
Egypt's Madaar launches $592mln ‘Kenz' project in West Cairo, plans 9 hotels
Spanning 200 feddans, Kenz is designed as a low-density, integrated community with built-up areas covering only 12 percent of the total land, the company said in a statement.
It said the development will offer 1,500 residential units, including apartments, twin houses, townhouses, and standalone villas, most of which will overlook a 65-feddan car-free central park - the largest of its kind in Cairo.
Key features of the project include:
A 5-star hotel operated by a global hospitality brand marking its first entry into Egypt
Serviced apartments to support investment-driven tourism
A 20,000 square-metre retail zone
A sports club, social club, and a cultural café
Ahmed Ehab, CEO of Madaar Developments told Zawya Projects that Phase 1 of Kenz is expected to be delivered within four years and generate EGP 6 billion in sales.
He also confirmed the completion timelines for Azha El Sokhna and Azha Ras El Hekma on the Red Sea coast and the North Coast respectively.
'Azha El Sokhna will include a 180-room 5-star beachfront hotel scheduled to be completed this year,' said Ehad. 'At Azha Ras El Hekma, 50 percent of construction is complete, with Phase I due in 2026 and full project completion expected by 2029.'
The two projects have exceeded EGP 40 billion ($789 million) in sales.
He said Madaar has committed EGP 6 billion ($118 million) for construction across Azha El Sokhna, Azha Ras El Hekma, and Kenz projects,
The company plans to deliver nine hotels across the three developments by the end of the construction phase, he added.
(1 US Dollar = 50.70 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
(anoop.menon@lseg.com)
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

Zawya
8 hours ago
- Zawya
Egypt Participates in Drafting and Launching the G20 Development Working Group Ministerial Declaration
H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, represented the Arab Republic of Egypt at the G20 Development Working Group Ministerial Meeting held in South Africa. She also participated in drafting and launching the Ministerial Declaration at the conclusion of the meetings. The Ministerial Declaration, issued at the meetings, affirmed that development financing is at the core of shared priorities. It also highlighted the urgent need to enhance domestic resource mobilization, address illicit financial flows, and strengthen the role of multilateral and innovative financing mechanisms. The G20 reaffirmed its commitment to the 2030 Agenda for Sustainable Development, its pledge to leave no one behind, and its enhanced shared responsibility in confronting global challenges and interconnected crises, from debt to global inequalities, climate change, and the SDG financing gap. During her participation, H.E. Dr. Rania Al-Mashat highlighted Egypt's experience in launching the "Country Approaches for Financing Sustainable Development and Climate Action" initiative within the Seville Platform for Action, with the aim of advancing integrated financing frameworks globally. Egypt co-leads this initiative (alongside South Africa, the United Nations Development Programme, the United Nations Department of Economic and Social Affairs, the Organisation for Economic Co-operation and Development, UNICEF, regional development banks, and others). Its objectives include 100 countries implementing integrated financing programs or country financing platforms funded by public, private, and philanthropic sources by 2030. Egypt has already begun joint work with Mexico to understand the mechanism for designing and implementing national platforms. Regarding stimulating large-scale investments, H.E. Dr. Al-Mashat emphasized the importance of allowing the private sector to play an effective role in development financing, improving governance in international financial institutions, and strengthening the United Nations' role in setting global economic rules. She also stressed the significance of debt sustainability and updating the basis for calculating Debt Sustainability Analysis (DSA) to ensure a fairer assessment for developing countries, particularly in Africa, and to support these countries with incentive tools and mechanisms to overcome ongoing debt challenges. In line with the G20 ministers' declaration, which highlights the urgent need to bridge the $4.5 trillion annual SDG financing gap, H.E. Dr. Al-Mashat affirmed the pressing need to expand blended finance and public-private partnerships, and to implement debt-for-development swap programs. She pointed to Egypt's experience, particularly with Italy, Germany, and China, in providing fiscal space for investment in high-impact projects in food security, women's empowerment, environmental protection, and climate change, making it a successful and replicable model. Furthermore, between 2020 and May 2025, Egypt successfully mobilized approximately $15.6 billion for private sector financing from international partners, with $4 billion allocated to the private sector within the Country Platform – the "NWFE" program. Despite the absence of an internationally agreed definition for Global Public Goods, the G20 Ministerial Declaration stressed the urgent need to enable the provision of these goods, along with the importance of taking action to support low-income and developing countries in implementing the 2030 Agenda in accordance with their national priorities and contributing to global well-being. This is what the Development Working Group calls for: enhancing global consensus, research, and cooperation on the protection and provision of Global Public Goods. The Minister of Planning, Economic Development and International Cooperation reiterated in her speech that development financing and investments in essential sectors represent the cornerstone of sustainable economic and social growth and have a direct impact on human well-being and long-term productivity. She confirmed the necessity of achieving a common vision in line with the G20 Ministerial Declaration, through mobilizing long-term and affordable financing and rethinking multilateral cooperation. With over $460 trillion in global assets, the potential to bridge SDG financing gaps is within reach – if countries redirect capital towards inclusive and sustainable priorities. H.E. Dr. Al-Mashat concluded her speech by stating that the outcomes of this Ministerial Meeting must represent the beginning of a practical phase – to translate commitments into tangible progress, moving from policies to practices with strong political will, while ensuring that no country is left behind in our pursuit of a more sustainable and equitable future for all. It is worth noting that the G20 is the premier forum for international economic cooperation and plays an important role in shaping and strengthening global architecture and governance on all major international economic issues. Its membership includes 19 countries plus the European Union and the African Union. South Africa assumed the G20 presidency from December 1, 2024, to November 2025, and is committed to leading the G20 by focusing on people, development, and solutions in a complex global geopolitical landscape. This comes against the backdrop of Egypt's pioneering experience – as a middle-income country – in balancing its national priorities. Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation - Egypt.

