Egypt: Morshedy Group acquires iconic Zamalek Tower in $15mln deal
Egypt - Morshedy Group, led by businessman Mohamed Morshedy, has acquired the landmark Fouda Tower in Zamalek from a major state-owned bank in a deal worth EGP 750m.
This strategic acquisition aligns with Morshedy Group's expansion plans, furthering its commitment to high-end developments while supporting the state's initiative to increase hotel capacity. As part of the deal, the group has also secured an adjacent 4,000 sqm plot, which will be transformed into a modern parking facility to enhance accessibility for the tower's future residents and visitors.
Nour Morshedy, CEO of Morshedy Group, emphasized that the redevelopment of the tower will not only elevate Zamalek's real estate landscape but also preserve the area's natural beauty. She revealed that the company plans to convert the 50-story tower into a luxury mixed-use development, featuring both high-end residential units and a premium hotel.
Founded in 1983 by Mohamed Morshedy, the group has established itself as a key player in the real estate sector, known for its innovative and distinctive architectural designs. With a portfolio of over 21 projects and a client base exceeding 80,000, Morshedy Group continues to expand its footprint in Egypt's property market.
Wael Saada, Chairperson of Morshedy Group, highlighted the company's ongoing developments, including Skyline, designed by renowned Egyptian architect Raef Fahmy in collaboration with VDP Studio (Spain) and world-famous architect Mohamed Hadid. Set to be the world's largest residential building, Skyline spans approximately 200,000 sqm near the Ring Road and the Katameya-Ain Sokhna Road.
In addition, the group is actively developing One Katameya, a mixed-use complex featuring eight administrative and commercial buildings alongside 30 residential buildings, offering a total of 3,966 housing units. Another major project, Zahra, is currently underway in New Alamein City, further solidifying Morshedy Group's position as a leader in Egypt's real estate sector.
© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
a day ago
- Zawya
Egypt: Arab Cotton Ginning's consolidated profits fall 93% YoY in 6 months
Egypt - Arab Cotton Ginning Company witnessed 93% year-on-year (YoY) lower consolidated net profits after tax at EGP 18.929 million in the first six months of fiscal year (FY) 2024/2025, as per the financial indicators. The recorded net profits were compared with EGP 157.086 million in the six-month period that ended on December 31st, 2023. Basic earnings per share (EPS) plunged by 94% to EGP 0.07 from EGP 1.15, while the sales dropped by 30% to EGP 958.813 million from EGP 1.368 billion. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Web Release
2 days ago
- Web Release
EBRD supports Egypt with first private-to-private electricity contracts
Energy market reform is taking a major step forward in Egypt as the government approves the first bilateral power purchase agreements between private generators and consumers. As part of a pilot of the private-to-private (P2P) rules, developed with technical support from the EBRD to the Egyptian Electric Utility and Consumer Protection Regulatory Agency (Egypt ERA) and approved last year, four renewable energy projects with a combined capacity of 400 MW have been approved to contract directly with end-consumers of electricity. The four approved projects are: KarmSolar, which will develop a 100 MW solar plant to supply electricity to Suez Steel. AMEA Power, which is building a solar facility of the same size to serve BEFAR Group and the Suez Canal Container Terminal. TAQA PV, which will install 100 MW of hybrid capacity (solar and wind) to power operations at Ezz Steel. Enara, developing a hybrid plant to deliver 100 MW to the El Alamein Silicone Products Company and Helwan Fertilizers. The P2P rules set out the conditions under which generators can use the power grid to sell electricity directly to consumers, a major departure from the existing single-buyer model and a significant step forward in Egypt's efforts to liberalise its electricity market – a goal set out in the 2015 Electricity Law. This approach introduces competition into the electricity sector, expands consumer choice and promotes private investments in renewable energy. It also introduces a path for Egyptian businesses, especially those that are energy-intensive and focused on the export market, to sign agreements directly with renewable energy producers that are increasingly required to prove their low carbon product credentials, for example green hydrogen destined for the European market. Furthermore, given the electricity generation under these contracts will be entirely privately financed, the P2P scheme represents an important route for Egypt to scale up electricity production without the need for government contracts. Mark Davis, the EBRD's managing director for the southern and eastern Mediterranean region, said: 'This milestone shows how the right regulatory framework can unlock private investment and drive the energy transition. By enabling companies to procure green electricity directly from producers, Egypt is opening new opportunities for industry and enhancing its competitiveness. We are proud to have supported EgyptERA in designing this pioneering scheme and will continue working closely as projects move towards implementation.' Dr Mohamed Mousa Omran, the chairman of EgyptERA, said: 'This pilot marks an important step towards a more competitive electricity market in Egypt. By enabling direct agreements between producers and consumers, we are creating space for the private sector to play a greater role in meeting the growing demand for clean energy in Egypt. This is essential for accelerating the deployment of renewables at scale and achieving our long-term energy goals.' The EBRD's technical support is generously funded by the Swiss State Secretariat for Economic Affairs (SECO), a key partner for the Bank in many of its ongoing policy engagements that aim to decarbonise the energy sectors of its countries of operation. This work is being delivered under the EBRD's Renewable Energy Programme, which is currently supporting 16 countries in their development of market-based mechanisms to mobilise private investments. To date, activities under this programme have delivered over 8,500 MW of renewable energy capacity being awarded in 8 countries.
Fintech News ME
6 days ago
- Fintech News ME
Egypt Launches Standardised Reporting Framework for Startups and Investors
Egypt's Micro, Small and Medium Enterprise Development Agency (MSMEDA), backed by World Bank, has collaborated with several venture capital firms and the US-based platform to introduce a standardised portfolio reporting framework for startups and investors across the country. Led by Foundation Ventures, the initiative includes participation from Algebra Ventures, Sawari Ventures, Shorooq Partners, Endure Capital, Camel Ventures, DenVC, LoftyInc Capital, DisrupTech Ventures, and the Climate Resilient Africa Fund. The aim is to establish common metrics, reporting timelines, and formats, addressing the longstanding issue of inconsistent data practices within Egypt's startup ecosystem. Although Egypt's startup scene has expanded significantly in recent years, inconsistent reporting standards remain a key challenge. Startups frequently contend with producing varied reports to meet different investor requirements, while venture capital firms face difficulties in assessing portfolio performance due to the absence of unified benchmarks. The initiative seeks to simplify reporting processes for both general partners (GPs) and portfolio companies through a centralised data platform designed to enhance transparency, reliability, and operational efficiency. 'We are excited about enhancing Egypt's investment attractiveness by providing the necessary transparency to encourage foreign direct investment,' said Mazen Nadim, Managing Partner at Foundation Ventures. Following a competitive selection process, was chosen to develop and operate the platform. The company is working in partnership with Egyptian GPs to tailor the system to local requirements and workflows. The platform is expected to be fully implemented by the end of the second quarter of 2025, with the first comprehensive ecosystem report anticipated by mid-2026. By introducing a unified reporting framework, the effort is expected to ease administrative burdens for startups, provide greater clarity for investors, and strengthen Egypt's position as a destination for regional and international venture capital.
