Brouq Developments to Launch New Residential Project in New Cairo
In this context, Eng. Ibrahim Al Sayed, stated that the project is strategically located next to the American University, amidst a group of integrated urban projects, which gives it a significant competitive advantage, enhances its success chances in attracting a distinct segment of clients seeking a sophisticated and integrated lifestyle within a sophisticated urban environment.
He added that the project is among the company's plan to expand its real estate portfolio within the Egyptian market, which embodies its vision in offering a real estate product that redefines the concept of luxury housing, as it has been carefully designed to provide a residential experience that combines tranquility, quality, and privacy, besides providing all the essential and recreational services that meet client needs.
He emphasized that Brouq, is an Egyptian-Gulf alliance, relies on the extensive experience of its founders which extends over two decades in Gulf and North African markets, besides owning an ambitious investment plan that seeks to have a strong and sustainable print in the Egyptian real estate market.
He pointed that the new project includes fully finished units with various sizes, and will offer flexible payment plans and competitive advantages, which will be announced in details during the official launching phase.
Ibrahim Al Sayed assured that the project represents a promising investment opportunity, emphasizing that the company continues to implement its expansion plan by leveraging its strong track record, extensive experience, and high financial solvency.
It is worth noting that Brouq Developments Company implemented a number of distinguished projects abroad, including: 'Brouq Tower', 'Al Rayyan', 'Al Hilala Residence', and 'Al Brouq Residence', in addition to its projects inside Egypt, such as: Spark Capital Insight, Bling Capital Center, and Terraside Business Park.
تم نسخ الرابط
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al-Ahram Weekly
an hour ago
- Al-Ahram Weekly
Egypt government committed to economic reform - Economy - Al-Ahram Weekly
Egypt's economy expanded by 4.8 per cent in the third quarter of fiscal year 2024-25, up from 4.2 per cent in the first nine months and 2.4 per cent at the start of the fiscal year, Finance Minister Ahmed Kouchouk told a seminar on 'Fiscal Policy Between Financing Challenges and Growth Aspirations' organised by the Egypt-Canada Business Council and the Egyptian Business Council for International Cooperation on Monday. Last week, Kouchouk told participants during the opening session of the 'Egypt Day' at the London Stock Exchange in the UK that the country's primary surplus had reached 3.6 per cent in fiscal year 2024-25, the highest ever recorded, with a 35 per cent growth in tax revenues. He said the figures were the outcome of Egypt's solid fiscal performance. Delivering a presentation about the country's macroeconomic outlook, he said that taxes had not been increased or new ones imposed. The increased revenue was possible because of facilitations, broadening the tax base, digitisation, and building trust, the minister said. Given the improved revenues, Kouchouk said that next year he hopes to triple allocations supporting the economy, double export funding, and launch more initiatives supporting the industrial and tourism sectors and entrepreneurship. He said this was possible despite the headwinds that had affected Suez Canal revenues and an oil sector that needed support to rebound. He said he was confident that the country would meet its key economic reform targets and have a delayed review of its $8 billion International Monetary Fund (IMF) programme completed by September or October, according to Reuters. According to the news agency, Kouchouk said he expected the government to complete three to four privatisations across various sectors before the end of the current fiscal year 2025-26. He said the government had shared a medium-term plan for these with the IMF and international institutions. The fifth review of Egypt's $8 billion Extended Fund Facility programme by the IMF has been delayed due to slow progress on reforms such as divesting state assets and reducing the footprint of the government in the economy. This meant that Egypt would not receive the fifth tranche of $1.2 billion that was set to be release by the IMF following the review. However, once Egypt passes the combined fifth and sixth review scheduled for this autumn, it should receive $2.5 billion. Prime Minister Mustafa Madbouli had previously referred to the regional and global turmoil and its effects on the investment climate and the movement of capital in explaining the delays, indicating that these conditions had not been favourable to the sale of stakes in state-owned companies. At a recent press conference, he affirmed that selling stakes in state-owned companies was important for the government. He said that the IMF had not asked the state to offer stakes in specific sectors or companies, affirming that the decision was 100 per cent Egyptian, and that the delays were due to the state's target of achieving a specific return from the offering of the assets. If this return is not achieved, the offering is postponed to a more suitable time, he explained. In November 2024, Madbouli said that the government was planning to offer stakes in 10 state-owned companies in 2025, including four military-owned companies and banks. The list also included companies in the pharmaceuticals sector. Moreover, the government said it would privatise the management of Egypt's airports at a recent press conference, with Madbouli explaining that this involves offering the management and operation of the airports to specialised global companies. He said that the return generated by these companies in managing the airports would