Latest news with #NewAdministrativeCapital
The National
2 days ago
- Business
- The National
Egypt now Mena's third-largest construction market with $565.5bn pipeline
Egypt's construction market has grown into one of the largest in the Middle East and North Africa, with future projects valued at $565.5 billion, a report has found. A report by global property consultancy Knight Frank identifies Egypt as the third-largest construction market in the region, following Saudi Arabia and the UAE, with $120 billion in projects currently under execution. The annual report, Egypt's Construction Landscape 2025, outlines a market shaped by steady activity and large-scale infrastructure developments. Residential and commercial real estate projects dominate contract awards, but mega-projects in energy, transport and other sectors have also played a significant role in the country's construction output over the past decade. According to Knight Frank, 51 per cent of projects are still in the study phase, while 39 per cent are in the design phase. This means that while opportunities in planning, feasibility studies and pre-construction services are significant, most projects are not yet ready for groundbreaking. While Egypt's construction boom has historically been driven by government-backed infrastructure projects such as the New Administrative Capital, the Suez Canal expansion and the many satellite cities built by the state to accommodate the growing population, private-sector developers are now playing a more prominent role. Tightened public spending, a condition of Egypt's loan programme with the International Monetary Fund has made more room for private-sector investment in housing, office spaces and coastal developments, a report from the Egyptian Chambers of Commerce said. Tourism-related construction has also grown, with developers targeting high-demand areas such as the Red Sea, North Coast and New Alamein. These projects are catering to domestic buyers and Egyptians living abroad, who now account for a significant share of real estate demand, the report said. Despite the sector's growth, rising construction and input costs remain a challenge. Inflation, volatile exchange rates and reliance on imported materials have led to higher property prices. According to industry estimates, prices for residential and commercial properties could rise by as much as 30 per cent this year on the back of high inflation, rising production costs and interest rates, which the central bank has kept high to reduce inflation. Knight Frank's report emphasises the long-term potential of Egypt's construction market, particularly as the country continues to and expand its urban infrastructure. However, with 90 per cent of future projects still in early stages, the pace of development will depend on economic stability, foreign investment and mitigating the cost of imports.
Zawya
3 days ago
- Business
- Zawya
CCR Developments set to launch its third project at New Capital
CCR Developments is preparing to launch its third project in the New Administrative Capital, a move that reflects the company's strong confidence in the future of the New Capital and its commitment to meeting the growing demand for high-quality real estate developments within the city. Dr. Remon Taghian, CEO of CCR Developments, stated that CCR Developments already owns two flagship projects in the New Capital, including Front Gate—a mixed-use project featuring commercial, administrative, medical, and hotel units. The project spans 4,000 sqm and consists of a ground floor and seven upper floors. Taghian added that the third project is located near Mostakbal City and serves the areas of the New Administrative Capital, Madinaty, and Mostakbal City. The concrete structure has been 100% completed, with 60% of the electromechanical work and over 70% of the façade work also finished. Additionally, the company is developing CORE, a commercial and administrative project located in the R3 district. Positioned at the crossroads of two major roads—each 70 meters wide—the project enjoys a prime location overlooking the main R3 corridor, which links Sports City, the Mohamed Bin Zayed Axis, and the Central Business District. Just a few steps from Sports City and only five minutes from the capital's main gate, construction on the project is currently in progress. Taghian noted that the company brings over 40 years of experience in the real estate market, having developed more than 150 standalone projects and 250 retail units in East Cairo before expanding into major developments in the New Administrative Capital. He concluded that the success of the company's previous two projects reinforces its expansion plans, with the upcoming launch of its third project, which is set to be an innovative new addition to real estate market.
