranging between 130-160 meters for each housing unit within 2015. Eng. Michel Ghazali, Director of Marketing and Sales at OHC, said Orascom is scheduled to conclude the construction work within this year but the project is quite different in its design if it is compared with Harm City Project as the latter consists of two floors for the apartment; while in Harm life Projects, it consists of three floors. Ghazali has pointed out that Harm City is the first project which is developed by Orascom Housing Cooperative representing an integrated residential city locates in the 6th of October city on an area of 2000 feddans. Around 620 feddans have been finished as the first phase under ‘Harm City’ name. Moreover, he has emphasized that 11,000 residential units have been concluded out of 70,000 units which will be built within 2015. He added that Oarscom has presented facilities for customers, these facilities will extend for 5 years, pointing out that his company has succeeded to implement its projects on an area of 400 feddans as the company will finalize this project by the end of 2018. More»

The leading and most progressive property developers - Emaar Misr is targeting boosting its volume of investments in Egypt up to EGP 53 billion through making more expansions in its currents projects in order to create more job opportunities for Egyptians, the company’s CEO said. Mohamed El Dahan, the CEO of Emaar Misr, said the firm plans to establish a number of hotels, huge shopping malls besides more entertainment and tourist destinations. El Dahan has emphasized on Emaar Misr’s confidence in the Egyptian economy’s ability to recover and achieve progress in the medium and long run. Emaar Misr will continue to carry out its projects in Egypt and has never had the intentions to halt its businesses due to the country’s political and economic turbulences, El Dahan added. He also said Emaar Misr has never had the intentions to halt its operations in the country, noting that it will continue to carry out its projects in the country, despite the current political and economic turbulent situation. The CEO further stressed that Emaar Misr has managed to affirm its deep commitment towards the Egyptian market as it is working on delivering its projects; Marassi and Uptown Cairo - which is shown to be the sole comprehensive property project designed in the heart of Cairo. Emaar Misr will be also starting to deliver its Mivida project within the current year. More»

Sixth of October Development and Investment Company (SODIC) (OCDI.CA) hopes to maintain last year's sales momentum as demand for upmarket residential units remains strong despite a weak economy, its managing director said. "We are hoping to have last year's sales," Ahmed Badrawi told Reuters. The firm made net sales of 1.6 billion Egyptian pounds ($235.19 million) in 2012 and 560 million pounds in the first quarter, he said. SODIC will increase investments to 900 million pounds this year, up from 800 million pounds in 2012 as demand for its upmarket housing units stayed strong despite a weak economy.  "Underlying demand is generally strong," Badrawi said. "It's an inflationary environment. People want to pick up assets. Real estate you can pick with relative low payment terms." He said SODIC would bring seven housing projects online this year, adding that firm hoped to soon resolve a long running legal dispute with the government over its Eastown project. More»

Mansour Amer, Chairman Group and Managing Director of Amer Group (AMER.CA) announced  that the postponement decision as regard to the implementation of Porto Aghadir in Morocco and Porto Dead Sea in Jordan was due to the difficulty of  transferring money needed for these projects , adding that restrictions set by the Central Bank of Egypt (CBE) hinder the company from money conversion to meet its foreign obligations. Amer revealed the company's intention to introduce new projects within 10 to 15 days, but he did not disclose the nature of these projects. More»