represent a higher value than what would be achieved through state management. In the meantime, the IMF released its report on the fourth review of Egypt's reform programme that took place earlier this year. According to the IMF report, the government has made progress in stabilising the economy. However, it said that going forward 'it is critical not only to consolidate these short-term gains but also accelerate the implementation of structural reforms.' The fourth review gives a glimmer of hope, said Hesham Shafick, assistant professor of strategic management at the German International University (GIU) in Cairo, citing it as acknowledging that inflation had cooled to around 24 per cent compared to a peak of 38 per cent and that GDP growth is recovering and reserves have accumulated quicker than expected. Quarterly real GDP growth picked up to 3.5 per cent in the first quarter of fiscal year 2024-25 compared to 2.7 per cent the same time the year before. Net international reserves reached $48.7 billion at the end of June 2025, according to the Central Bank of Egypt (CBE). However, Shafick said that some of the challenges mentioned by the report remain the same as those mentioned by the IMF since day one of the agreement, namely that the government needs to take a back seat in the economy and allow the private sector more room to operate. The fourth review report said that 'deeper reforms are required to unlock Egypt's growth potential, sustainably reduce its vulnerabilities, and meet its economic and social needs.' Reducing the role of the public sector in the economy is an urgent priority, the report stressed. It listed essential reforms such as developing a financial system that supports private-sector development, strengthening the competitiveness of the economy, and levelling the playing field and reducing red tape. According to Shafick, the economy continues to depend on piecemeal solutions such as the sale of assets or loans, while real recovery requires shrinking the state's role in non-strategic sectors and encouraging private-sector investment inflow in productive sectors. He said that while the government appears to be serious about clearing the way for private-sector activity, it needs to take steps on the ground such as issuing new legislation that will create an ecosystem that would attract the private sector. The private sector wants to make sure that it will be competing on equal terms with other players in the market, Shafick said. Economist Moataz Yeken said in a post on his Linkedin page that Egypt's macroeconomic indicators may be stabilising on the surface, thanks to hefty foreign currency inflows from Gulf allies, proceeds from the Ras Al-Hekma deal, and multilateral support, but the real economy remains constrained. He also noted that progress on the State Ownership Policy and public-asset divestment has been limited. 'While Egypt has demonstrated resilience in the face of external shocks, from Covid-19 to war-induced commodity disruptions, the model of stabilisation through foreign borrowing and asset monetisation is not a substitute for structural reform. It buys time, not sustainability,' Yeken wrote. Nonetheless, the IMF's continued support is not in doubt. According to Shafick, Egypt's geopolitical status will shield it against any fallout from the IMF's decision to delay the fifth review and the accompanying disbursement of funds, especially if it moves faster with reforms. Earlier this month, the US ratings agency Moody's kept Egypt's outlook positive and affirmed its Caa1 rating. The agency said its outlook 'reflects the prospect for an easing of Egypt's debt service burden… and increasing monetary policy credibility and effectiveness.' Yeken said that 'the IMF's continued support is not in question. Egypt remains geopolitically strategic.' However, he stressed that 'Egypt's own long-term stability hinges on a genuine pivot away from state-led commercial expansion and toward a rules-based, competitive market economy.' Attracting foreign direct investments (FDI) and selling stakes in state-owned companies is crucial not only for the growth of the economy but also to bring in revenue to bridge Egypt's financing gap. In the fourth review report, the IMF estimated the financing gap at $8.2 billion in 2025-26. To help bridge that gap, bond issuances are in order. Kouchouk said that there are plans to issue up to $4 billion of various types of bonds. Last month, $1 billion worth of sovereign sukuk (Islamic bonds) was issued. Though these issuances have raised concerns about growing external debt, the government has said it is part of a strategy to extend the maturity of its debt. The IMF puts Egypt's external debt at reaching around $180 billion in the current fiscal year, with external debt servicing amounting to $46.6 billion. During his meeting in London last week, the minister said the government was implementing an integrated strategy to improve public debt indicators and maintain investor confidence. During the seminar on Monday, he said the government had already begun reducing the country's debt-to-GDP ratio, targeting overall improvements in all economic indicators over the coming period. He added that the government remains committed to reducing external debt-servicing obligations for all budget entities by $1 to $2 billion annually. * A version of this article appears in print in the 24 July, 2025 edition of Al-Ahram Weekly Follow us on: Facebook Instagram Whatsapp Short link:
Egypt Independent
3 hours ago
- Egypt Independent
Ethiopia declares Grand Ethiopian Renaissance Dam just the beginning: More nile dams planned for development
