
Laverde Developments continues deliveries in the New Administrative Capital with construction progress reaching 70%
Laverde Developments is accelerating its efforts in Egypt's New Administrative Capital through the execution and handover of residential units in its two flagship projects: Laverde New Capital and Laverde Casette. These projects reflect the company's commitment to offering modern residential communities where infrastructure, green spaces, and high-quality services are seamlessly integrated.
In line with its construction timeline, the company has recently started delivering the first phase of Laverde New Capital. Over 120 residential units have been prepared for handover, with clients already beginning interior finishing work—marking a major milestone that reaffirms Laverde's focus on quality, client satisfaction, and market credibility.
Chairman Ibrahim Lashin stated that construction progress has reached advanced levels, with Laverde New Capital achieving 70% completion in residential phases and Laverde Casette surpassing that figure. This accelerated pace in several project phases underscores the company's efficiency and commitment
The Laverde New Capital project covers approximately 35 acres, with 80% of the land dedicated to green and service areas, and only 20% to construction. This approach creates a balanced urban design and a comfortable residential environment.
Meanwhile, Laverde Casette spans 50 acres and maintains an even lower building density—just 10%—with 90% of the land allocated to landscaping and amenities, offering residents an open, nature-centric lifestyle.
Lashin added that the current handovers involve residential apartment buildings in Laverde New Capital, which features a mix of apartment buildings and villas. In contrast, Laverde Casette focuses primarily on villas, including Townhouses, Twin Houses, and Standalone Villas, with only four residential buildings on the site.
In terms of unit sizes, Laverde New Capital offers apartments ranging from 135 sqm to 270 sqm, and villas from 480 sqm up to 1,063 sqm. Laverde Casette offers villas ranging from 284 sqm to 639 sqm—ensuring a wide selection to meet the preferences of diverse client segments.
Looking ahead, Laverde Developments is actively exploring new investment opportunities in key locations such as Egypt's North Coast and West Cairo. The company continues to study market trends to identify expansion avenues that align with its long-term development goals.
Lashin emphasized that Laverde adopts a flexible strategy to navigate current real estate market challenges, including rising construction costs, fluctuating interest rates, and shifts in consumer demand. As part of this approach, the company is diversifying its product portfolio—not only in terms of apartment and villa types, but also by integrating hotel suites, retail outlets, and office spaces into its projects.
Through this product diversity, Laverde ensures market adaptability and broad customer appeal, securing its leadership position in Egypt's real estate sector and strengthening its growing property portfolio.
Hashtags

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

Zawya
5 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.


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.

