Egypt's SED to launch residential project in Sixth Settlement
Saudi Egyptian Developers (SED), a state-backed joint venture between Egypt's Ministry of Housing, Utilities, and Urban Communities and Saudi Arabia's Ministry of Finance, is planning to launch a new residential project in Sixth Settlement, according to CEO Mohamed El-Taher.
Speaking to Zawya Projects, El-Taher said SED has acquired 105 acres to develop a mixed-use community comprising apartments and villas, with anticipated sales of 70 billion Egyptian pounds ($1.4 billion).
The company is also evaluating entry into the Saudi market for potential investments, aligning with its regional expansion strategy.
SED recently inaugurated the 256-key Hilton Cairo Nile Maadi hotel, part of its 9,600 sqm Nile Pearl mixed-use development in the Maadi district of capital city Cairo. The EGP 6 billion ($119 million) five-star hotel occupies one of the two 22-storey towers of Nile Pearl, with the second tower housing 190 residential units.
The project was executed by SIAC Construction (main contractor) and EHAF Consulting Engineers (main consultant). Hill International served as project manager, with Pino Meroni handling fit-out and Siemens providing building automation.
In December 2024, SED delivered the first phase of its EGP 8.7 billion ($172 million) Bleu Vert residential project in the New Administrative Capital (NAC). The 70-acre development features 1,398 residential units, including villas, twin houses, townhouses, and apartments. The first phase included 300 apartments and 104 villas.
(1 US Dollar = 50.64 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
(anoop.menon@lseg.com)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Post
2 hours ago
- Arabian Post
Tencent Set to Pursue Nexon Takeover
Tencent is reportedly in discussions to acquire Nexon, the developer behind MapleStory and Dungeon & Fighter, in a deal that could exceed US$15 billion, signalling a strategic push into South Korea's gaming and Web3 sectors. Chinese tech conglomerate Tencent has approached the family of Nexon's late founder Kim Jung‑ju, which controls a 44.4 per cent stake through NXC Corp, to explore acquiring a substantial portion or full control of the company. The proposed transaction, valued at around 20 trillion won, aims to secure Tencent long‑term rights to Nexon's celebrated intellectual property while bolstering its position in South Korea's lucrative gaming market. Nexon, founded in Seoul in 1994 and now headquartered in Tokyo, is best known for its enduring franchises MapleStory and Dungeon & Fighter. The firm has been a pioneer in integrating games with Web3 technologies, launching a blockchain division dubbed NEXPACE and rolling out MapleStory Universe—complete with NFT item mechanics, token economies and a gasless transaction system on the Avalanche network. The NXPC token was listed on major crypto exchanges, reflecting deep commitment to a decentralised gaming strategy. ADVERTISEMENT While Tencent had previously tried to acquire Nexon in 2019—efforts fell through over valuation disagreements—the company has since fortified its global gaming footprint with a US$1.3 billion investment in Ubisoft and a 10 per cent stake in South Korea's SM Entertainment, a major K‑pop label. Its renewed interest in Nexon aligns with a broader ambition to dominate both blockchain and traditional gaming domains, despite sector‑wide funding slowdowns and reduced daily active user metrics in Web3 games. Sources emphasise that while discussions are underway, no definitive agreement has been reached and terms remain fluid. The Kim family is reportedly consulting financial advisers on the potential sale. Part of the complexity stems from their decision last year to transfer shares to settle inheritance taxes, a move that added governmental and family stakeholders into the mix. Nexon has seen its share price rise over 10 per cent in 2025, though it remains about 30 per cent below its 2021 peak. The Tokyo‑listed firm was valued at approximately US$15–16.6 billion, depending on market conditions. Tencent's remote stance with acquired studios suggests that any purchase may leave Nexon's operational autonomy largely intact. But the deal could deliver Tencent stronger access to Western and Asian markets, reinforcing its Web3 and blockchain ambitions. For Nexon, aligning with Tencent offers capital resources to scale blockchain gaming efforts and deepen development of blockchain-enabled platforms such as MapleStory Universe. Since launching MapleStory N in May 2025, the company has leveraged its Web3 unit's Abu Dhabi‑based NEXPACE to expand global blockchain gaming operations. With Tencent prioritising organic growth and strategic minority investments—such as expanding its blockchain infrastructure partnerships with TON Foundation and Chainbase—this potential acquisition represents one of its most ambitious M&A moves post‑2020 Chinese regulatory tightening. Should negotiations succeed, Tencent would gain direct control over multiple high‑value IPs and a formidable presence in South Korea's gaming ecosystem, presenting both strategic advantages and regulatory scrutiny across jurisdictions. The deal's complexity—woven through family, government, and market dynamics—ensures that stakeholders across the industry are closely watching every development.
