Better Home celebrates the delivery of "Solo", its second project in the New Administrative Capital
The celebration of the beginning of life for its second project was attended by leaders from the New Administrative Capital Company and Better Home, as well as journalists. Eng. Khaled Abbas, Chairman of the New Administrative Capital Company, praised Better Home's strength and performance and the extent of its project achievements on the ground, as it was the first real estate developer to believe in the New Administrative Capital project since its launch, and has many successful and distinguished projects in the capital.
During a press conference on the sidelines of his visit to the project, he emphasized that the New Administrative Capital Company always strives to overcome all obstacles facing serious real estate developers, emphasizing that everyone is united. One way to complete this massive national project, which is considered one of the most prominent landmarks of the new republic launched by President Abdel Fattah El-Sisi.
He added that the Midtown Solo project, with its unique quality and execution, is strong evidence that the Capital Company is proceeding steadily and that it has major and distinguished projects offering full services. He pointed out that the entire project consists of independent villas with diverse services, reflecting the quality of the project's clients. He explained that the Capital Company has connected approximately 95% of the facilities in the first phase, but has certain binding requirements for the developer to connect the facilities. He emphasized that once these are completed, the services will be connected immediately.
Abbas added that the company is currently working on the main roads and landscaping in the R7 area, which have been divided into phases to be completed within a short period of time.
Dr. Ahmed Fahmy, General Manager of the Capital Development Company, expressed his happiness with the scale of the Midtown Solo project's completion, which reflects the Capital Development Company's success and its status as a ready-to-live-in place. He praised the company's performance, noting that it is a disciplined company in terms of paperwork and licensing, committed to its clients, and on-time delivery. This makes it a distinguished model for a committed real estate developer, in addition to the project's superb engineering and architectural design and the careful planning of all its services.
Fahmy added that Midtown Solo project is the company's second project to be delivered after Midtown Villa project, and that they are pleased with the presence of such sophisticated projects in the capital, capable of attracting a large number of clients and investors to the capital. He pointed out that the company does not hesitate to provide any support to serious developers, having provided four to five facilitation packages for serious developers, which had a significant impact, resulting in a significant amount of delayed collections, the issuance of numerous licenses for a large number of projects, and the resolution of problems faced by some struggling companies with their clients.
Fahmy pointed out that Better Home is one of the first companies to invest in more than one project in the capital and believes in the feasibility of investing there. Therefore, it is one of the companies that has been successful in this giant national project from the outset. He pointed out that the Administrative Capital has been and continues to be an attractive investment destination. He explained that the Capital Company launched an electronic tender for units in the R8 area about 15 days ago, and that three times the number of land plots offered applied for. He noted that the winning companies for the plots of land for which there is no competing demand will be announced within days. As for the remaining plots for which there is more than one application, the qualified company will be selected based on the company's technical and financial strength and solvency after the Eid al-Adha holidays.
Ashraf Adel, General Manager of Better Home, expressed his pleasure at the honor of Eng. Khaled Abbas visiting and inspecting the company's second project in the capital, and his constant keenness to share with them the exceptional moments in the company's history.
He praised the significant role played by the Administrative Capital Company and its leadership in supporting developers and overcoming all obstacles to complete their projects in a manner befitting the scale and importance of this massive national project. Adel pointed out that Better Home was the first real estate developer to acquire a plot of land in the New Administrative Capital since the launch of this great dream, which has become a tangible reality for an integrated smart city brimming with life and reflecting Egypt's civilized image to the world.
He noted that the "Solo" project is a milestone in the Egyptian real estate market, as it is the only project in the Administrative Capital composed entirely of standalone villas, with a total of 390 separate villas, spread over an area of 66 acres. The project is distinguished by its strategic location directly on the southern Bin Zayed Axis, next to the Cathedral and the Green River, one of the most important geographical landmarks in the capital. Adel added that the company took into account the low population density in the project's design, allocating 80% of the total area to landscaping, green spaces, and a lagoon, while only 20% was allocated to buildings. This provides a healthy, integrated residential environment that combines comfort and nature. He explained that the project includes a variety of recreational and social services, including a health and social club (Club House) for residents, as well as swimming pools, restaurants, cafes, and pharmacies, enhancing the quality of life within the unique residential complex.