Zawya
a day ago
- Zawya
Egypt: Minister of Planning, Economic Development, and International Cooperation Discusses Developments in Joint Economic Relations with Norwegian Minister of International Development and Dutch Deputy Minister of Development
H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, met with H.E. Mr. Åsmund Aukrust, Minister of International Development of the Kingdom of Norway. The two sides reviewed ways to strengthen cooperation opportunities between the two countries and discussed a number of joint issues. This meeting took place during her representation of the Arab Republic of Egypt at the Fourth G20 Development Working Group (DWG) Meeting and the G20 Ministerial Meeting on Development. These meetings are being held under South Africa's G20 presidency from July 20 to 25, 2025, under the theme "Solidarity, Sustainability and Equality" in South Africa. During the meeting, H.E. Dr. Rania Al-Mashat lauded the Egyptian-Norwegian relations, and noted that the two countries have strengthened and deepened bilateral ties across various sectors, including renewable energy and regional stability efforts. H.E. Dr. Al-Mashat highlighted that the extended partnership between the governments of Egypt and Norway has been essential in boosting the economy, developing the renewable energy sector, and creating better opportunities for the Egyptian economy. H.E. Dr. Rania Al-Mashat emphasized Egypt's commitment, with its expanding economy and attractive investment climate, to attracting new foreign partnerships and investments that can drive innovation, economic growth, and sustainable development. H.E. Dr. Al-Mashat pointed to the most prominent areas of cooperation with the Norwegian side, which include the oil, energy, gas, maritime transport, shipping, and shipbuilding sectors, in addition to fisheries and aquaculture. She noted that Egypt is keen to expand these areas of cooperation, and highlighted that the Egyptian-Norwegian partnership in promoting investments in the renewable energy sector was a central focus of H.E. President Abdel Fattah El-Sisi's historic visit to the Kingdom of Norway in December 2024. H.E. Minister Al-Mashat added that the shared goals and mutual respect characterizing the bilateral relations between Egypt and Norway represent a model for international cooperation that will be built upon in the coming years. She further stated that Norway's commitment to sustainability and international cooperation aligns with Egypt's Vision 2030 and green transformation goals. H.E. Dr. Al-Mashat pointed out that the cooperation between the two countries in green hydrogen and renewable energy, which includes several prominent projects. These include a green ammonia production project from green hydrogen, a green methanol production project in the Suez Canal Economic Zone, in addition to a number of funded projects in various fields. These contribute to creating decent job opportunities for youth in cooperation with the International Labour Organization and the Norwegian Ministry of Foreign Affairs, and promoting health and combating violence against women in Egypt in cooperation with the United Nations Population Fund. H.E. Minister Al-Mashat affirmed Egypt's keenness to involve the private sector, especially in strategic sectors such as renewable energy, green hydrogen, maritime industries, and technology. She noted that the country provides a stable investment climate, competitive incentives, and access to key regional markets, making it an ideal gateway for Norwegian and other international companies seeking to expand into the Middle East and Africa. She also referred to the cooperation between Egypt and Scatec, and mentioned that Egypt and Norway have historically strong economic ties, which have translated into tangible projects benefiting both economies. H.E. Dr. Al-Mashat outlined that the new partnerships with Scatec enhance active cooperation between the public and private sectors and development partners, aiming to promote green transformation. She noted Scatec's contribution to the implementation of the Benban Solar Park, one of the largest solar parks in the world, and the first green hydrogen plant in the Suez Canal Economic Zone, in cooperation with the European Bank for Reconstruction and Development and other partners. H.E. Dr. Al-Mashat also pointed to the efforts of the Ministry of Planning, Economic Development, and International Cooperation in continuing to support international partnerships and mobilize local and international financing to promote green transformation in Egypt and increase the number of environmentally friendly projects. She pointed out that the cooperation portfolio with Scatec includes a number of projects under the energy sector of the "NWFE" program, including the green hydrogen project in Egypt, the green ammonia production project in Damietta, the 1 GW solar power project with battery energy storage solutions (BESS), and a 1 GW solar power plant for the aluminum complex in Naga Hammadi. Egyptian-Dutch Relations On another note, H.E. Dr. Rania Al-Mashat met with H.E. Ms. Pascalle Grotenhuis, Netherlands' Vice Minister for International Development, to discuss strengthening Egyptian-Dutch relations and developments in the partnership between the two countries. During the meeting, Dr. Rania Al-Mashat affirmed that Egypt and the Netherlands have deep-rooted political, cultural, and economic relations spanning several decades. These relations have witnessed significant momentum and growing cooperation at various levels in recent years. H.E. Dr. Al-Mashat noted that the economic cooperation between the two countries has been an important axis in bilateral relations, with the Netherlands providing over 407 million Euros in development financing to Egypt since 1975. This assistance has contributed to supporting many vital sectors, including agriculture and irrigation, health and social affairs, transport, electricity, housing, tourism, education, and local development. She stated that the Netherlands is one of Egypt's main trading partners within the European continent, with bilateral trade amounting to approximately one billion Euros annually. Both sides aim to expand this cooperation and diversify its areas, especially given the available opportunities for economic integration between the two countries. H.E. Dr. Al-Mashat highlighted the "Orange Corners" program, implemented in cooperation with the Dutch side and the private sector, to support entrepreneurs in the Nile Delta and Upper Egypt governorates. After the success of the first three-year phase, the program is now in a new cycle extending from 2024 to 2028, reflecting the shared interest of both countries in achieving inclusive economic growth and providing job opportunities for youth. The two sides also reviewed developments in cooperation in the fields of water and climate following the Memorandum of Understanding signed between the Egyptian and Dutch governments in October 2024, to enhance cooperation in coastal resource management and adaptation to climate change. Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation - Egypt.