Zawya
a day ago
- Zawya
South Africa: President Ramaphosa concludes meeting between the National Executive and the Northern Cape Provincial Executive Council
President Cyril Ramaphosa has concluded a meeting between the National executive and the Northern Cape Provincial Executive. The meeting, held under the theme 'Unlocking the Northern Cape potential as a modern, growing and successful province', was the sixth formal engagement that the national executive had with a provincial executive. The meeting was also joined by Executive Mayors. Previous sessions include meetings with the Executive Councils of Limpopo, Mpumalanga, KwaZulu-Natal, Gauteng, and most recently, the Eastern Cape. These sessions have resulted in strengthening cooperative governance, breaking down silos and cooperative project planning that leads to collaborative execution. As President Ramaphosa said during the Budget Debate last week, when the three spheres of government work together, the lives of the people of South Africa are improved. It is envisaged that the National Executive would have met with the leadership of the remaining provinces over the next few months. The President emphasised the importance of structured engagements between the national and provincial executives that assist government coordinate more efficiently, resolve challenges together and to plan smarter. The meetings are also meant to facilitate innovative ideas and proposals to address service delivery and skills challenges. The meeting discussed the ongoing roll out of catalytic economic development projects that require the deepening of cooperation between the national and provincial governments. These include the Boegoebaai Harbor and SEZ development, revitalisation and expansion of Vaalharts, Namakwa SEZ and the development of the infrastructure masterplan. The meeting further affirmed closer cooperation on issues of climate change mitigation considering the province's vulnerability to erratic weather conditions. The national executive pledged to continue working closely with the province in areas of Transport and Logistics, Basic Education, Water and Sanitation infrastructure development, Human Settlements, Tourism and Energy and Electricity. Distributed by APO Group on behalf of The Presidency of the Republic of South Africa.


The National
a day ago
- The National
Egyptian village remains tied to tradition of carpet weaving as industry frays
In the small village of Saqiyat Abu Sharah, in the Menoufia province of Egypt, the rhythmic clatter of looms once defined daily life. Known for its intricate handmade carpets, the village was a hub of artistry, its rugs coveted around the world. But today that work has slowed, replaced by the hum of machines and the whispers of an uncertain future. Atef Salah Abdel Razek, 42, owns one of the few remaining factories for handmade-carpet in Saqiyat Abu Sharah. The village, he recalls, was once synonymous with exquisite silk carpets. 'Ten or 15 years ago, every carpet produced here was made of pure silk,' Mr Abdel Razek says. 'Now, due to economic changes, particularly the currency devaluations, we've had to turn to alternative materials like cotton and synthetic blends.' Egypt, alongside Iran and Turkey, has long been a major player in the global handmade carpet market. But a series of economic upheavals, including the devaluation of the Egyptian pound, has profoundly altered the industry. Since 2016, when Egypt floated its currency as part of a deal with the International Monetary Fund, the pound has plummeted through five separate devaluations, the latest in 2024. The cost of raw materials has rocketed, pricing out many craftsmen and buyers. Pure silk, once the hallmark of carpets from Saqiyat Abu Sharah, is now a rare luxury, Mr Abdel Razek explains. 'A square metre of pure animal-fibre carpet today can cost up to 30,000 Egyptian pounds [$600],' he says. In contrast, synthetic alternatives cost as little as 180 pounds a metre. In 2010, a square metre of a high-quality handmade rug was sold for 2,000 Egyptian pounds. That was about $500 given the exchange rate at the time. 'The kind of customer we need is someone who values things in US dollars,' he says. 'For them, 5,000 Egyptian pounds is $100, so it doesn't feel as expensive.' This pricing disparity has shifted the industry's focus. Mr Abdel Razek says that up to 90 per cent of the village's carpets are now exported to international markets, where customers can afford such luxuries. The remaining 10 per cent are sold locally, primarily to wealthier Egyptians or tourists, at bazaars in cities such as Cairo, Luxor and Sharm El Sheikh. Mr Abdel Razek's factory, like many in the village, relies heavily on international exhibitions to showcase its wares. 