The company's general manager indicated that the project has achieved great success since its launch, as it was completely sold out in record time, reflecting customer confidence in Better Home projects and its leading position in the real estate market. The project also includes an integrated commercial area spanning an area of 30,000 square meters, consisting of 14 independent buildings, each consists of a ground floor, first floor, second floor, and roof, in addition to a private basement. Building areas start from 1,250 square meters, in addition to 1,100 square meters of outdoor space and a 940-square-meter basement.
Adel added that the commercial area was implemented with a modern "strip mall" design, open and directly on the road, facilitating access for both residents and road users. It includes restaurants, cafes, pharmacies, and international companies, making it a commercial and entertainment destination serving the entire region.
In concluding his speech, Ashraf Adel, the company's general manager, expressed his thanks and appreciation to Engineer Khaled Abbas for his prominent and tangible role in the renaissance and growth of private sector projects in the capital. This is a natural result of his continuous follow-up and constant efforts to overcome any obstacles facing companies in completing their work. He praised his ongoing support for the company and for every serious developer working in the capital. He emphasized the company's continued construction and development, and its keenness to seize opportunities to implement other projects in the capital, making it an influential and effective partner for the capital in the field of development and growth.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
17 minutes ago
- The National
More than 51,000 homes sold in Dubai in 'record' second quarter
More than 51,000 homes were sold in Dubai in the second quarter of this year, marking a quarterly record amid strong demand from buyers, a report has shown. The figures are up 22.8 per cent year-on-year, property consultancy Knight Frank said in its report on Wednesday. In the first half of the year, total home sales reached more than 94,000, putting the market firmly "on track to exceed" 169,000 transactions recorded in 2024, it added. The total value of residential sales in the January to June period also surged to Dh268 billion ($73 billion), a 41 per cent increase compared to the same period last year. The market is poised to surpass the Dh367 billion in home sales reached last year, the consultancy said. Residential prices grew by an average of 13.7 per cent annually in second quarter, with villa prices rising by 16 per cent year-on-year. 'The sustained growth in prices - now approaching five consecutive years since the current cycle began in November 2020 - is a clear sign of a more stable and predictable market environment,' Faisal Durrani, partner and head of research, Mena, at Knight Frank, said. 'Knight Frank's forecasts for 2025 remain unchanged, with 8 per cent growth expected in the mainstream market and 5 per cent in the prime segment.' Dubai's property market has been booming in recent years, having benefited from government initiatives such as residency permits for retired and remote workers, expansion of the 10-year golden visa programme and overall growth in the UAE's economy on diversification efforts. This month, a new scheme was also launched to help Emiratis and UAE residents who do not own any freehold residential property in the emirate get on the property ladder. In the first half of 2025, the volume and value of all real estate transactions in Dubai rose sharply amid the entry of more than 59,000 new investors into the booming market, the Dubai Media Office said on Sunday, quoting Dubai Land Department (DLD) data. The number of transactions reached 125,538, up nearly 26 per cent from 99,947 during the first six months of last year, it said. The value of these transactions rose about 25 per cent to about Dh431 billion, 'highlighting the strong growth momentum in the market', the report said. Luxury driving growth The luxury segment recorded strong growth in the second quarter, with prime residential values across 10 key communities rising by 16 per cent over the past 12 months, according to Knight Frank. The average prime transacted price now stands at Dh3,850 per square foot. Villas continued to outperform the broader market in the second quarter, with values climbing to Dh2,172 per square foot, marking a 4 per cent quarterly increase. Prime residential areas such as Palm Jumeirah, Emirates Hills, Jumeirah Bay Island, and Dubai Hills Estate remained the most sought-after locations, particularly among international high-net-worth individuals, it said. Sales of homes priced above $10 million reached Dh9.5 billion in second quarter of 2025, 'the highest quarterly figure on record", according to the consultancy. 'The market is increasingly being shaped by genuine buyers rather than speculators, with resale activity within 12 months of purchase now at just 4–5 per cent, compared to 25 per cent in 2008,' Will McKintosh, regional partner and head of residential - Mena, at Knight Frank, said. 'This shift toward end-user activity is a positive indicator of the market's growing maturity and long-term sustainability.' Knight Frank's report also highlighted the emergence of "accidental millionaires" - homeowners whose properties have appreciated beyond $1 million due to market trends. As of the second quarter, there are 110,000 such homes in Dubai, with 37,000 owned by individuals who originally purchased below the million-dollar threshold.
