Latest news with #MohamedMansour
Vancouver Sun
22-05-2025
- Business
- Vancouver Sun
Surrey developer offering to buy back, or rent out, presale condos at today's prices
A developer of a Surrey highrise is introducing a buy back offer in hopes of attracting buyers in the tough condo presale market. Allure Ventures, which says it has already sold enough units to begin construction on its SkyLiving tower, will offer a new set of buyers two options that don't involve an outright discount or an incentive such as a decorating allowance. Instead, it's giving them the option to sign a secondary agreement in which the developer agrees to repurchase the unit at the original contract price or to lease the unit back from the buyer as long as it can be rented for a rate equivalent to 20 per cent of the original purchase price in a 24-month period. Stay on top of the latest real estate news and home design trends. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Westcoast Homes will soon be in your inbox. Please try again Interested in more newsletters? Browse here. It would mean, for example, that the buyer of a two-bedroom presale unit for $750,000 today could sell it back to Allure for that price after the unit and the sale are completed in a few years, even if the market value of the unit drops by then. The rental option would allow the buyer to get $6,250 a month in cash flow from the unit for two years and Allure would manage tenants and maintenance. 'When we sat down and really canvassed our past buyers and the realtors who work in the market, and potential future buyers, they feel like the risk of presales is all one-sided right now. They're expected to take the leap and carry all the uncertainty,' said Mohamed Mansour, vice-president of sales at Allure Ventures. There have been reports of buyers having to refinance purchases or put up additional cash because the assessed value of their unit is now lower than what they promised to pay in their presale contract several years ago. The company's offer, which will begin on May 31, is an experiment designed to show buyers that Allure has confidence in the current price and future value of the units, said Mansour. It highlights how some developers are trying to entice buyers even as the overall picture has been blanketed with uncertainty. The market that has been dominated by investors now faces rising interest rates and dropping values because of economic uncertainty linked to the trade war. The chill has some developers halting presales and returning deposits because they have not been able to sell enough units to qualify for construction financing. Prominent real estate company Rennie Marketing, which specializes in presale condos, recently said it is laying off 25 per cent of its staff as the number of completed and completing presale units that remain unsold is increasing. As of April, there are 2,503 condo units that are complete and unsold, and another 2,337 units in projects nearing completion that are unsold for a total of 4,480 units in Metro Vancouver, according to research by Rennie Intelligence. Mansour described SkyLiving as a 32-storey project that will be within walking distance of the University of B.C. and Simon Fraser University campuses in Surrey. He declined to say how many units will be offered with this program. He said every project and developer has a different set of circumstances — including location, initial cost of land, timing, competition from other projects — that may make it challenging to try what Allure is offering to the next set of buyers at SkyLiving. 'We're not blindly doing this. We're doing it because we've done our research and we believe that our risk is mitigated and so we're willing to share that risk with the buyers.' He said that developers that have the same confidence in the product they are building or in the price or location of that project, in its ability to be rented and demand for it will be better positioned to try this approach. jlee-young@
Daily News Egypt
14-04-2025
- Automotive
- Daily News Egypt
PM Madbouly, Al-Mansour Group discuss launching $150m automotive factories in Egypt
Egyptian Prime Minister Mostafa Madbouly met on Sunday with senior officials from Al-Mansour Automotive Group to discuss the company's plans to establish two new factories—one for vehicles and another for automotive filters. The meeting, held at the government's headquarters in the New Administrative Capital, was attended by Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Minister of Transport and Industry, Al-Mansour Group Chairperson Mohamed Mansour, CEO Ankush Arora, and several other officials. Madbouly reiterated the state's commitment to supporting the industrial sector, particularly the automotive industry, by offering incentives and streamlining procedures to attract local and foreign investment. He emphasized that Egypt's political leadership considers the localisation of vehicle manufacturing a national priority, aligning with broader goals to boost economic development and increase exports. Al-Wazir confirmed that the Ministry of Industry is fully committed to supporting Al-Mansour Group, noting the ministry's readiness to address any challenges facing the establishment of the new factory. He also praised the diversity of vehicles planned for production, which reflects the project's strategic significance for the sector. During the meeting, Mohamed Mansour expressed appreciation for the government's infrastructure development, especially in the New Administrative Capital, and praised Egypt's resilience in navigating global and regional economic challenges. He noted that the state's focus on industrial growth provides confidence and momentum for investors in the sector. Mansour shared key details about the two upcoming projects: the first is a new automotive manufacturing