Cairo Metro Line 1 Extension Study Secured With Spanish Grant
Feb 07, 2025
The Minister of Planning and Economic Development, Dr. Rania Al-Mashat has signed a grant agreement alongside Eduardo Soriano, Spain's Economic and Commercial Counselor in Egypt, worth EUR 1.4 million to finance the preliminary feasibility study for the Cairo Metro Line 1 extension from Al-Marg Al-Jadida to Shibin Al-Qanater.
TYPSA, a group of independent consulting engineering firms based in Spain, will undertake the study in collaboration with the Egyptian government.
The study, set to last eight months, aims to support Egypt's sustainable transport goals under the Nexus of Water, Food and Energy (NWFE+) national programme. The project aims to expand eco-friendly infrastructure, including converting Alexandria's Abu Qir railway into an electric metro.
Spain has provided development financing to Egypt since the 1990s, with over EUR 500 million invested in key sectors such as transport, energy and environmental sustainability.
The grant follows previous Spanish support, including EUR 800,000 in funding for wastewater treatment and youth employment initiatives. Spain is also set to host the Fourth International Conference on Development Financing later this year.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily News Egypt
20 minutes ago
- Daily News Egypt
Najma Walk collaborates with IWG to operate office spaces under Regus brand
Najma Walk Developments has announced a partnership with the International Workplace Group (IWG), a global leader in flexible workspace solutions, to manage and operate the project's administrative units under the Regus brand. Located in New Cairo and spanning over 12,000 sqm, the Najma Walk project features commercial, medical, and administrative spaces designed with modern architectural concepts and open views. The project also integrates artificial intelligence technologies into its design and services, reflecting the company's commitment to adopting global standards in sustainable real estate development. This partnership with IWG marks the third international collaboration for Najma Walk, following earlier agreements with Concorde Hotels & Resorts to manage hotel units and Eterna Clinics to operate medical facilities. In a statement, the Board of Directors of Najma Walk highlighted that excavation and soil preparation are already underway, with construction progressing ahead of schedule. 'We are moving forward at an accelerated pace, underscoring our commitment to delivering a project that meets and exceeds investor expectations,' the Board noted. The Board also emphasised that selecting IWG to operate the administrative units aligns with Najma Walk's integrated operational vision, aimed at ensuring international service standards across all components of the project. Youssef Naguib, Executive Director of IWG in Egypt, commented: 'We are pleased to partner with Najma Walk to establish a new flexible workspace under our Regus brand. This step supports our broader strategy to expand our network to 150 centres across Egypt by 2030, driven by rising demand for flexible workspace solutions—particularly in key areas such as New Cairo, West Cairo, the North Coast, and the New Administrative Capital. Through new locations like Najma Walk, we aim to better meet the evolving needs of the Egyptian workforce.'
Economic Key
23 minutes ago
- Economic Key
Avis Egypt named the 'Licensee of the Year 2025' by Avis Budget Group
In a historic achievement that reinforces its leadership in the mobility sector, Avis Egypt has been named the prestigious title of 'Licensee of the Year 2025' by Avis Budget Group- a title it will hold through 2027. The announcement was made during the Avis Budget Group International Conference, held in Istanbul, which brought together licensees from over 150 countries. This marks the first time an African Avis licensee and an Egyptian car rental company has received such global recognition. The win also reflects the strength of Avis Egypt as part of Avis Budget Egypt, the official licensee of Avis, Budget & Payless in Egypt and the mobility arm of Ezz Elarab Group, a pioneering automotive enterprise with 50 years of legacy in the Egyptian market. The recognition follows a precise evaluation process based on annual growth rates, fleet efficiency, Net Promoter Score (NPS), amongst other metrics and overall compliance with global standards. It reflects Avis Budget Egypt's ability to deliver a globally competitive strategy, while remaining deeply attuned to the evolving needs of the market and it stands as a testament to the company's consistent performance and dedication over the past few years. This performance is closely tied to Avis Budget Egypt's strategic vision — one that blends targeted marketing with a clear focus on supporting the country's booming tourism sector. With car rentals and chauffeur driven services the company has reinforced its local presence by tapping into this momentum. Tourism revenues in the first half of fiscal year 2024–2025 reached $8.7 billion, up from $7.8 billion year-on-year. Notably, the first quarter of 2025 alone saw a 25% increase in tourist arrivals compared to Q1 2024, further cementing Egypt's position as a leading regional travel destination. In the same week, Avis Egypt was also named 'Egypt's Leading Car Rental Company' for the ninth consecutive year by the World Travel Awards, the travel industry's most prestigious program recognizing excellence across global tourism and