Latest news with #EastCairo
Zawya
a day ago
- Business
- Zawya
Egypt's MIDAR, Saudi's Sumou partner on $1.4bln Boulevard project in East Cairo
Egyptian master developer MIDAR (Midar for Investment and Urban Development) has signed a revenue-sharing agreement with Saudi Arabia's Sumou Investment, represented by its subsidiary Adeer International, to co-develop a mixed-use project named Boulevard in Mostakbal City, East Cairo. Speaking to Zawya Projects, Ayman ElKousey, CEO and Managing Director of MIDAR, said the 60-acre project will be developed at a total investment of 70 billion Egyptian pounds ($1.4 billion). Covering an area of 5,200 acres, Mostakbal City is MIDAR's first master development. ElKousey added that 26 developers are currently executing projects within MIDAR's approximately 11,000-acre land holding in East Cairo, which also includes its second master development MADA City, spanning 5,800 acres. He said the company is targeting $7 billion in investments within its developments in the near future. In January 2025, MIDAR had inked a $2 billion strategic agreement with Sumou Investment, Adeer International, and Hassan Allam Properties to develop hospitality and leisure projects across premium Nile-front locations and within MIDAR's cities. ElKousey said Adeer International and Paragon Developments will establish a joint venture to lead the development of the new project. Adeer entered the Egyptian market in 2023 with the launch of 'Adeer Plaza' and established strategic partnerships with Hassan Allam Properties, Mili, and Paragon. (1 US Dollar = 49.07 Egyptian pounds) (Reporting by Eman Hamed; Additional writing by Marwa Abo Almajd; Editing by Anoop Menon) (
Zawya
07-07-2025
- Business
- Zawya
Egyptian real estate investment firm Bonyan eyes expansion in East Cairo
Egyptian real estate investment company Bonyan is planning to expand its portfolio in the commercial real estate sector with a particular focus on East Cairo, according to the company's CEO Shamel Aboul Fadl. Speaking to Zawya Projects, Fadl said seven new assets are currently under evaluation, with one expected to be selected soon for acquisition. The company currently owns 10 commercial assets in East and West Cairo with 93 percent occupancy rate and 56 percent of the leases denominated in US dollars. Commenting on the company's initial public offering (IPO) on the Egyptian stock exchange EGX, Fadl said that first-day subscription coverage on Sunday surpassed expectations, calling the market response 'very positive.' The company is offering up to 21.94 percent of its share capital through the IPO with a total transaction size of EGP 1.8 billion. Of the total EGP 1.8 billion offering, EGP 1.55 billion will be raised through a secondary sale by existing shareholders, while EGP 250 million will be generated via a primary issuance of new shares. Fadl said the company's share was valued at EGP 7.5 per share by an independent financial advisor, who based the assessment on a blend of asset appraisals and comparable transaction benchmarks, implying offering valuation of EGP 8.2–9 billion for the floated stake. 'If the capital is increased, the funds will be used to support the company's investment expansion,' he said, adding that debt levels remain low, currently not exceeding 8 percent of the portfolio's value, as a precaution amid high interest rates. The offering is structured with a 95 percent allocation to institutional investors and 5 percent to retail participants, according to a presentation by company officials. It includes a stabilisation fund of EGP 360 million, equivalent to 20 percent of the offering size, of which EGP 270 million is designated for the private tranche. The stabilisation mechanism will remain active for one-month post-listing. (1 US Dollar = 49.69 Egyptian Pounds) (Writing by Marwa Abo Almajd; Editing by Anoop Menon) (
Zawya
30-06-2025
- Business
- Zawya
Egypt: Sakan Developments launches Park-U project in El Shorouk City
Egypt - Sakan Developments has announced the launch of its latest project, Park-U, located in El Shorouk City, with total investments exceeding EGP 4.8bn. This ambitious development marks a significant milestone in the company's growth strategy. Sakan Developments has already delivered more than 56 projects and handed over over 250 residential units, with total investments surpassing EGP 3.7bn, primarily in El Shorouk City and New Cairo. Spanning a total land area of 15,000 square meters, Park-U features an operational built-up area of 69,300 square meters. The project aims to serve as a vibrant hub for business and leisure, reflecting the company's commitment to providing integrated, high-value developments in emerging urban areas. Walid Khattab, Chairperson of Sakan Developments, commented: 'This project is part of our ongoing commitment to delivering innovative solutions that meet the aspirations of the Egyptian market. Park-U is designed to respond to growing demand for modern commercial spaces in East Cairo.' Ahmed Taher, Head of the Commercial Sector at Sakan Developments, added that development of Park-U will span 42 months, starting in June 2025, with the first units expected to be delivered and operations commencing by early 2029. He highlighted the project's strategic location, situated near the New Administrative Capital, which positions Park-U as a promising commercial and lifestyle destination. The development is expected to attract not only El Shorouk residents but also professionals, visitors, and residents of the New Administrative Capital, serving the needs of thousands in the coming years. Taher also emphasized the project's strong investment potential, given the increasing demand for commercial, retail, and entertainment spaces in rapidly developing urban zones. Park-U is set to play a key role in enhancing economic activity in El Shorouk and its surrounding areas. To ensure the highest standards in design and execution, Sakan Developments has partnered with a group of renowned companies, including ACE Moharram-Bakhoum, KAD, Smarch Architects, Kelma Developments, Sedra Electric, and e& business (Etisalat). Each partner brings specialized expertise to ensure the successful delivery of the project. Park-U reflects Sakan Developments' broader vision to contribute to Egypt's urban expansion through high-quality, future-ready developments that align with market trends and evolving consumer needs.
