Latest news with #AhmedHemmat
Zawya
23-04-2025
- Business
- Zawya
JLL appointed by Reliance Egypt to transform renowned Lazoghly Complex
Cairo, Egypt – JLL, a leading professional services firm specialising in real estate, investment management and development consultancy, has been appointed by Reliance Egypt to support the transformation of the Lazoghly Complex in Cairo, Egypt. JLL will also deliver the Moxy Cairo Downtown, a playful and stylish hospitality brand targeting the 'young at heart' travellers. This initiative is part of the adaptive reuse project of the Lazoghly Complex of buildings. JLL's Project & Development Services (P&DS) fit-out team will deliver a comprehensive range of project management solutions, including project planning and programming, and cost management, from concept design through to construction and fit-out. Reliance Developments, the urban regeneration arm of Reliance Egypt, is collaborating with JLL on transforming the seven-building Lazoghly Complex as part of a larger precinct revitalisation effort. It is being repurposed as an integrated mixed-use development, offering a vibrant mix of hospitality services, offices, co-working spaces, retail outlets, restaurants, and edutainment facilities. The project seeks to breathe new life into ageing buildings while preserving their heritage and optimising building performance, with JLL providing project delivery solutions for Reliance Developments. JLL is also offering an extensive range of services to Reliance Ventures, the hospitality arm of Reliance Egypt, on building Moxy Cairo Downtown. The hotel plan includes 365 rooms, a fitness centre, lively public spaces, a fun grab-and-go concept, and communal tables offering ample opportunities for guests to plug and play. These features align with the brand's focus on creating social spaces for modern travellers, with JLL providing project management and cost management services to Reliance Egypt. Ahmed Hemmat, Head of Project & Development Services at JLL, said: 'The transformation of Lazoghly shows the immense potential of adaptive reuse in reviving ageing buildings. By repurposing these structures, we address the needs of today's users while preserving a part of Cairo's rich heritage. We are excited to be involved in creating a modern, sustainable space with a compelling story about its history.' Magdi Kassabgui, Chairman & CEO at Reliance Egypt, stated: 'We envision our development as the cornerstone of the broader revitalisation of Downtown Cairo, setting the stage for its transformation into a world-class touristic, cultural, and artistic hub. Our goal is to create a dynamic mixed-use destination that enhances the urban experience by introducing new spaces for work, leisure, and hospitality. This project reflects our commitment to sustainable urban regeneration and our belief in the power of thoughtful design and creativity to breathe new life into the city.' Ahmed Mostafa, Head of Fit-out Egypt at JLL, added: 'With JLL's extensive experience in hotel projects, we are uniquely positioned to support this exciting rehabilitation. Our team understands the intricate balance required when adapting heritage buildings for modern hospitality use. We are thrilled to bring our expertise to this project, ensuring that the new Moxy Hotel will offer guests an exceptional experience while honouring the building's heritage.' George Raafat, Head Project Manager at Reliance Developments, added: 'Reliance is proud to be at the forefront of Downtown Cairo's regeneration. We are taking a leading role in the expert conversion of these historic buildings, meticulously preserving their heritage architectural elements while seamlessly integrating them with highly efficient, modern functionalities. By forging strategic partnerships with industry leaders like JLL, we are ensuring the highest standards of execution. This project incorporates cutting-edge sustainable practices, including smart building management technologies for enhanced operational performance, and the use of locally sourced, environmentally friendly building materials.' The Lazoghly Complex project is expected to set a new standard for adaptive reuse in Cairo, demonstrating how heritage preservation can align with modern, sustainable development practices. – ends – About JLL For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. SEE A BRIGHTER WAYSM. For further information, visit About JLL MEA Across the Middle East and Africa (MEA) JLL is a leading player in the real estate and hospitality services markets. The firm has worked in 35 countries across the region and employs over 2000 internationally qualified professionals across its offices in Dubai, Abu Dhabi, Riyadh, Jeddah, Al Khobar, Cairo, Casablanca, Cape Town, Johannesburg and Nairobi. For further information, visit