facility in New October City, while the second is a vehicle filters factory in 10th of Ramadan City. Together, the two factories represent a total investment of $150m, marking a significant step toward enhancing Egypt's industrial capabilities in the automotive field. He revealed that Al-Mansour Group has signed a land usufruct agreement with the General Authority for Land Ports, Dry Ports, and Logistics Areas to establish the automotive facility through the group's new industrial arm, Mansour Manufacturing for Transportation Means. The factory in New October City will produce various types of vehicles and is set to begin operations in the third quarter of 2026 with an initial capacity of 50,000 units annually. Production is expected to double in a second phase to 100,000 units per year, with a local content rate exceeding 45%. The facility will span 47,500 square meters within a total land area of 126,000 square meters. In parallel, the group is moving forward with the vehicle filters factory in 10th of Ramadan City, reaffirming its commitment to developing feeder industries and localising the production of automotive components. With over $10m invested in cutting-edge equipment, the factory will be capable of producing more than 10 million filters annually, catering to a wide range of vehicles and creating substantial export potential. Mansour concluded by stressing that investment in the automotive sector is now a strategic imperative for Egypt. He noted that collaboration with global automotive leaders will be essential in transferring expertise, supporting local manufacturing, and accelerating the growth of Egypt's automotive industry. Ankush Arora, CEO of Al-Mansour Automotive Group, expressed his appreciation for the government's efforts to foster a supportive environment for the growth of the automotive and spare parts industries. He commended the state's adoption of policies that encourage local manufacturing, noting that such support enhances companies' ability to execute their projects and strengthens Egypt's position as a regional hub for car production. During the meeting, it was noted that the two projects represent some of the largest private-sector investments in Egypt's automotive sector to date. They align closely with the government's strategy to boost domestic vehicle manufacturing, develop feeder industries, and expand local component production with an eye toward increasing export capacity. Together, the projects are expected to generate approximately 10,000 direct and indirect job opportunities. They also offer a meaningful platform for training and preparing skilled Egyptian professionals, contributing to long-term economic development and paving the way toward self-sufficiency in the automotive industry. Concluding the meeting, Prime Minister Madbouly commended Al-Mansour Automotive Group for its continued commitment to supporting the development of Egypt's automotive sector. He reaffirmed the government's backing for the company's expansion plans and expressed optimism for further investments that would help position Egypt as a leading player in the global automotive market.
Economic Key
09-04-2025
- Business
- Economic Key
Mohamed Mansour shares his vision of Egypt's future economic growth and private-sector leadership
Today, Sir Mohamed Mansour, the renowned businessman, Chairman of Mansour Group & Honorary Chair of the Board of Narrative Summit delivered an inspiring message of ambition and optimism at the Narrative Summit 2025. Mansour emphasized that Egypt's investment scene is experiencing remarkable growth and offering abundant opportunities, in several sectors including clean energy, technology, infrastructure and real estate. He elaborated: 'Egypt possesses a unique blend of cultural and historical assets that position it prominently on the global innovation map, particularly as the world enters a new industrial revolution driven by technology and artificial intelligence. This transformation opens limitless opportunities for Egyptian youth to grow, innovate, and realize their ambitions.' With the captivating theme 'Egypt Reset,' the prestigious event kicked off today at the breathtaking Somabay in the Red Sea, drawing prominent global leaders, insightful experts, and influential figures from around the world. The summit is proudly held under the auspices of the Ministries of Planning and Economic Development & International Cooperation, Youth and Sports, Investment and Tourism, and the Governorate of the Red Sea. In his keynote speech titled 'My Drive to Succeed,' Sir Mansour, who serves as the Honorary Chair of the Board of the summit, mentioned: 'As a proud Egyptian, I am constantly inspired by the resilience and unwavering determination of our people. They are a true testament to strength and perseverance. We are living through a historic moment, with the highly anticipated opening of the Grand Egyptian Museum on the horizon—a milestone I believe will mark a transformative chapter for Egypt and its place on the global stage.' Commenting on the importance of the private sector's role in driving the country's development, Sir Mansour elaborated, 'The private sector in Egypt has a vital role to play in driving the country's economic growth. I truly believe that Egyptians can make it happen but we must do so with purpose, determination, and a deep sense of responsibility while fostering effective partnerships with the public sector. For that reason, Mansour Group plans to invest USD 150 million in the Egyptian market to open a new factory for car manufacturing as well as EVs which is expected to create 10 thousand job opportunities for the youth. I believe it's our duty to give back to this country and that spirit of giving must continue through Egypt's business leaders today.' Expressing his enthusiasm with the inauguration of