Latest news with #EmanHamed
Zawya
20-05-2025
- Business
- Zawya
SCZONE signs $17mln deal with China's Hightex for fabric plant
Egypt's Suez Canal Economic Zone (SCZONE) has signed an agreement with China-based Hightex to set up a fully export-oriented decorative fabrics manufacturing facility in Qantara West Industrial Zone at an investment of 851.7 million Egyptian pounds ($17 million). The facility, which is entirely self-financed, will occupy a 65,000-square-metre plot, and produce over 20 million metres of decorative fabrics annually for export, SCZONE said in a press statement. The project is expected to create around 300 direct job opportunities, the statement said, adding that new project takes the total number of contracted projects in Qantara West to 20, representing cumulative investments of $596.5 million and generating over 27,600 direct jobs. Founded in 1990 in Hangzhou, Hightex is a major supplier of decorative fabrics with a presence in domestic and global markets. The company maintains research and sales centres in the US and operates furniture factories in both Vietnam and China. (Writing by Eman Hamed; Editing by Anoop Menon)
Zawya
04-05-2025
- Business
- Zawya
UAE's AD Ports, Egypt's SCZONE sign 50-year concession to develop KEZAD East Port Said
Egypt's General Authority for the Suez Canal Economic Zone (SCZONE) and the UAE's AD Ports Group have signed a 50-year renewable usufruct agreement to develop and operate a 20-square-kilometre (sq km) integrated industrial and logistics park near Port Said on Egypt's Mediterranean coast. The park, to be known as 'KEZAD East Port Said,' will be developed in phases by AD Ports Group, with an estimated initial investment of $120 million allocated for Phase 1 works, including marketing, technical studies, and infrastructure. Construction on the first 2.8 sq km phase is scheduled to begin by the end of 2025. AD Ports Group will be responsible for financing, constructing, operating, and managing KEZAD East Port Said. Phase 1 will also feature a 1.5-kilometre quay wall to support future cargo terminal operations. Emirates Global Aluminium (EGA) and Egypt's Hassan Allam Holding have signed memoranda of understanding as potential anchor tenants. Hassan Allam will also explore further cooperation with AD Ports Group across additional industrial and logistics developments, including port-related projects in East Port Said and elsewhere in Egypt. AD Ports Group has been active in Egypt since 2022, acquiring regional logistics and maritime firms such as Transmar, TCI, and Safina B.V. It has also secured long-term agreements to operate cruise terminals at Red Sea ports, and is building a $200 million multipurpose cargo terminal in Safaga under a concession from the Red Sea Ports Authority. In December 2024, AD Ports Group appointed Hassan Allam Construction, the construction arm of Hassan Allam Holding, to build the Safaga multipurpose cargo terminal. SCZONE manages four industrial zones and six seaports across a total area of 455 sq km. Since mid-2021, it has signed 274 investment projects valued at $8.3 billion. (Reporting by Eman Hamed & Marwa Abo Almajd; Editing by Anoop Menon) (
Zawya
17-04-2025
- Business
- Zawya
Al Ahly Sabbour launches Egypt's first 'own-to-rent' development in New Cairo
Egyptian developer Al Ahly Sabbour Developments announced on Wednesday the launches the first phase of 'The Mornings,' the country's first 'Own-to-Rent' project. The company said in a press statement that the mixed-use project, spread over an area of 14 acres in New Cairo, contains 630 residential, commercial, administrative and medical units The statement said the project is anticipated to generate sales worth 11 billion Egyptian pounds ($215 million). Al Ahly Sabbour has collaborated with local building management services firm BirdNest to roll out the 'Own to Rent' concept. Ahmed Sabbour, Chairman and Managing Director of Al Ahly Sabbour said the project is designed to cater to the growing demand for ready-to-rent properties from locals, tourists, and Egyptians living abroad 'With Egypt welcoming 15.7 million tourists in 2024, and a rising influx of expatriates and foreigners seeking furnished units in strategic locations like New Cairo, the demand for flexible, hassle-free housing solutions is at an all-time high,' he noted. Al Ahly Sabbour has teamed up with Rich House for project management and supervision and Azure for design. Project cost and completion timelines weren't disclosed. (Writing by Eman Hamed; Editing by Anoop Menon) (
Zawya
06-03-2025
- Business
- Zawya
Egypt's Mountain View, STM Investment partner for residential project in East Cairo
Egypt-based property developer Mountain View for Development and Real Estate Investment has signed a partnership pact with STM Investment to develop a new project in Kayan City, East Cairo. The project, spanning 500 feddans, will feature over 1,200 ready-to-move-in villas, Mountain View said in a press statement. Financial details and project timelines weren't disclosed. (Writing by Eman Hamed; Editing by Anoop Menon) ( Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
Zawya
20-02-2025
- Business
- Zawya
Egypt's Inertia eyes expansion in Saudi Arabia, targets Riyadh for first project
Egyptian real estate developer Inertia is planning to expand into Saudi Arabia, with a focus on Riyadh as its first market, the company's CEO Ahmed ElAdawy told Zawya Projects. He said the company has registered with the National Housing Company (NHC) and is currently studying available land opportunities. NHC is the investment arm of Saudi Ministry of Municipal and Rural Affairs and Housing for initiatives and projects in the Kingdom's real estate sector. "We are looking for plots ranging from 500,000 to one million square metres (sqm) at different locations based on project requirements. He added that they are targeting Riyadh for their first project in the Kingdom. Zawya Projects reported on Wednesday that the private developer achieved 10 billion Egyptian pounds ($199 million) in sales in 2024 against a target of EGP 8.2 billion ($162 million) and is aiming to achieve EGP23 billion ($455 million) by 2025. (Reporting by Eman Hamed; Editing by Anoop Menon) (