Zawya
24-03-2025
- Business
- Zawya
Egypt's residential sector leads 2024 project awards, valued at $2.4bln: JLL
Egypt - After facing a challenging beginning to 2024, Egypt is projected to see its GDP growth accelerate to 4% in 2025. This is expected to be driven by easing inflation, improved currency stability, and ongoing public sector reforms, according to JLL's Middle East and Africa (MEA) Market Review and Outlook for 2025. Supporting this positive outlook are predictions for inflation to slow from 28.3% in 2024 to 17.8%, alongside a surge in foreign direct investment (FDI), particularly from GCC countries. This influx of capital and global confidence is expected to significantly boost Egypt's real estate sector, highlighting optimism about the country's economic potential and property market, JLL reports. Ayman Sami, Country Head of JLL Egypt, commented: 'Despite the economic turbulence and policy tightening, Egypt's real estate market is on an upward trajectory. The reduction in inflationary pressures, coupled with rising foreign investment and improved stability of the Egyptian pound, is reigniting investor interest. In 2025, Cairo's residential and hospitality segments are expected to be the main drivers of growth, supported by government efforts to enhance the investment environment.' Despite a range of challenges, including rising costs, escalating wages, and geopolitical conflicts affecting logistics and supply chains, the construction market in the MEA region slowed in 2024, experiencing a 20.2% decline to $90bn. In Egypt, the residential sector, valued at $2.4bn, dominated project awards, according to JLL. Even with pressures such as labor shortages, technology issues, and regulatory complexities, the MEA construction market remains robust, with a $1.9trn project pipeline. Ahmed Hemmat, Head of Projects and Development Services for JLL in Egypt, stated: 'Egypt's construction market has shown remarkable resilience amid global challenges. While geopolitical tensions and economic uncertainties have impacted the sector, national projects and growing foreign investments are creating significant opportunities for developers. Strategic partnerships and innovative solutions will be essential to overcoming challenges such as rising material costs and supply chain disruptions.' As the economic landscape improves, Cairo's residential sector continued to demonstrate resilience throughout 2024, with rental rates outperforming the broader market. The 6th of October City and New Cairo both saw substantial rental increases of approximately 108% year-on-year, while secondary markets experienced price hikes of 112% and 116%, respectively, largely driven by inflation. Healthy demand is expected to continue pushing rental and sales prices upward in 2025, though at a slower pace than in 2024. In 2024, Cairo saw the completion of approximately 24,000 new residential units, bringing the total inventory to around 293,000. In 2025, the sector is expected to expand further with the delivery of nearly 32,000 additional units. Cairo's hospitality sector also saw significant growth in 2024, as government initiatives improved the tourism landscape, attracting a record 15.7 million visitors to the capital. The hospitality sector benefited from an increase in supply activity, with key hotel operators like Hilton, Accor, and IHG announcing expansion plans. Though only one new hotel was completed in 2024, nearly 2,000 additional hotel rooms are expected to be added to the market in the coming year. While Cairo's hotel occupancy rates dipped by 5.4 percentage points in 2024, the average daily rate (ADR) saw a slight uptick of 0.52%. The hospitality sector's growth is set to continue, with additional supply supporting the goal of attracting 18 million visitors in 2025. Cairo's office market remained stable in 2024, with a slight reduction in vacancy rates and a modest drop of 1.8% in average rents. In 2025, nearly five times as many office units are scheduled for completion. The demand for Grade A office spaces, particularly in business parks and mixed-use developments offering amenities like ample parking, is driving up prices due to limited supply in relation to demand. This demand, especially from corporate occupiers, is expected to fuel further growth in the office sector over the medium to long term, while the growth of the outsourcing market will also stimulate increased activity in this space. After a period of downturn, Cairo's retail sector began to show signs of recovery toward the end of 2024. Average rental rates in Q4 remained stable compared to the previous quarter, with the secondary market leading the charge, showing an annual increase of 14%. Primary regional and super-regional malls also saw moderate growth, with rental rates rising by 6%.
