Latest news with #AinSokhna
Bloomberg
21-07-2025
- Business
- Bloomberg
Egypt's Newest LNG Import Terminals Start Up, Easing Gas Crunch
Two new LNG floating terminals are now operational in Egypt, bringing some relief to the North African nation that last year turned into a net importer of the fuel due to domestic supply crunches and rising demand. The Energos Eskimo terminal, at Egypt's Ain Sokhna port on the Red Sea, has received two liquefied natural gas cargoes since late last week, ship-tracking data on Bloomberg show. Another floating storage and regasification unit at the same location, Energos Power, is now operational and ready to receive fuel, according to the ship-tracking data and a person with direct knowledge of the information.
Zawya
21-07-2025
- Business
- Zawya
Navigating Egypt's summer house market: To rent or to own?
Egypt's real estate landscape has long been characterized by a unique blend of tradition and evolving market dynamics. Among its most distinctive segments is the summer house market, a vibrant sector deeply intertwined with the country's cultural affinity for coastal getaways and seasonal retreats. These coastal retreats are not merely vacation spots but represent a substantial investment and lifestyle choice for many Egyptians. The choice between renting and ownership is deeply personal, influenced by individual preferences for flexibility versus long-term investment. While many are drawn to ownership for its potential as a wealth-preserving asset, offering both personal use and attractive rental yields, others prefer the freedom of renting to explore new destinations annually. The Egyptian Summer House Market Landscape The Egyptian summer house market, a segment of Egypt's wider residential and vacation housing sector, has seen growth in recent years. In June 2025, prices of villas along the North Coast rose by 15.8% year-on-year (YoY), reaching an average of EGP 20,200 per square meter, according to the Global Property Guide's Egypt Residential Property Market Analysis 2025. Meanwhile, apartment prices in the same area averaged EGP 26,100 per square meter, reflecting a marginal annual decrease of 1.1%. In Ain Sokhna, average apartment prices rose by 2.4% YoY in June, reaching EGP 21,700 per square meter, while villa prices climbed by 8.8% to EGP 19,850 per square meter, the analysis showed. In this regard, Mohamed, an owner of several chalets in different summer destinations, tells Arab Finance: 'Chalet purchase prices generally start from around EGP 2 million in mid-range areas and can go up to EGP 6 or EGP 7 million in newer developments. For villas, the lowest price currently is EGP 11 million, and can go up to EGP 20 million depending on the area and number of rooms.' The vacation rentals market in Egypt is also on a strong upward trajectory. It is projected to experience a robust annual growth rate of 10.25% between 2025 and 2029, ultimately reaching a market value of $1.84 billion, according to Statista. Mohamed explains, 'Prices vary significantly depending on the summer region, distinguishing between Alexandria and its North Coast extensions, and the Red Sea coastal areas like Ain Sokhna, Hurghada, El Gouna, Ras Sudr, and others. Each of these areas offers different categories to suit all social classes.' 'However, with summer in full swing, demand is highest along the North Coast. Average villa rentals range from EGP 10,000 to EGP 15,000, depending on the property's level and location. Chalet rentals range from EGP 4,000 to EGP 6,000, also depending on location, finishing quality, appliances, and furnishings,' he adds. Dina Samir ElWakkad, an economist and instructor of economics, tells Arab Finance: 'The long-term outlook for coastal and summer-specific real estate in Egypt remains positive, albeit segmented. Areas like the North Coast, Ain Sokhna, and Red Sea cities continue to attract demand from both local and regional buyers.' 'Going forward, developers are likely to shift toward more flexible models, such as extended payment plans and rental pool systems, to adapt to changing affordability levels. Infrastructure development and government support for tourism and second-home markets will also play a key role in sustaining demand in these areas over the next five to 10 years,' as per ElWakkad. The Investment Appeal of Summer House Ownership In terms of summer houses, people's preferences vary between rental and ownership. Mohamed notes, 'Preferences vary widely. Many people favor ownership for investment and saving money, as well as for their personal use at any time throughout the year.' 