Dubai Eye
2 hours ago
- Dubai Eye
H.H. Sheikh Abdullah concludes visit to US to bolster bilateral cooperation
His Highness Sheikh Abdullah bin Zayed Al Nahyan, the UAE's Deputy Prime Minister and Minister of Foreign Affairs, concluded a visit to the US aimed at strengthening cooperation in economic development, trade, AI, and regional security. During the visit, Sheikh Abdullah held talks with US Secretary of State Marco Rubio, as well as senior officials from the White House, members of Congress, and other key government figures, to advance the UAE-US strategic partnership. He also met with Steve Witkoff, US Special Envoy to the Middle East, and Stephen Miller, Deputy Chief of Staff for Policy and Homeland Security Adviser, to discuss regional developments and shared efforts toward peace and stability. Talks with US Secretary of Commerce Howard Lutnick centred on economic and trade collaboration. In engagements with several members of Congress, Sheikh Abdullah reaffirmed the UAE's commitment to deepening ties with the US, emphasising shared goals of peace, prosperity, and international cooperation.
Arabian Post
3 hours ago
- Arabian Post
WazirX Offers Partial Repayment Amid Court‑Mandated Restructuring
WazirX has unveiled a revised restructuring plan under Singapore High Court oversight that proposes to repay approximately 85% of users' pre‑hack balances, while the remaining 15% would be settled over time through a Recovery Token mechanism. A final court decision is expected by 20 June, setting the stage for ensuing repayments. A hack that occurred on 18 July 2024 led to the theft of nearly US $235 million from the exchange's wallets, widely attributed to North Korean Lazarus Group operatives. WazirX parent company Zettai Pte Ltd subsequently secured a moratorium in Singapore and initiated a formal Scheme of Arrangement allowing creditors to vote on recovery proposals. By April, rebalancing of assets was completed, enabling the exchange to present each affected user's USD and INR valuations based on their 18 July 2024 holdings. Around 93% of creditors voted in favour of this plan in April, far exceeding the 75% threshold required by law. ADVERTISEMENT Under the scheme, the initial payment—estimated at 85% of the original holdings—would be disbursed in either the original asset or USDT within ten business days of court approval. The remaining 15% would be issued as RTs, tradable tokens redeemable via quarterly buybacks funded from WazirX's profits or recovered assets. Risks remain, however: if creditors reject the plan, the court may order liquidation under Section 301 of the Singapore Companies Act. That scenario could trigger asset fire‑sales, reducing recovery potential and extending the timeline until 2030. Community reaction is mixed. Many users have expressed doubts over the exchange's transparency and the partial compensation model. Subreddits suggest a collective legal response is forming in Kerala and beyond. One user asserted: 'If anyone still believes that WazirX will return our funds without us taking any action — that hope is gone after yesterday's court decision.' Meanwhile, creditor‑activist voices have argued the restructuring represents a better outcome than liquidation. As one FTX creditor remarked, it is 'far superior to liquidation' for preserving value. CoinSwitch has also launched a parallel initiative named CoinSwitch Cares, offering affected users a potential path to full recovery—up to ₹600 crore—with added incentives for sign‑ups and referrals. However, that scheme depends on WazirX restoring withdrawal functionality. The Singapore High Court's deadline of 20 June will determine whether the court grants final sanction to WazirX's Scheme of Arrangement. Should it proceed, initial disbursements would begin between late June and July. If it's rejected, WazirX would head into liquidation—triggering a protracted, uncertain payout stretching possibly until 2030, with potentially deep losses. WazirX's recovery architecture combines immediate restitution and long‑term tools designed to align creditor outcomes with the firm's future performance. The RT buyback mechanism underscores this approach, offering users potential upside linked to the exchange's profitability and asset recovery. Users must act to verify claims through WazirX's Claim Tracker, accept the rebalanced valuations, and monitor further updates. Approval hinges on the court's formal order and the willingness of creditors to embrace a controlled, phased repayment versus the uncertain prospects of full liquidation.