Zawya
an hour ago
- Zawya
Bank of Africa Group launches working capital platform on Kyriba for 20-country network
DUBAI, United Arab Emirates --(BUSINESS WIRE)-- Kyriba, a global leader in liquidity performance, today announces its collaboration with the Bank of Africa Group. Bank of Africa, one of the largest Pan-African banking groups, has completed the implementation of Kyriba's Working Capital platform to deliver enhanced digitized supply chain finance capabilities across its extensive network serving 20 African countries. The first phase of the project facilitates working capital management for The Group's customers in Morocco with plans to expand to other markets. Bank of Africa has onboarded its first customer, with the aim to bring on several new customers in 2025. This collaboration underscores Kyriba's continued growth in the region and globally, as well as its unmatched receivables and payables finance solutions, dynamic discounting and supplier onboarding. Kyriba's expertise and platform will enable Bank of Africa Group's customers to enhance cash flow, strengthen supplier relationships, and maintain sustainable growth amid economic uncertainties. 'Bank of Africa Group's adoption of Kyriba's Working Capital solution demonstrates their commitment to innovation and underscores our ability to meet the complex needs of financial institutions in today's complex and volatile global economy. As the industry evolves, banks that embrace digitization and automation will be best positioned to lead—modernizing operations, gaining real-time visibility, and delivering more value to clients. Together, we look forward to setting a new standard for innovation and efficiency in African supply chain finance," said John Stevens, Kyriba's Global Head of Capital Markets, Financial Institutions & Working Capital. Kyriba has also seen incredible growth in the volume of working capital financing among both banks and corporates, growing nearly 5X since 2020 and more than doubling the number of invoices uploaded to the platform. This surge highlights the increasing focus on unlocking trapped liquidity and mitigating market volatility through working capital solutions, which can unlock cash flow by accelerating payables and accessing receivables. With over 6,500 employees and a legacy spanning more than a century, Bank of Africa Group is a key financial enabler empowering businesses and enhancing economic opportunities in Africa. 'Kyriba stood out to us for its local expertise, customer-centric approach, comprehensive product offerings, and proven impact delivering working capital efficiency to customers across the continent and world. We are excited to work with Kyriba to unlock new levels of financial insights that can help us optimize working capital and achieve operational success,' said Adil Lahbichi, Executive Director – Global Transaction Banking, Bank of Africa Group. The African supply chain market is poised for rapid growth, driven by increasing demand for working capital optimization. Bank of Africa Group's implementation of Kyriba's platform demonstrates the immense potential for digitized working capital solutions across the region. About Kyriba Kyriba is the global leader in liquidity performance, empowering CFOs, Treasurers and IT leaders to connect, protect, forecast and optimize their liquidity amid economic complexity. As a secure and scalable SaaS solution trusted by 3,000 customers, Kyriba delivers intelligence and financial automation through innovative technologies — including its trusted agentic AI (TAI) — bringing precision, efficiency, and insight to financial operations. With an expansive ecosystem of banking, technology and consulting partners, Kyriba's platform powers more than 3 billion bank transactions and $15 trillion in payments across 9,900+ banks annually – helping companies gain enterprise-wide visibility, ensure financial stability, and outperform their business strategy. About Bank of Africa Group BANK OF AFRICA is a multinational and multi-trade banking group. It was incorporated by Royal Dahir in 1959 under the name of Banque Marocaine du Commerce Extérieur, and has been transformed over more than 60 years to become BANK OF AFRICA since 2020, a universal bank that puts its expertise at the service of innovation, progress and excellence. Thanks to its large banking network on the continent and its international influence, BANK OF AFRICA is determined to take part in the emergence of Africa to make it the continent of the 21st century. Present in 32 countries across Africa, Europe, Asia and North America, BANK OF AFRICA has one of the leading banking groups in Africa, with nearly 2,000 branches. It serves 6.6 million customers worldwide and positions itself as a key economic bridge between Africa and the rest of the world.
