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The Star
6 days ago
- Business
- The Star
China, Egypt ink deal on operation of CBD in New Administrative Capital
CAIRO, June 2 (Xinhua) -- Egypt's New Urban Communities Authority and a Chinese-Egyptian joint venture have signed a comprehensive operation and maintenance agreement for the Central Business District (CBD) in Egypt's New Administrative Capital. According to the agreement, Horizon Operations Management (Egypt) Co., Ltd. will be responsible for the operation of the CBD project, initially focusing on property and municipal management. According to a statement by the Egyptian cabinet, Egyptian Minister of Housing Sherif El-Sherbiny said during pre-signing talks that the agreement covers the maintenance and management of important facilities and the provision of integrated urban services to residents, tourists, and businesses in the CBD. El-Sherbiny emphasized that this move represents a significant transition in Egypt's approach to public facility management -- from traditional models to performance-based governance rooted in quality and sustainability. The signing ceremony on Sunday was also attended by Egyptian Prime Minister Mostafa Madbouly, China's Vice Minister of Housing and Urban-Rural Development Dong Jianguo, and representatives of China State Construction Engineering Corporation, which led the construction of the CBD. Located in the heart of the desert some 50 km east of the capital Cairo, the CBD is one of the key projects of the China-Egypt joint construction of the Belt and Road Initiative. The project includes 20 commercial and residential skyscrapers as well as supporting municipal infrastructure, among which is a 385.8-meter-high iconic tower, the tallest building in Africa.
Al-Ahram Weekly
14-03-2025
- Business
- Al-Ahram Weekly
Luxury homes for Egyptian expats - Economy - Al-Ahram Weekly
A new initiative selling real estate to Egyptian expatriates in dollars could lead to an increase in luxury housing The Ministry of Housing, Utilities, and Urban Communities is allowing reservations to be made for 5,055 houses and villas offered under the 'Your Home in Egypt' initiative targeting Egyptian expats. The units are distributed across 12 projects owned by the New Urban Communities Authority and are on offer from 24 February to 20 March. They represent the government's stake in high-end real-estate developments in prime locations nationwide, including Madinaty in New Cairo and New Alamein on the North Coast. When land is sold to private real-estate developers, the latter pay part of the price in the form of an agreed number of units that will be owned by the government. The 'Your Home in Egypt' initiative was launched in collaboration with the Foreign Ministry's Department of Immigration and Expatriate Affairs to address the growing demand among Egyptians abroad for residential units in some of Egypt's most prestigious real-estate developments. The value of the units is to be paid in dollars, a factor that helps to secure an influx of foreign exchange. According to the initiative's website, 'the Ministry of Housing has selected the most lucrative investment locations for these projects, with units set for immediate delivery by the end of 2025. The units are situated in New Alamein, the New Administrative Capital, New Mansoura, 6 October city, October Gardens, Sheikh Zayed, Sour Magra Al-Oyoun, New Cairo, and New Obour.' Interested buyers can pay for the units in different ways, including in installments over ten years. Cash payments enjoy a seven per cent discount. Prices per metre range from LE19,000 ($1,145) in Valley Towers in October Gardens to LE91,000 ($3,750) in Alamein Beach Towers. Down payments are set at $5,000, while villas require a down payment of $9,000. The high prices have come as a surprise to some, with questions being asked about whether the Ministry of Housing and the New Urban Communities Authority should yield to market pressures and reduce prices or maintain them on their current course, pushing up the curve of per metre prices in other projects not included in the initiative. Osama Saadeddin, director of the Real Estate Development Chamber at the Federation of Egyptian Industries, said the government in most cases offers middle- and lower-middle-income housing at reduced prices, foregoing profit margins. This necessitates the search for compensation from profits generated by high-end real-estate projects, he said. These are then used to fund housing projects for less-privileged segments of the population. Housing ministries internationally tend to invest in areas where private developers may hesitate to do so. The state sets high price benchmarks in such areas in order to establish a pricing structure that developers follow when entering these markets, Saadeddin said. The state operates according to an urban-development vision, complete with pricing policies and land offerings, and works alongside private developers without imposing additional burdens on the national budget, he added. Mohamed Magdi, an investment research manager at Al-Ahly Sabbour, said that as a real-estate developer, the state can implement projects at any price level it thinks appropriate, leveraging economies of scale and its ability to navigate market challenges. The Ministry of Housing has opted for high prices in its latest offering in order to uphold the stability of the real-estate sector, he said. Had the ministry and authority chosen to offer units in prime locations at half the price set by private developers, they could have done so. The state's strategy is to preserve the sector amid rapid economic fluctuations, he added. In the case of the 'Your Home in Egypt' initiative, Magdi said that the state is targeting a segment seeking luxury housing, using supply and demand dynamics. This allows potential buyers to explore private-sector alternatives should they find the government's offers unsuitable. Maged Abdel-Azim, a professor of economics and a real-estate expert, said it is unlikely that the state will reduce the prices in this latest initiative in response to market pressures because of increases in the prices of construction materials, finishing costs, and wages. The state's housing initiatives, for Egyptians both at home and abroad, are a crucial element of its role in the real-estate sector. Because it provides middle- and lower-middle-income housing at subsidised rates, it cannot be expected to lower prices in the luxury housing segment, Abdel-Azim said. Because of the state's growing expertise in managing such initiatives, it can recalibrate its pricing and payment structures, as was the case in previous housing projects such as Beit Al-Watan and in the initiative facilitating car purchases for Egyptians abroad, aligning with market demand and the needs of targeted buyers. Beit Al-Watan was launched in 2012 to sell land to Egyptians abroad in dollars in order to compensate for the decline in foreign currency resources following the 25 January Revolution. The initiative attracted a good deal of interest, and the government is currently offering land as part of its 10th phase. * A version of this article appears in print in the 13 March, 2025 edition of Al-Ahram Weekly Follow us on: Facebook Instagram Whatsapp Short link:
CairoScene
25-02-2025
- Business
- CairoScene
Housing Program for Egyptians Abroad Raises USD 2.5 Million in 2 Days
The first phase of the initiative includes 12 projects located across Egypt, including Cairo and the New Administrative Capital. Feb 25, 2025 'Your Home in Egypt', an initiative by the Ministry of Housing that allows Egyptians living abroad to reserve and purchase housing units, has collected approximately USD 2.5 million in electronic payments and bank transfers within its first 48 hours. To facilitate secure transactions, a tripartite cooperation protocol has been signed between the New Urban Communities Authority, Banque Misr and E-Finance Company, ensuring reliable electronic payment solutions. The initiative's official website, developed in collaboration with Excellent Company, United Media Services, E-Finance and Banque Misr, provides prospective buyers with virtual tours, project details and the ability to complete transactions online. Multiple payment options, including bank transfers and credit card transactions, are available. Housing units within the initiative feature modern designs, high-quality finishes, and sustainability measures, with immediate unit deliveries expected by the end of the year. Buyers benefit from discounts ranging from 3% to 10% off market prices, along with flexible payment plans extending up to 10 years. The first phase of the initiative includes 12 projects located across Egypt, including Cairo, the New Administrative Capital, New Cairo, 6th of October City, Sheikh Zayed, New Alamein, and New Mansoura. Unit sizes vary from 68 to 678 square metres.
