logo
PM inspects ongoing development projects in the New Alamein City

PM inspects ongoing development projects in the New Alamein City

Egypt Today12-04-2025

Prime Minister Mostafa Madbouly started this morning an inspection tour of a number of projects in the New Alamein City, on April 12, 2025- press photo
CAIRO – 12 April 2025: Prime Minister Mostafa Madbouly started this morning an inspection tour of a number of projects in the New Alamein City, on Saturday.
He said that President Abdel Fattah Sisi has directed to fast complete the ongoing projects in the New Alamein City, which is considered as a starting point for the development of the Northwest Coast in Egypt.
At the beginning of his inspection tour of New Alamein City, Prime Minister Mostafa Madbouly held a meeting at the city's headquarters to review the work of ongoing development projects in New Alamein and the Northwest Coast. Prime Minister Mostafa Madbouly also inspected the heritage city of the New Alamein City.
Madbouly inspected the islands of the villa area in New Alamein, the service road expansion project, the development of entrances to New Alamein, and the Marina 8 projects in New Alamein.
The Prime Minister inspected the Marina 8 development in New Alamein on Saturday. The project spans 179 feddans, including 104 feddans for villas and chalets and 75 feddans for additional residential and service areas. The site features 243 buildings housing 917 units, along with infrastructure for roads, utilities, and landscaping.
During the tour, Madbouly viewed sample housing units and stood on underway works across the site, including façade finishes, service roads, and green spaces. The premier also received updates on facilities under construction, including a VIP hall, theater, cafeteria, staff housing, and administrative buildings.
Additionally, Madbouly inspected "Mazarine" project in New Alamein City. The premier started his tour with inspecting a model of a villa in the G1 area to get acquainted with the implementation rate of the projects' phases and asses its quality.
He was briefed by Minister of Housing, Utilities and Urban Communities Sherief Sherbiny on "Mazarine" project, which is a ​​707-feddan residential, recreational, commercial, and administrative complex on the southern shore of El Alamein Lakes, overlooking the coastal towers. The project houses several models of villas, chalets, and buildings, estimated at 7,956 housing units.
For his part, Ahmed Ibrahim, the Head of the New Alamein City Authority, said that several units have been completed and delivered to customers, while the delivery for the sold units is underway, with a due date set on June 30, 2025.
The Prime Minister toured the site of the "Latin District" project in New Alamein city. The Latin District is elegantly seated on a luxurious expanse of nearly 404 feddans and divided into six zones comprising 10,316 housing units, Sherbiny said.
Madbouly on Saturday inspected units under the 'Your Home in Egypt' initiative at the Hassan Allam Towers in the beachfront area of New Alamein City. The initiative is dedicated to Egyptians living abroad, offering them the opportunity to purchase residential units in most of the new cities, with flexible payment plans.
Madbouly toured a model unit to ensure the quality of construction and to review the progress of ongoing works.
Minister of Housing, Utilities, and Urban Communities Sherif El-Sherbiny told the premier that the first phase of the initiative includes 5,055 residential units, comprising apartments and villas across nine cities, including the beachfront towers in New Alamein. Some units are already available for immediate delivery.
He noted that the aim is to deliver all sold units by June 30, 2025, with full completion and handover of all units scheduled by March 31, 2026.
The Prime Minister inspected the Downtown Towers project in New Alamein during his city tour on Saturday. He received updates from Housing Minister Sherif el Sherbiny atop the 66th floor of the iconic tower, the tallest on the Mediterranean at 250 meters.
The project includes four additional towers at 200 meters high housing a total of 2,631 residential units, 231 commercial units, and 114 administrative units. The minister added that work is ongoing on artificial crystal lagoons covering 108 feddans, featuring leisure and retail islands.
Downtown Alamein also includes 40 residential buildings with 1,320 units and over 75,000 square meters of commercial space. So far, 705 residential and 13 commercial units have been delivered.
The Premier also reviewed the Downtown expansion area, which includes 896 additional units and has surpassed 85% completion.
Additionally, he followed up on the overpass at C19 Road and railway intersection, and utility infrastructure for the 748-feddan Chinese Towers zone.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