'On the other hand, others prefer renting as they like to constantly experience new and different places, alternating between the North Coast, El Gouna, and other modern areas like Ras El Hekma and Sidi Abdel Rahman,' he highlights. For some, buying a summer house is sometimes driven by profits from renting their properties out to others. According to ElWakkad, 'In prime summer destinations such as the North Coast and El Gouna, gross rental yields for well-maintained and strategically located properties typically range between 6% and 9% annually.' 'However, this depends heavily on factors like seasonality, property management quality, and local demand cycles. Compared to other investment options in Egypt, such as treasury bills or gold, summer houses carry higher risks,' she explains. 'But they offer the added value through personal use, potential capital appreciation, and diversification benefits for medium- to long-term investors.' In order to ensure profit, Mohamed advises future buyers to purchase in new areas. 'They offer greater investment potential, whether now or in the future. They also provide a very enjoyable and comfortable summer retreat for both buyers and renters.' Inflation is another key factor impacting people's choices on purchasing or renting a summer house. ElWakkad explains, 'Current inflationary pressures and the significant devaluation of the Egyptian Pound have notably reshaped consumer behavior in the real estate sector.' 'For many, purchasing a summer house has become less attainable due to rising construction costs, higher mortgage rates, and reduced purchasing power,' she says. 'Consequently, renting has become a more attractive short-term option, especially for middle-income families who seek seasonal use without long-term financial commitment.' 'For those holding assets in foreign currency or inflation-hedged investment portfolios, ownership still presents a viable wealth preservation strategy,' she adds. The Egyptian summer house market presents a multifaceted decision for consumers, both owners and renters alike. Prices vary across diverse coastal regions, but recent data indicate continued growth in key areas such as the North Coast and Ain Sokhna, alongside a robust projected expansion in the vacation rentals sector. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Arabian Business
18-07-2025
- Business
- Arabian Business
Egypt High Speed Rail to use 3,000 Hitachi ACs to cool its 21 stations
Egypt's High-Speed Rail (HSR) project has awarded a major Heating, Ventilation, and Air Conditioning (HVAC) contract to a partnership between Johnson Controls-Hitachi Air Conditioning Middle East and Africa (MEA), and Elsewedy Machinery. Hitachi will supply more than 3,000 high-efficiency indoor Variable Refrigerant Flow (VRF) units, to be deployed across 21 stations. The units will be manufactured at its facility in Barcelona, Spain. Egypt rail project: Key HVAC updates The solution delivers a total cooling capacity of more than 11,000 Refrigeration Tons (RT) and features Eurovent certification and high-ambient resilience, tailored to Egypt's climate and transport sector requirements. Egypt's HSR links major cities and ports, setting new benchmarks in sustainable transport development across the country. Spanning 660 kilometers, the HSR will connect Ain Sokhna, Alamein, Cairo, Alexandria, 6th of October City, and other key hubs across Egypt. Once operational, the system will serve 21 stations, transporting over one million passengers and 8,500 tons of cargo daily. The project is designed to dramatically reduce travel times and support faster, more efficient logistics nationwide. Ahmed Aqel, general manager, Johnson Controls–Hitachi Air Conditioning MEA, commented: 'This mega project represents a pivotal advancement in Egypt's national infrastructure agenda. It reflects the country's vision for modern, efficient, and climate-conscious transportation. 'We are proud to deliver our advanced HVAC systems to a development of this scale and significance, working alongside Elsewedy Machinery to ensure technical precision, operational excellence, and long-term impact.' Elsewedy Machinery – the trading arm of Elsewedy Electric Group – will oversee the complete scope of HVAC delivery, including supply, installation, copper piping network, startup, commissioning, and after-sales service. 'Our partnership with Elsewedy Electric brings together global HVAC innovation and local execution expertise,' Aqel added. 'By integrating high-performance European-manufactured VRF systems into Egypt's high-speed rail infrastructure, we are supporting a new benchmark in sustainable, large-scale transport solutions.' The high-speed rail project reflects Egypt's forward-thinking leadership and ambition for sustainable growth. The project stands as a defining example of infrastructure that drives national transformation.