Zawya
12-06-2025
- Business
- Zawya
Rock Developments set to launch its latest project in New Heliopolis, featuring over 85% green spaces
Rock Developments is set to announce its latest project in East Cairo soon—a brand-new residential development in a prime strategic location in New Heliopolis. The project offers a balance between tranquility and easy access to major landmarks and main roads, with full details expected to be revealed by the end of the month. Eng. Emad Doss, Managing Director of Rock Developments, stated that the new project marks another step in the company's expansion strategy to deliver fully integrated residential communities. The development stands out as a purely residential compound with no commercial activity, offering a premium living experience focused on privacy, green spaces, and quality of life—ensuring the highest levels of comfort and quiet for residents. He added that the new residential project spans over 17 feddans, with a low building footprint of no more than 15%, dedicating more than 85% of the area to gardens and open spaces, along with distinctive water features that enhance the overall aesthetic. Doss noted that the project is surrounded by several upscale residential compounds, as well as key educational and healthcare facilities, positioning it as one of the most promising destinations for a fully integrated lifestyle in the heart of New Heliopolis. Doss pointed out that the project will feature a variety of residential units and private villas with elegant, modern designs in diverse sizes—catering to the needs of a broad segment of customers seeking a contemporary lifestyle. He explained that the new residential project will be equipped with a comprehensive range of amenities and services, including jogging and walking tracks, children's play areas, co-working spaces, reading zones, a sports area, and dedicated spaces for pets, in addition to 24/7 security and maintenance services. The company's managing director revealed that the first phase of the project is scheduled to be launched soon at competitive prices, with expected delivery in 2029. Rock Developments is the real estate arm of El Batal Group for Investment. Its portfolio includes several residential and commercial projects in Egypt and Canada under the "Rock" brand, such as: Rock White in New Heliopolis, Rock Yard in Sheraton, Rock Eden in 6th of October, Rock Capital 1 in the New Administrative Capital, and both Rock Vera and Rock Gold Mall in New Cairo.
Zawya
26-05-2025
- Business
- Zawya
Cairo Real Estate Market posts strong Q1 2025 performance across all sectors
Cairo's real estate market kicked off 2025 with solid momentum, showing robust activity across residential, office, retail, and hospitality segments, according to The Cairo Real Estate Market Dynamics – Q1 2025 report. Residential Sector Approximately 7,500 new residential units were delivered in Q1, bringing Cairo's total housing stock to around 301,100 units. Most upcoming completions—estimated at 28,500 units by year-end—are concentrated in East Greater Cairo. Although growth has eased from the triple-digit surges of 2024, market activity remains healthy. A stabilizing exchange rate and a sharp decline in inflation to 13.6% as of March 2025 have contributed to this normalization. Property sales prices in 6th October and New Cairo increased by an average of 89.4% year-on-year, while rental rates rose 90.2% and 88.2%, respectively. A growing trend has seen more prospective buyers opting to rent in high-end neighborhoods previously beyond their purchasing power. This shift is encouraging landlords to lease rather than sell, bolstering the rental market and enhancing investment returns. Office Sector The office market expanded by roughly 10,500 sqm of leasable space in Q1, raising Cairo's total office inventory to approximately 2.2 million sqm. An additional 615,300 sqm is expected to be completed by the end of the year. Grade A office vacancies declined to 8.6%, down from 10.9% in the previous quarter. Rents rose year-on-year by 4.7% for Grade A offices and 2.9% for Prime spaces. Limited availability of high-quality stock kept landlords in a strong negotiating position. Parking availability has become increasingly important in lease discussions, driving developers to incorporate podium parking in new projects. Retail Sector Cairo's retail market added 27,000 sqm of gross leasable area (GLA) in Q1, increasing total retail stock to 3.22 million sqm. Most of this growth occurred in New Cairo and the New Administrative Capital, with expansions in business parks, malls, and community centers. Vacancy rates fell to 7.2%, down from 9.2% a year earlier, as improved footfall and tenant demand supported performance. Outdoor, community-focused retail formats—especially those centered on F\&B and entertainment—outperformed traditional malls. Rental rates rose across the board, with super-regional malls seeing a 7.4% annual increase and community malls registering an 11.4% uptick. Despite higher rents, landlords continued to offer leasing incentives such as rent abatements and capital expenditure contributions. Hospitality Sector The hospitality sector saw the addition of approximately 870 hotel keys in Q1, following the openings of Hilton Cairo Nile Maadi and Sofitel Cairo Downtown Nile. This brings Cairo's total hotel stock to about 27,800 keys. While occupancy slipped slightly by 0.7% year-on-year through March, average daily rates (ADR) rose sharply by 30.5%, driving a 29.1% increase in revenue per available room (RevPAR). These gains signal strong pricing power and sustained recovery in tourism, especially in the upscale and luxury segments. Market Outlook Cairo's real estate market in Q1 2025 demonstrated resilience and adaptability, with each sector effectively navigating evolving economic conditions and shifting consumer preferences.