Daily News Egypt
23-03-2025
- Business
- Daily News Egypt
Egypt's residential sector leads 2024 project awards, valued at $2.4bn: JLL
After facing a challenging beginning to 2024, Egypt is projected to see its GDP growth accelerate to 4% in 2025. This is expected to be driven by easing inflation, improved currency stability, and ongoing public sector reforms, according to JLL's Middle East and Africa (MEA) Market Review and Outlook for 2025. Supporting this positive outlook are predictions for inflation to slow from 28.3% in 2024 to 17.8%, alongside a surge in foreign direct investment (FDI), particularly from GCC countries. This influx of capital and global confidence is expected to significantly boost Egypt's real estate sector, highlighting optimism about the country's economic potential and property market, JLL reports. Ayman Sami, Country Head of JLL Egypt, commented: 'Despite the economic turbulence and policy tightening, Egypt's real estate market is on an upward trajectory. The reduction in inflationary pressures, coupled with rising foreign investment and improved stability of the Egyptian pound, is reigniting investor interest. In 2025, Cairo's residential and hospitality segments are expected to be the main drivers of growth, supported by government efforts to enhance the investment environment.' Despite a range of challenges, including rising costs, escalating wages, and geopolitical conflicts affecting logistics and supply chains, the construction market in the MEA region slowed in 2024, experiencing a 20.2% decline to $90bn. In Egypt, the residential sector, valued at $2.4bn, dominated project awards, according to JLL. Even with pressures such as labor shortages, technology issues, and regulatory complexities, the MEA construction market remains robust, with a $1.9trn project pipeline. Ahmed Hemmat, Head of Projects and Development Services for JLL in Egypt, stated: 'Egypt's construction market has shown remarkable resilience amid global challenges. While geopolitical tensions and economic uncertainties have impacted the sector, national projects and growing foreign investments are creating significant opportunities for developers. Strategic partnerships and innovative solutions will be essential to overcoming challenges such as rising material costs and supply chain disruptions.' As the economic landscape improves, Cairo's residential sector continued to demonstrate resilience throughout 2024, with rental rates outperforming the broader market. The 6th of October City and New Cairo both saw substantial rental increases of approximately 108% year-on-year, while secondary markets experienced price hikes of 112% and 116%, respectively, largely driven by inflation. Healthy demand is expected to continue pushing rental and sales prices upward in 2025, though at a slower pace than in 2024. In 2024, Cairo saw the completion of approximately 24,000 new residential units, bringing the total inventory to around 293,000. In 2025, the sector is expected to expand further with the delivery of nearly 32,000 additional units. Cairo's hospitality sector also saw significant growth in 2024, as government initiatives improved the tourism landscape, attracting a record 15.7 million visitors to the capital. The hospitality sector benefited from an increase in supply activity, with key hotel operators like Hilton, Accor, and IHG announcing expansion plans. Though only one new hotel was completed in 2024, nearly 2,000 additional hotel rooms are expected to be added to the market in the coming year. While Cairo's hotel occupancy rates dipped by 5.4 percentage points in 2024, the average daily rate (ADR) saw a slight uptick of 0.52%. The hospitality sector's growth is set to continue, with additional supply supporting the goal of attracting 18 million visitors in 2025. Cairo's office market remained stable in 2024, with a slight reduction in vacancy rates and a modest drop of 1.8% in average rents. In 2025, nearly five times as many office units are scheduled for completion. The demand for Grade A office spaces, particularly in business parks and mixed-use developments offering amenities like ample parking, is driving up prices due to limited supply in relation to demand. This demand, especially from corporate occupiers, is expected to fuel further growth in the office sector over the medium to long term, while the growth of the outsourcing market will also stimulate increased activity in this space. After a period of downturn, Cairo's retail sector began to show signs of recovery toward the end of 2024. Average rental rates in Q4 remained stable compared to the previous quarter, with the secondary market leading the charge, showing an annual increase of 14%. Primary regional and super-regional malls also saw moderate growth, with rental rates rising by 6%.