PM participates in the opening session of United Nations conference
PM participates in the opening session of United Nations conference

See - Sada Elbalad

time6 hours ago

  • See - Sada Elbalad

PM participates in the opening session of United Nations conference

Basant Ahmed Prime Minister Dr. Mostafa Madbouly will participate tomorrow, Monday, in the opening session of the Fourth United Nations Conference on Financing for Development, which will be held in Spain. The event will be attended by a large number of heads of state and government, most notably the Spanish Prime Minister, the UN Secretary-General, and a number of heads of international institutions and organizations. Dr. Mostafa Madbouly will also attend the launch of the Seville Platform for Action, where he is scheduled to deliver a speech. The Prime Minister will also deliver Egypt's speech during his participation in the general debate sessions of the Fourth United Nations Conference on Financing for Development. The Prime Minister's visit program includes several important meetings with heads of government and ministers from a number of countries, as well as heads of regional and international institutions and organizations. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean

Egypt to toughen truck safety rules following fatal Ring Road accident
Egypt to toughen truck safety rules following fatal Ring Road accident

Daily News Egypt

time16 hours ago

  • Daily News Egypt

Egypt to toughen truck safety rules following fatal Ring Road accident

Egypt's Prime Minister has announced a series of measures, including financial support for victims' families and new road safety regulations, following a crash on the Regional Ring Road that killed 19 people. The crash occurred early on Friday when a speeding heavy truck collided with a microbus carrying female workers from the village of Kafr El-Sanabsa. All 18 females onboard and the microbus driver were killed, while three others sustained injuries. The victims, described in state media as 'martyrs of livelihood,' were en route to their jobs when the collision occurred. The force of the impact destroyed both vehicles. Emergency responders transferred the bodies and the injured to hospitals in Quesna, El-Bagour, Ashmoun, and Shebin El-Kom. In response, Prime Minister Mostafa Madbouly followed up on directives issued by President Abdel Fattah Al-Sisi concerning compensation, road maintenance, and safety procedures. The measures include direct support for the families of the 19 victims. Madbouly directed the Ministers of Education and Higher Education to grant a full exemption from all tuition fees for the bereaved families. He also instructed the Minister of Social Solidarity to disburse a special pension. To honour the victims, the Governor of Monufia was tasked with naming government buildings and streets in their home village of Kafr al-Sanabsa after the 19 deceased. The government also introduced new regulations aimed at preventing similar incidents. Madbouly ordered the mandatory separation of private passenger cars and commercial trucks in areas undergoing maintenance and development. He also called for an increase in traffic patrols, speed radars, and surveillance cameras to ensure compliance with traffic regulations and to penalise violators. Furthermore, the prime minister instructed authorities to implement regular, frequent, and unannounced drug testing for all truck drivers, particularly on highways. Legal action will be taken against those who test positive, and the government will study the possibility of imposing harsher penalties for such offences. The prime minister said officials must complete all repairs and maintenance on the Regional Ring Road according to a strict schedule, with full adherence to safety protocols. Dr. Madbouly stated that words of condolence and sympathy are insufficient to express the gravity of the tragedy. He added that he and the entire Cabinet deeply regret the accident, which has pained all Egyptians, stating, 'This loss is a loss we all share.'