Zawya
3 days ago
- Business
- Zawya
Egypt's minister pushes for stronger returns, partnerships in real estate, construction sectors
Egypt - Mohamed El-Shimy, Minister of the Public Enterprises Sector, held a high-level meeting on Monday with the CEOs of companies affiliated with the Holding Company for Construction and Development. The session, held at the headquarters of the Egyptian Contracting Company (Mokhtar Ibrahim), focused on evaluating project progress, performance metrics, and future plans, including upcoming contracts. Also attending were Mohamed Mostafa, Executive Managing Director of the Holding Company, along with senior officials from the ministry. El-Shimy stressed that the construction and real estate sectors play a pivotal role in Egypt's broader urban development strategy. He underscored the importance of delivering projects on time and to a high standard, while urging affiliated companies to maximise the return on state-owned real estate assets. He also called for the expansion of economically viable projects and stronger partnerships with the private sector. The minister reviewed the contributions of affiliated companies to national development initiatives across multiple governorates. These include infrastructure and utility projects under the 'Decent Life' presidential initiative—such as wastewater treatment facilities, water purification plants, bridges, schools—as well as residential developments in the New Administrative Capital. Additional projects include electrical work in the New Delta, North Coast, Red Sea, Beni Suef, Giza, and Qena, as well as shoreline protection in Alexandria and Marsa Matrouh. A key part of the discussion focused on the economic utilisation of real estate assets and increasing private sector investment. Updates were provided on the New Heliopolis development, including enhancements to infrastructure, landscaping, pedestrian walkways, internal roads, and gates, along with a planned mixed-use compound combining residential, commercial, and administrative spaces. El-Shimy highlighted the successful restoration of the historic Granada Palace in Heliopolis, now reopened as a cultural and artistic venue. This was presented as a model for integrating heritage preservation with strategic investment. The meeting also touched on the rebranding of the Heliopolis Company for Housing and Development, signalling a strategic shift toward institutional development, improved marketing, and stronger customer trust. Other real estate projects discussed included Areba in the North Coast, Raqia in El-Ibrahimia, Grand View Smouha 2, Maadi View El Shorouk, Maadi Valley, Sea Bell in New Mansoura, and development plans in Hadayek Al-Asimah, where a comprehensive urban community is being designed. Updates on international ventures and recent contracts were also shared. Additionally, affiliated construction companies' contributions to broader ministry initiatives were reviewed. These include the national textile industry revitalisation project, the rehabilitation of El Nasr Automotive, upgrades to pharmaceutical companies, and the Jaz Asila resort in Marsa Alam. El-Shimy urged companies to focus on integrated real estate developments, improve marketing strategies, and take full advantage of high-value land assets to create distinctive and competitive projects. He also emphasised the importance of expanding into regional and global markets, leveraging the technical expertise and accumulated experience of affiliated firms to enhance competitiveness and diversify revenue streams. Customer satisfaction was highlighted as a core success metric, with El-Shimy calling for ongoing improvements in customer service, project quality, and operational efficiency. He pointed to stronger financial performance and rising real estate sales as signs of positive momentum. Concluding the meeting, the minister praised the synergy among subsidiaries under the Holding Company for Construction and Development and their collaboration with other entities under the ministry. He affirmed that such integration is essential for accelerating project execution, maximising returns on state investments, and advancing comprehensive national development goals. © 2025 Daily News Egypt. Provided by SyndiGate Media Inc. (
Zawya
21-07-2025
- Business
- Zawya
Al Mirage, Hilton break ground on two hospitality projects in Cairo
Al Mirage Developments, a leading Egyptian real estate company, has join hands with global hospitality group Hilton for the groundbreaking of its two luxury hospitality projects - Hilton Tower project and Hilton Hotel - in the New Administrative Capital east of Cairo. Al Mirage Developments also announced the commencement of excavation and leveling work just two months after the official launch of the project to clients - a remarkably swift timeline. Strategically located, the Hilton Tower and Hilton Hotel project enjoys a prime location overlooking the Green River, situated on the capital's most prominent street - North Ben Zayed Axis - and is directly adjacent to both the Eastern Axis and the Green River. The Hilton Tower project and Hilton Hotel will boast 250 hotel rooms and 30 serviced apartments, along with sky villas. The administrative and hotel units range in spaces from 30 to 95 sqm, with the flexibility to combine multiple units as needed. The project embodies the company's vision of delivering real estate products that align with the state's ambition to build a world-class city in the New Administrative Capital. Additionally, the project seamlessly blends international quality with local standards, remarked Dr Mohamed Selim, the Chairman of Al Mirage Developments after signing the deal with Alessandro Redaelli, Vice President at Hilton Worldwide. A mixed-use development, it comprises commercial, administrative, and hospitality properties. It includes two floors of retail space, several floors of office units, and a hospitality section with two hotels managed by Hilton