Latest news with #Egypti
Egypt Today
17-03-2025
- Politics
- Egypt Today
Egypt's Gaza reconstruction plan gains widespread regional, international support
Palestinians' houses have been destroyed by Israeli airstrikes on the Gaza Strip- photo by Palestinian journalists in Gaza CAIRO – 17 March 2025: "In the presence of Khaled Abdel Ghaffar, Deputy Prime Minister and Minister of Health and Population, Badr Abdel Aty, Minister of Foreign Affairs and Immigration, hosted a meeting on Monday, March 17, with over one hundred foreign ambassadors and representatives of embassies and international organizations regarding the rehabilitation of the health sector in the Gaza Strip. During the meeting, held at the Ministry of Foreign Affairs and Immigration and Expatriate Affairs, a visual presentation on the Gaza reconstruction plan was given. Minister Abdel Aty presented the comprehensive plan for the reconstruction of the Gaza Strip, developed by Egypt in coordination with the Palestinian government, noting that there are essential requirements for the plan's success. These include stabilizing the ceasefire in Gaza, managing the early recovery and reconstruction phase in a manner that ensures Palestinian ownership and treats the situation in the Strip as an integral part of the Palestinian territories, and enabling the Authority to return to the Gaza Strip to fulfill its responsibilities by establishing an independent and non-factional committee to manage the affairs of the Strip for a transitional period under the umbrella of the Palestinian government. He also noted that Egypt and Jordan have begun training Palestinian police officers in preparation for their deployment in the Gaza Strip. The Foreign Minister stressed that the Gaza reconstruction plan has received broad regional and international support, and that Egypt is currently working to arrange hosting a conference for the reconstruction of Gaza in Cairo to secure the necessary funding for the plan's implementation. Abdel Aty also mentioned a proposal for the Security Council to consider establishing an international presence in the Palestinian territories in Gaza and the West Bank, including through the adoption of a Council resolution to deploy international peacekeeping or protection forces with clear mandates and terms of reference, and within a timeframe that ensures the establishment of an independent Palestinian state. For his part, Khaled Abdel Ghaffar, Deputy Prime Minister for Human Development and Minister of Health and Population, presented a comprehensive visual presentation on the rehabilitation of the health sector in the Gaza Strip. He outlined the most prominent features of Egypt's emergency health response and the health services provided to more than 107,000 Palestinian citizens who crossed into Egypt since the beginning of the war, which exceeded a cost of $570 million. He also pointed out the features of the current deteriorating health situation in the Gaza Strip, in light of the shortage of medical supplies and the exit of more than 70% of health facilities in the Strip from service. He also addressed the details of the Egyptian proposal to rebuild and strengthen the health sector in the Strip, to raise its efficiency and respond to the basic health needs in the Strip, reviewing the expected costs of the proposed projects in this regard."
Zawya
12-02-2025
- Business
- Zawya
Egyptian developer Al Ahly Sabbour plans 20-25% EGX listing, eyes regional expansion
Egypti's Al Ahly Sabbour Developments is planning to offer between 20 to 25 percent of its shares on the Egyptian Stock Exchange (EGX) within the next 10 months, Chairman Ahmed Sabbour told Zawya Projects. The private developer is evaluating proposals from Beltone, CI Capital, Al Ahly Pharos, and EFG Hermes for advisory roles on the initial public offering (IPO), he said. Al Ahly Sabbour expects to appoint a financial advisor by June 2025, with the IPO process likely to take around 10 months thereafter, including regulatory approvals from the Financial Regulatory Authority (FRA), Sabbour said. "We are working around the clock on the offering file to take advantage of the current market momentum and maximise returns," he said. Established in 1998, Al Ahly Sabbour is a joint venture between multidisciplinary engineering services firm Sabbour Consulting and National Bank of Egypt (Al Ahly). In a press statement issued on Wednesday, the company said it achieved sales of 32.5 billion Egyptian pounds ($642 million) and delivered 2,500 units. Sabbour did not discuss the expected size of the offering but said the company plans to increase its capital, independent of the IPO, from EGP 300 million ($6 million) to EGP 550 million ($11 million) by the end of the year. Al Ahly Sabbour's listed industry peers include Palm Hills Development Company (PHDC), SODIC and Arab Developers. According to LSEG data, as on 12 February 2025, PHDC commanded a market capitalisation of approximately EGP 18.50 billion ($365.5 million), SODIC's stood at approximately EGP 22.10 billion ($437 million), while Arab Developers Holding's market cap stood at EGP 2.90 billion ($57 million). Regional expansion plans In addition to the EGX listing, Al Ahly Sabbour is also expanding into new markets in the Gulf region. In January 2024, the company announced the launch of the 23-acre, 760-unit 'Wadi Zaha' in its flagship project in Oman's Sultan Haitham City, at investment of 90 million Omani riyals ($234 million). The 100-acre project, which also includes Wadi Safa and Wadi Tala neigbourhoods, will feature approximately 3,500 housing units. In Saudi Arabia, the company is negotiating land acquisition with the Ministry of Municipalities and Housing and private companies. 'We are negotiating for a 250-acre land parcel in Khuzam [Riyadh region] for a residential project,' he said. Plans for 2025 According to the press statement, Al Ahly Sabbour is targeting sales of EGP 32 billion ($632 million) in 2025, backed by an ambitious investment plan of EGP 10 billion ($198 million) to accelerate construction and development across its projects. In 2024, the construction outlay was EGP 6 billion ($118.5 million). New contracts awarded include infrastructure works for the Keeva project in 6th of October to EJAB; infrastructure and roadworks for Alaire project in Mostakbal City to Build Tec, and exterior walls and gates for the Alaire, Woodwalks, Rare, and The Ridge projects to ICON. On the delivery front, the first phase of the Gaia project in Ras El Hekma has been delivered while 100 percent of the L'Avenir project in Mostakbal has been constructed, with 60 percent of units already delivered. The remaining deliveries are scheduled for completion by the second quarter of 2025. For the Alaire project, the first batch of delivery is set to commence in 2025 while for Keeva, Phase 1 deliveries will begin by the end of 2025. New projects debuting in 2025 are Summer Vibes, the second phase of the Summer project in the North Coast and Roofscape within the AT-EAST project in Mostakbal City. The total construction investment for Summer Vibes amounts to EGP 10.5 billion ($207 million), covering 1,728 residential units, while EGP 2 billion ($39.5 million) is being earmarked for the new 700-unit release within AT-EAST, the statement said. Al Ahly Sabbour's land bank stands at 4,000 feddans, spread across 65 real estate projects in East and West Cairo, the Red Sea coast, the North Coast and regional markets. (1 US Dollar = 50.62 Egyptian Pounds) (Reporting by Eman Hamed & Marwa Abo Al Majd) (Editing by Anoop Menon) (