Fractional ownership gains ground in Egypt amid drive for innovation, market regulation
Fractional ownership gains ground in Egypt amid drive for innovation, market regulation

Daily News Egypt

time18 hours ago

  • Daily News Egypt

Fractional ownership gains ground in Egypt amid drive for innovation, market regulation

Rising property prices in Egypt have paved the way for a new investment trend: fractional ownership in real estate. This emerging model is increasingly seen as an attractive avenue for both individual and institutional investors. By allowing multiple parties to co-own shares of a property—often in premium or income-generating developments—fractional ownership reduces entry costs, distributes risk, and opens the market to smaller investors, aligning with evolving dynamics in the real estate sector. At the Fractional Real Estate Roundtable, Mohamed Youssef, Advisor to the Chairperson of the General Authority for Investment and Free Zones (GAFI) for Promotion, revealed that active discussions are underway with the Financial Regulatory Authority (FRA) to establish frameworks that safeguard investor interests in this growing segment. He also announced that GAFI is preparing a package of incentives tailored to boost investment in Egypt's real estate market. Youssef noted that Egypt's property sector has experienced remarkable growth in recent years, especially in New Alamein and the New Administrative Capital. He emphasized the potential of fractional ownership to appeal not only to local investors but also to Egyptians abroad and foreign nationals, particularly given Egypt's relative economic and political stability. Tarek Shoukry, Chairperson of the Real Estate Development Chamber at the Federation of Egyptian Industries, announced reforms in property registration procedures aimed at streamlining ownership verification. He shared that a Property Origin Certificate will now mark the starting point of the registration process, following the issuance of a national ID number for the property. In coordination with the Ministry of Communications, properties meeting criteria for electricity meter installation can obtain this national ID within 24–48 hours. Shoukry added that under-construction buildings that have received ministerial approval and building permits are also eligible for a real estate national ID within 48 hours. These changes are expected to accelerate documentation and transaction processes while improving transparency and governance in the sector. Fathallah Fawzy, Vice Chairperson of the Egyptian Businessmen's Association and Chair of its Construction and Building Committee, described fractional ownership as an innovative and promising investment mechanism. He noted that it supports the development of more inclusive and adaptive financial tools in real estate, extending access to a broader pool of investors and supporting economic diversification. Fawzy also called for the creation of a dedicated regulatory entity to oversee and support the sustainable growth of Egypt's real estate market, including its evolving investment models. Mostafa El Beltagy, Co-founder and CEO of Nawy, expressed support for the concept but flagged potential risks, particularly its vulnerability to money laundering if not properly regulated. He stressed the need for robust FRA oversight, warning that without a clear legal framework, fractional ownership could become a loophole for illicit financial activity. El Beltagy highlighted the model's potential, noting that although Egypt has a population of over 100 million, only about 100,000 real estate transactions occur annually, with just 35% driven by investment purposes. Fractional ownership, he argued, could significantly increase market participation. Salah Katamish, Senior Vice President of Investment & Strategy at Madinat Misr, emphasized the role of technology in revitalizing fractional ownership. He pointed to the company's app, Safe, launched six months ago, as a key enabler. The platform allows users to browse properties, view expected returns, and complete transactions with full transparency. Katamish stated that Safe currently focuses on rented units, offering investors the opportunity to earn immediate income, thereby improving investment appeal and credibility. Ahmed Saqr, Founder and CEO of SDC Egypt and the Farida fractional ownership platform, noted that while Egypt is viewed by foreign investors as high-risk, it also presents high-return potential. Saqr disclosed that trading property shares on the Farida platform—akin to stock exchange trading—is expected to commence in January 2026, contingent on regulatory approval. He affirmed that Egypt's real estate sector holds substantial untapped potential and that fractional ownership could play a key role in unlocking new demand. Mohamed Abdel-Gawad, CEO of Vantage Developments, echoed this sentiment, describing fractional ownership as a transformative tool for real estate investment. He explained that it allows investors to acquire shares in income-generating properties without purchasing full units, democratizing access and widening the investor base. However, Abdel-Gawad underscored the importance of a clear implementation roadmap, diversified portfolios, and robust legal frameworks to govern ownership rights, operations, and exit strategies. He warned that limiting share resale to the original development company could restrict investor exits and impact liquidity. To counter this, he proposed establishing a Special Purpose Vehicle (SPV) or investment fund managed by a professional third-party operator—who would also retain a minor equity stake. This structure, he argued, could streamline investor entry and exit, offer secondary market access, and introduce structured buyback options, thus enhancing investor confidence and long-term viability.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store