'The state organises regular fairs and so does the private sector,' he adds. 'These channels are essential for us. Selling directly to international buyers is rare.' But even as exports sustain the industry, the craft is in decline. In the 1970s and 1980s, Saqiyat Abu Sharah thrived as a hub for handmade carpets, a legacy that dates back centuries. The origins o the craft in Egypt can be traced to pharaonic times, with evidence of weaving techniques evolving under the Fatimid dynasty, from 969 to 1171, when silk was introduced as a primary material. During the Mamluk period, from 1250 to 1517, complex geometric patterns elevated Egyptian carpets to works of art, a tradition that persisted through Ottoman rule, which brought its own augmentations. By the mid-20th century, Egypt's post-revolutionary government, under Gamal Abdel Nasser, sought to revive and industrialise traditional crafts, turning villages such as Saqiyat Abu Sharah into production centres. But today, that legacy is fraying. Rashed Areeda, 49, has been weaving carpets since he was six years old. 'It is a laborious craft and it has worsened my eyesight over the years,' he says. 'But I love it. It is an art form and an important heritage.' In Mr Areeda's youth, nearly every household in the village had someone trained in carpet weaving. 'When I was growing up, there was a palpable sense of community,' he recalls. 'Workshops were everywhere and the craft was our main source of income.' But today rising costs and dwindling demand have driven many craftsmen out of the industry. 'In order to make money, you have to be taught as a child,' Mr Abdel Razek says. 'When you're young and dependent on your parents, you learn. Then, as an adult, you are proficient enough to earn.' But with the craft no longer considered a viable career, many young people in the village are turning to other jobs, moving to cities to work as security guards, cleaners and labourers. Mr Abdel Razek has cut his factory's operations in half because of a lack of skilled workers. For those who remain, it is not a lucrative job. 'Day workers' wages haven't increased nearly enough to offset their rising cost of living,' he admits. But the village's carpets remain highly regarded abroad, a testament to their quality and craftsmanship. In 2023, Egypt 's handmade carpet exports accounted for more than 6 per cent of the global total, with sales reaching $360 million, the Observatory of Economic Complexity has said. Turkey led global exports that year, contributing 41 per cent, followed by India and China. Iran, once the uncontested leader in handmade rugs, has seen its industry falter under international sanctions, accounting for 0.3 per cent of global exports in 2023. This has given Egypt an opportunity to capture a larger share of the market, Mr Abdel Razek says. But the future of the craft remains uncertain. Today, carpets are often made using synthetic fibres, which are cheaper but lack the richness of natural silk or wool. This shift has also affected design trends. Until 2020, many of the village's weavers copied classical Iranian styles, such as those of Isfahan or Kashan. But with the advent of social media, modern designs now dominate the industry. 'The upside of modern designs is that they don't follow specific rules,' Mr Abdel Razek says. 'There's less symmetry and more chaos is acceptable, which makes them less tiring for workers. There really isn't a wrong way to do them.' Still, the industry faces stiff competition from machine-made rugs, which cost far less. 'It is understandable that a customer would buy a machine-made carpet that costs a fraction of the price,' Mr Abdel Razek says. 'After all, what we're selling is first and foremost a luxury item.' This is why many producers, including Mr Abdel Razek, have begun selling machine-made carpets alongside handmade designs. But he remains committed to preserving the traditional craft. 'It is undoubtedly an art form,' he says. 'Matching colours, creating intricate details – it requires the same skills as oil painting.' For Mr Areeda, the craft is a livelihood and a passion, but he acknowledges its challenges. 'The hardest part of this job is selling the carpets,' he says. 'You're at the mercy of the market and demand can drop suddenly and you could be left with unsold wares for months on end, or are forced to sell them cheap.' As Saqiyat Abu Sharah faces these challenges, its future seems tied to its ability to adapt. For now, its carpets remain a symbol of a heritage that spans millennia, a tradition that its craftsmen hope will endure, even amid the relentless hum of modern machines.