Worldwide: Hilton Tower and Hilton Downtown, said the top official. Partnering with a global brand like Hilton adds exceptional value to the Hilton Tower project and Hilton Hotel, enriching the real estate offerings in the New Administrative Capital, he stated. Al Mirage, he said, was keen to begin construction works at an early stage following the project's launch, reflecting its genuine commitment to its clients and underscoring the company's seriousness and reliability. "The project is only 5 minutes from the New Capital Airport, 3 minutes from the Ministries District and the Financial District, and near Egypt's Grand Mosque and the Gold Market," stated Dr Selim, who is also a Member of Parliament. He revealed that the company has successfully sold out the first two phases of the Hilton Tower project in record time, highlighting the appeal of the innovative and fully integrated development to its target customers. The project offers a range of competitive advantages, most notably its prime location at the heart of the New Administrative Capital's tourist tower district, in addition to its distinctive architectural design and high-end technical specifications. Dr Selim said the third phase of the project, which will include exclusive advantages for clients, will soon be launched. The entire project will be completed and handed over within the next three years.- TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Zawya
17-07-2025
- Business
- Zawya
Al Mirage Developments lays foundation stone for Hilton Tower, Hilton New Capital Hotel with Hilton Rep presence
In a new step reaffirming its commitment to delivering integrated and unique projects, Al Mirage Developments celebrated the groundbreaking of its Hilton Tower project and Hilton Hotel in New Administrative Capital. The company also announced the commencement of excavation and leveling work just two months after the official launch of the project to clients—a remarkably swift timeline. The event was attended by Dr. Mohamed Selim, Chairman of Selim Holding Group—the owner of Al Mirage—and Member of Parliament and Deputy of African Affairs, along with Mr. Alessandro Redaelli, Vice President at Hilton Worldwide, as well as several of the company's success partners, journalists, and media representatives. Dr. Mohamed Selim, Chairman of Al Mirage Developments and Member of Parliament, stated that the Hilton Tower and Hilton Hotel project embodies the company's vision of delivering real estate products that align with the state's ambition to build a world-class city in the New Administrative Capital. Additionally, the project seamlessly blends international quality with local standards. He said that partnering with a global brand like Hilton adds exceptional value to the Hilton Tower project and Hilton Hotel, enriching the real estate offerings in the New Administrative Capital. Selim noted that the company was keen to begin construction works at an early stage following the project's launch, reflecting Al Mirage's genuine commitment to its clients and underscoring the company's seriousness and reliability. He further explained that the Hilton Tower and Hilton Hotel project enjoys a prime location overlooking the Green River, situated on the capital's most prominent street—North Ben Zayed Axis—and directly adjacent to both the Eastern Axis and the Green River. The project is only 5 minutes from the New Capital Airport, 3 minutes from the Ministries District and the Financial District, and near Egypt's Grand Mosque and the Gold Market. The project is a mixed-use development comprising commercial, administrative, and hospitality properties. It includes two floors of retail space, several floors of office units, and a hospitality section with two hotels managed by Hilton Worldwide: Hilton Tower and Hilton Downtown, he disclosed. He further pointed out that the two hotels will feature hotel rooms, serviced residential apartments, sky villas, multipurpose meeting rooms, a fitness center, outdoor swimming pools, a spa, and premium office spaces uniquely located within the Hilton Hotels. The hospitality projects offering includes 250 hotel rooms and 30 serviced apartments, along with Sky Villas. The administrative and hotel units range in spaces from 30 to 95 sqm, with the flexibility to combine multiple units as needed. He also revealed that the company successfully sold out both the first and second phases of the Hilton Tower project in record time after their launch, highlighting the appeal of the innovative and fully integrated development to its target customers. The project offers a range of competitive advantages, most notably its prime location at the heart of the New Administrative Capital's tourist tower district, in addition to its distinctive architectural design and high-end technical specifications. He added, 'Partnering with the renowned Hilton Group to manage the hotel is one of the project's strongest draws for clients. This collaboration marks a major milestone in our company's journey and underscores our commitment to delivering integrated developments that align with international standards and meet the evolving needs of the market.' The project's strong sales performance in a short period stems from several key factors, most notably its smart, strategic location in the heart of the New Administrative Capital's tourism towers zone. The project also boasts outstanding architectural design and high-end technical specifications, according to the company's chairman. He added that the company offers attractive and flexible payment plans, and that Hilton Tower is one of the few projects where construction is progressing in parallel with the official sales launch—a clear reflection of the company's seriousness and commitment. Delivery is scheduled to begin within three years, starting from 2025. He concluded that the company will soon launch the third phase of the project, which will include exclusive advantages for clients.