Zawya
17-07-2025
- Business
- Zawya
Egypt settles $1bln in arrears to IOCs: Madbouly
Arab Finance: The Egyptian government has paid more than $1 billion of its debts to international oil companies (IOCs) operating in the country, Prime Minister Mostafa Madbouly announced. Madbouly added that the state plans to settle an additional $1.4 billion before the end of this year. The move aims to reduce financial burdens and increase the local production from national fields and resources, instead of relying on imports. He also affirmed Egypt's ability to secure energy, lauding its success in bringing liquefied natural gas (LNG) vessels into service, as they are connected to the national gas grid. The prime minister noted that there are three vessels in Ain Sokhna, but they are not operating at full capacity. However, they will meet the state's needs in case of any unexpected problems that could cause a disruption to Egyptian gas resources. Two additional vessels are scheduled to arrive soon at the Alexandria Port and the Jordanian Port of Aqaba, as an additional emergency measure for the summer. In a meeting with key ministers on July 13 th, Madbouly followed up on the procedures for securing the financial allocations required for the petroleum products needed to operate power plants. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
14-07-2025
- Business
- Zawya
Mountain View signs strategic partnership with Core Livings as its official partner for rental and resale services across all flagship projects
Cairo, In a step aimed at redefining the residential experience and transforming it into a smart and sustainable ecosystem, Mountain View announced the signing of a new partnership with Core Livings, which becomes the official and exclusive digital partner for resale services across all Mountain View projects, and for rental services in the Mountain View Ras El Hekma project. This partnership paves the way for launching a seamless, integrated experience for customers, with plans to expand and further develop rental services next year across Mountain View's various communities in Cairo and Ain Sokhna. Core Livings provides a seamless, pioneering digital experience for managing rental and resale operations within Mountain View's communities. The platform enables users, whether owners or tenants, to browse available units effortlessly through interactive tools that allow comparisons based on budget and location. All listed units are showcased with accurate specifications and real images. Furthermore, all units in North Coast are fully furnished and ready for rent, whether for short- or long-term stays, with Mountain View Ras El Hekma leading the offering through Core Livings. This provides users with greater flexibility to choose what best suits their needs and lifestyle. Leveraging state-of-the-art technological practices, Core Livings allows users to complete bookings, rentals, and resale transactions without intermediaries, following clear and streamlined steps that ensure a smooth and fast experience aligned with the expectations of the new generation of customers who seek smart housing solutions and integrated services without routine complexities. This advanced system contributes to making Mountain View's communities more vibrant and connected, by offering a living model that resonates with modern lifestyles. 'We are proud of our strategic partnership with Mountain View, which marks a significant milestone in Egypt's real estate sector. Core Livings aims to simplify the coastal living experience through advanced digital solutions tailored to meet the evolving needs of today's generation. We believe the future lies in merging technology with traditional real estate services, which is why we've developed an end-to-end platform enabling users to manage the full rental and resale process without intermediaries. This collaboration with Mountain View reflects our shared vision of creating connected residential communities. We look forward to expanding our services to cover all of the company's projects in East and West Cairo, as well as along the Red Sea and Mediterranean coasts, contributing to positioning Egypt as a technologically advanced real estate destination in the region.' Remarked Eng. Ahmed El Morsy, Chairman of Core Livings. This partnership marks another milestone in integrating technology into urban community management and delivering an enhanced residential experience that meets the expectations of today's clients. It also places Mountain View at the forefront of real estate developers investing in innovative digital solutions that shape the future of Egypt's property market. With a diverse portfolio of more than 20 projects across East and West Cairo, as well as along the Red Sea and Mediterranean coasts, Mountain View continues to reinforce its position as a leading real estate developer. Backed by over 20 years of experience in urban development, Mountain View's ongoing expansion is part of a strategic plan to strengthen its presence in key areas by creating integrated communities that meet market demands and cater to the aspirations of its clients. About Core Livings: Core Livings, established in 2023, is the property management arm for rental and resale services across all Mountain View projects in East, West Cairo, the Red Sea, and the Mediterranean coasts. The company pioneers a new model in the Egyptian market by offering flexible, tech-powered rental and resale solutions supported by smart operations and tailored services. By integrating advanced technology, facility management, and community services, Core Livings transforms residential units into vibrant, connected, and sustainable communities, redefining the living experience and enhancing long-term value. About Mountain View: Mountain View is a leading Egyptian company founded in 2005 with the aim of developing integrated urban communities. The Company adopted a unique vision, 'Bringing life to land and spreading happiness around us,' by applying the 'Science of Happiness and Innovation' in its projects and implementing them according to global standards. Over more than 20 years of urban development, Mountain View, within the framework of its mission 'Together building a lighthouse to inspire towards meaningful, happy communities,' has successfully developed more than 20 distinctive projects in three main destinations: West Cairo, East Cairo, and coastal areas overlooking the Red Sea and the Mediterranean, led by a team of experts and outstanding calibers. As part of its strategy to spread the concept of the Science of Happiness and Innovation, Mountain View is constantly working to apply this approach beyond the Egyptian market. In 2024, the company launched Mountain View KSA in cooperation with leading real estate developers in Saudi Arabia, reflecting its ambitious expansion vision. The company is committed to delivering the latest architectural and engineering designs and innovative concepts, such as "The Lighthouse", the first place dedicated to community happiness, which operates its distinguished projects, allowing families to "Experience Happiness'.