this year's summit, Sir Mansour stated, 'I'm delighted to be part of this exceptional summit, highlighting Egyptians' unwavering dedication to fostering development across various fields. In our cherished nation, a myriad of aspirations awaits, and it's crucial that we dream big and have unceasing confidence in our abilities. Therefore, we launched the 'Right to Dream' Academy in Egypt, which I am particularly proud of, to inspire young boys and girls in every village to pursue their passion for football. Thus we nurture talents like Mohamed Salah who can dream, achieve greatness, and take pride in their national identity.' Delving more into the mission and accomplishments of the Right to Dream Academy, Mohamed Wasfy CEO & Board Member at Right to Dream Egypt affirmed that the academy is dedicated to developing the next generation of leaders and football stars, emphasizing its strong commitment to fully integrating sports with education and opening new doors for young talent. Wasfy noted that since its establishment in 1999, the academy—which now operates in 30 countries—has created exceptional opportunities for young people to excel both academically and athletically. He stressed that development, education, and character-building are core pillars in shaping the future of football. He also highlighted that the academy launched its Egypt branch in 2021, to play a pivotal role in the country's sports sector. It targets talented youth between the ages of 10 and 18 across various governorates and has already reached more than 23 governorates through 15 local offices. The academy offers its students the opportunity to join world-renowned football clubs as well as gain access to top-tier educational institutions in the United States. Moreover, Wasfy pointed out that Right to Dream provides a comprehensive school-based education and elite-level football training model, ensuring that students are equipped to pursue international sporting careers and academic paths at highly respected institutions. تم نسخ الرابط
Economic Key
10-02-2025
- Business
- Economic Key
Al Oula Developments launches a package of pioneering projects with competitive payment systems in Ridge New Zayed
Al Oula Developments Company announced its ambitious plan to launch a package of new and distinguished projects in 'Ridge New Zayed' in New Sheikh Zayed City, as the company offers distinctive units with competitive prices and distinctive payment systems that guarantee the highest return on investment for its clients. Mohamed Mansour, Al Oula Developments Chairman, said that Ridge New Zayed is located in the heart of Sheikh Zayed City, and this area extends northwest of Zayed City and is distinguished by its strategic location in the facade of Sphinx Airport, and is only 5 minutes away from the Smart Village, which makes it a distinctive investment destination. He pointed that the projects in Ridge New Zayed is a strong opportunity for the client looking for a smart and guaranteed investment, as the client can rent the unit for a high return on investment, especially within the high demand for real estate products in West Cairo, and it can also be rented to students in universities near the project. He added that the projects being offered classified with various areas ranging from 60 to 250 meters, within flexible and competitive payment systems, besides the company also offers its clients payment systems with 10% as down payment and a payment period up to 15 years, in addition to offering a wide variety of units between apartments, duplex, penthouses and studios. He pointed that this area is distinguished with an integrated road network, that allows easy access to it from several main axes, including from the north: Cairo-Alexandria Desert Road, to the south: 6th October City, to the east: Dahshur Link and Rod El Farag Axis brigde, and to the west: the Middle Ring Road and the Regional Ring Road. He added that many modern roads and bridges are currently being implemented to connect New Sheikh Zayed to the main city, which greatly enhances its investment attractiveness, as New Sheikh Zayed City has become an attractive area for investment, as it attracted the attention of major Egyptian and foreign real estate developers. He pointed that new Sheikh Zayed City is an advanced urban extension of Sheikh Zayed City, and provides an integrated environment that combines modern urban planning, a strategic location, and advanced infrastructure, which makes it an ideal destination for housing and investment, assuring that the entire area is characterized by the elements that the foreign client is looking for in the project. He assured that Al Oula Developments Company has a strong business plan to invest in West Cairo area, which is the area that the state is working to develop to be the touristic capital of Egypt, which supports the plans of leading real estate companies to develop innovative projects that keep pace with the state's plan to export real estate and at the same time meet the aspirations of local client. ظهرت المقالة Al Oula Developments launches a package of pioneering projects with competitive payment systems in Ridge New Zayed أولاً على المفتاح الاقتصادي.
Bloomberg
07-02-2025
- Business
- Bloomberg
Billionaire-Backed P1 Ventures Bets on Africa's Untapped Markets
A venture capital firm backed by Egyptian billionaire Mohamed Mansour and the World Bank's private investment arm will seek out tech opportunities in emerging African hubs after closing its first $50 million institutional fund. P1 Ventures LLC plans to deploy roughly 50% of its funds in French-speaking countries in North, West and Central Africa and other emerging hubs, according to Hisham Halbouny and Mikael Hajjar, its co-founders and managing partners. The remaining capital will be deployed in Nigeria, South Africa, Egypt and Kenya.