Zawya
an hour ago
- Zawya
SODIC displays 107% growth in net profit YoY and 22% increase in revenues
Cairo, Egypt: Sixth of October Development & Investment Company 'SODIC' has released its consolidated financial results for the period ended 30th of June 2025. Operational & Financial Highlights Revenues EGP 4.8 billion, up by 22% YoY. Net Cash collections EGP 8.5 billion Gross profit: EGP 2.8 billion, up 96% YoY, reflecting a gross profit margin of 58% Operating profit: EGP 1.8 billion, up 155% YoY, implying an operating profit margin of 38% Net profit after tax EGP 1,303 million, up 107% YoY, delivering a net profit margin of 27% Net cash collections reached EGP 8.5 billion for the period, this compares to collections of EGP 5.95 billion recorded during the first half of the year. SODIC delivered 313 units during the first six months, of which 148 were in East Cairo projects, while West Cairo accounted for 165 of the delivered units. This compares to 478 units delivered during the same period in 2024. CAPEX spent on construction during 2025 amounted to EGP 4.9 billion, compared to EGP 3.1 billion spent during the same period last year. Revenues of EGP 4.8 billion were recorded during the period, representing a 22% increase compared to EGP 3.9 billion of revenues recorded during the same period last year. Revenues were driven by deliveries in West Cairo projects which accounted for 56% of SODIC's deliveries by value, while East Cairo contributed 44% of the delivered value. Gross profit came in at EGP 2.8 billion, implying a gross profit margin of 58% and recording a 96% growth YoY. Operating profit of EGP 1.8 billion was recorded during 2025, reflecting an operating profit margin of 38%, growing by 155% YoY. Net profit after tax and non-controlling interest came in at EGP 1,298 million, implying a net profit margin of 27% and EPS of EGP 3.64. SODIC continues to maintain a strong liquidity position with total cash and cash equivalents amounting to EGP 2.4 billion. Bank leverage remains low, with bank debt to equity standing at 0.39x. Bank debt outstanding amounted to EGP 4.9 billion as of 30 June 2025. Debt to equity amounted to 0.33x at year-end 2024, with EGP 3.8 billion of outstanding debt. Total receivables stood at EGP 81.1 billion, of which EGP 18.5 billion are short-term receivables providing strong cash flow visibility for the company. A total of EGP 8.9 billion of receivables are reported on the balance sheet, reflecting only the receivables related to delivered units already recognized as revenue. On the other hand, some EGP 72.2 billion of receivables related to undelivered units are disclosed in the footnotes. SODIC's total backlog of unrecognized revenue stood at EGP 89.4 billion as of 30 June 2025, providing strong revenue visibility for the company. Key Corporate Highlights March 11th: SODIC announced the signing of an EGP 2.45 billion Bridge Facility with Commercial International Bank (CIB) to finance the development of June. May 12th: SODIC has signed a revenue share agreement with Rula for Land Reclamation for the development of a 1,000 feddan land plot in New Sphinx City, West Cairo. June 17th: SODIC announced the early delivery of VYE, its pioneering next-generation development in New Zayed, six months ahead of schedule. July 14th: SODIC announced the early delivery of the first homes at June, its Miami inspired vibrant beachfront destination on the North Coast. Commenting on the results, Ayman Amer, General Manager of SODIC, said: 'We are pleased to report another strong set of financial results for the first half of 2025, showing a remarkable 107% YoY growth in net profit. The signing of a revenue share agreement for a 1,000-acre land plot in New Sphinx City marks a major milestone in our expansion strategy, effectively doubling our undeveloped land bank. With solid revenue growth, robust profitability, and a healthy balance sheet, we remain well-positioned to pursue our strategic priorities and deliver another year of record-breaking achievements'. About SODIC SODIC is one of the region's leading real estate development companies, with a distinguished track record of over 29 years of successful operations in West Cairo, East Cairo, and the North Coast. SODIC brings to the market award-winning developments that cater to the country's ever-growing need for high-quality residential, commercial, & retail property as well as large-scale mixed-use developments and vibrant communities that are home to over 30,000 people today. SODIC flagship and signature developments include Allegria, Forty West, The Polygon and The Estates in West Cairo, Villette and EDNC in New Cairo as well as June, Caesar and Ogami on Egypt's North Mediterranean Coast. SODIC is listed on the Egypt's Stock Exchange since 1996 under For more information, please visit