hospitality, a clear testament to its consistent service excellence. Additionally, Budget Egypt received the 'Customer Favorite Award' from based on customers' reviews and performance metrics. These honors collectively solidify the company's customer-centric approach, focus on service quality, and commitment to best international practices. Commenting on the achievement, Eng. Hisham Ezz Elarab, Chairman of Ezz Elarab Group, stated: 'This global recognition marks a new chapter in Avis Budget Egypt's journey as a mobility leader. It reflects our strong growth, expanding market share, and clear strategic vision. Our goal is not just to provide best-in-class service, but to reshape the mobility landscape in Egypt by anticipating and responding to evolving customer needs'. During the conference, Ms. Nevine El-Labban, Chairwoman of Avis Budget Egypt, was invited to participate in a high-level panel discussion titled 'Strategic Operations and Expansion,' featuring top-performing global licensees, a recognition of her leadership and the company's role in advancing operational excellence across the Avis Budget Group network. She remarked: 'At Avis Budget Egypt, we go beyond providing transportation, we deliver integrated mobility solutions tailored to the changing needs of individuals and businesses. Our strategy is grounded in listening to our customers and understanding how lifestyle shifts influence their mobility preferences. We're not just competing in the market, we're setting the standard.' Later, reflecting on the award, Ms. El-Labban added: 'This global award not only validates our success in Egypt, but also places our operational expertise at the heart of the Avis Budget international network. We are proud to be viewed as a benchmark for performance excellence across the group.' Avis Budget Egypt has evolved into a leading enterprise, achieving fivefold growth in just three years, driven by visionary leadership and a highly skilled team. The company's offerings span short-term rentals, long-term leasing, chauffeured services, and corporate fleet management. By strengthening its long-term leasing and chauffeured transportation operations, Avis Budget Egypt has further diversified its portfolio and revenue streams, firmly positioning itself as a key player in shaping the future of regional mobility. These achievements align with Ezz Elarab Group's 50th anniversary, serving as a powerful reflection of its longstanding dedication to excellence, innovation, and a sustainable future for mobility in Egypt and the broader region. تم نسخ الرابط
Daily News Egypt
29 minutes ago
- Daily News Egypt
Midar partners with Adeer to develop Boulevard project in Mostakbal City with EGP 70bn investment
Midar for Investment and Urban Development, the master developer of Mostakbal City and MADA City in East Cairo, has announced the signing of a strategic revenue-sharing agreement with Adeer International, a subsidiary of Saudi-based Sumou Holding. The partnership will see the development of an integrated mixed-use urban project spanning over half a million square metres in Mostakbal City, with total investments exceeding EGP 70bn. Ayman ElKousey, CEO and Managing Director of Midar, highlighted the company's commitment to partnering with leading investors and developers who have proven track records in local and regional markets. He noted that Midar's cities—Mostakbal City and MADA—continue to position themselves as top investment destinations in New Cairo, attracting dozens of major investors over recent years thanks to their unique offering focused on sustainability, luxury, and smart infrastructure management. ElKousey added that the agreement reflects Sumou Holding's confidence in Midar's vision and projects. It comes as part of a broader investment alliance launched earlier this year, which brought together Midar, Sumou Investment, Adeer International, and Hassan Allam Properties to develop luxury hospitality and entertainment projects across premium Nile-front locations and within Midar's cities, with total investments of $2bn as announced in the memorandum of understanding signed at the start of the year. He also noted that unveiling the new project during a meeting between the leadership of Sumou Holding Group and Midar, alongside Egypt's Prime Minister Mostafa Madbouly, demonstrates the high level of official attention the project is receiving, as well as the extensive government coordination aimed at ensuring the successful completion of all its phases. ElKousey stressed that the meeting reflected the Egyptian state's commitment to supporting serious investments and overcoming any challenges that might slow progress in key projects. Commenting on the announcement, Bassel El Serafy, CEO of Adeer International, said: 'Our partnership with Midar is built on a shared strategic vision and deep mutual trust in Egypt's real estate and investment potential. Boulevard is not just a flagship development; it represents a long-term ambition to redefine modern living in Egypt through fully integrated, sustainable, and smart urban planning.' El Serafy also announced the establishment of a new joint venture between Adeer International and Paragon Developments to lead the Boulevard project. This step forms part of Sumou Holding's wider strategy—executed through Sumou International Investment—to foster impactful Egyptian-Saudi partnerships, transfer expertise, and deliver flexible, future-ready urban models aligned with the sustainable development goals of both countries.