The CEO of Ethiopia's Grand Ethiopian Renaissance Dam (GERD) Coordination Office, Aregawi Berhe, announced that Ethiopia requires even more water dams to achieve development in its agriculture and energy sectors, stating unequivocally that 'GERD is not the end of the road.' Speaking to Ethiopian media on Wednesday, Aregawi added that the GERD project is merely a first step in a long trajectory of self-driven development in the water and energy sectors. He emphasized that 'Ethiopia cannot be content with just one dam.' He highlighted the need for additional dams to serve vital purposes, primarily supporting the agricultural sector, which he described as a fundamental pillar of the national economy and food security. He believes Ethiopia has been slow in utilizing its water resources compared to other pioneering nations. 'We will not stop at just one dam; we need dams that serve other purposes, including agriculture,' he reiterated, viewing the GERD project as the beginning of correcting this path and a strategic step towards catching up with development. Aregawi also mentioned that GERD was completed with full internal funding, without reliance on foreign loans or aid. This statement came in response to previous claims by President Donald Trump about U.S. financing for the dam. Ethiopia is preparing for the official inauguration ceremony of GERD next September, with increasing regional and international attention on this massive project, which is expected to alter the balance of energy and development in the Horn of Africa region. Recently, President Donald Trump spoke about GERD on multiple occasions, stating during a White House press conference with NATO Secretary-General Mark Rutte: 'The United States financed the GERD, and I don't know why.' Earlier this July, Ethiopian Prime Minister Abiy Ahmed announced the completion of GERD's construction and set next September as the inauguration date, coinciding with the end of summer. In response, Egypt reiterated its categorical rejection of Ethiopia's continued imposition of a fait accompli through unilateral measures related to the Nile River, considering it a shared international water resource. Egyptian Minister of Water Resources and Irrigation, Hani Sewilam, stated in a press release that the Ethiopian side has persistently promoted the completion of the dam, calling it 'illegal and in violation of international law,' despite the absence of a binding agreement with downstream nations and despite the substantive reservations expressed by both Egypt and Sudan. He added that Ethiopia's policy is a 'clear violation of international law, especially the rules related to the equitable and reasonable use of international watercourses and the obligation not to cause significant harm.'
See - Sada Elbalad
16 hours ago
- See - Sada Elbalad
SCZone Delegation Taps Chinese Manufacturers to Boost Local Industry
Taarek Refaat A high-level delegation from Egypt's General Authority for the Suez Canal Economic Zone (SCZONE), led by Chairman Waleid Gamal El-Dien, continued its investment promotion tour across China by visiting Zhejiang Province to deepen industrial cooperation, particularly in the automotive and green energy sectors. This initiative aims to localize key manufacturing industries in Egypt, increase export capacity, and support the country's strategy to become a hub for electric vehicle and renewable energy production. The delegation kicked off the third day of the tour in Ninghai, where they visited the headquarters of KIBING Group, the world's second-largest producer of flat glass and the third-largest manufacturer of solar panel glass. Gamal El-Dien revealed that KIBING is set to establish the region's largest solar glass factory in the Ain Sokhna Integrated Zone, under SCZONE. The plant will span 800,000 square meters, with an expected investment of $685 million, creating up to 3,000 direct jobs upon full operation. Approximately 80% of the plant's output will be exported, primarily to European and American markets, with the remaining 20% allocated to the domestic Egyptian market, a share that could increase based on local demand. The factory is expected to rely on Egyptian silica sand as a key input, contributing to the localization of the green energy industry. Coordination is underway with national authorities to secure energy and infrastructure needs for the project. The delegation also visited Lynk & Co, an advanced vehicle manufacturing facility operated by Zhejiang Geely Holding in partnership with Sweden's Volvo. The visit focused on understanding cutting-edge automotive production processes and identifying investment requirements such as land, utilities, workforce needs, and technological transfer, core to Egypt's strategy of building a strong local auto industry. Later in the day, the SCZONE team participated in a high-level roundtable organized by the Ningbo Foreign Affairs Office, with participation from senior officials including Yi Qijun, Director General for Europe and Africa Cooperation. The session brought together six of China's leading auto parts manufacturers, including: Joyson (electronics, safety systems, displays), Minth Group (structural components, plastics; operates in the US, Mexico, Japan, Germany), Tuopu Group, Jifeng Co. (seating and interior systems), Ruitai (suspension and steering), Wuhan Auto. Discussions centered on the potential for localizing auto parts manufacturing within SCZONE, viewed as essential for supporting a full-fledged automotive production ecosystem. During the session, Waleid Gamal El-Dien gave a comprehensive presentation highlighting SCZONE's strategic geographic position, integrated industrial-port infrastructure, and access to major global markets through free trade agreements. He emphasized Egypt's long-term goal: to position the country as a regional base for advanced and electric vehicle manufacturing and a critical supplier in global automotive and energy value chains. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier 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 Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks
