Latest news with #SherifEl-Sherbiny
The Star
a day 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.
Daily News Egypt
2 days ago
- Business
- Daily News Egypt
Madbouly witnesses alliance signing between Arab Contractors, China's CSCEC
Prime Minister Mostafa Madbouly witnessed the signing of a cooperation protocol between Egypt's Arab Contractors Company and China State Construction Engineering Corporation (CSCEC), establishing a strategic alliance to implement major projects in Egypt and across the African continent. The agreement was signed by Hassan Mostafa Kamel, Senior Vice Chairperson of Arab Contractors, and CSCEC Chairperson Zheng Xuexuan. The ceremony was attended by Sherif El-Sherbiny, Minister of Housing, Utilities, and Urban Communities; Dong Jian Guo, China's Vice Minister of Housing and Urban-Rural Development; Abdel Khalek Ibrahim, Assistant Minister of Housing for Technical Affairs; Hesham Sheta, Chairperson of INCOME (CSCEC's representative in Egypt); and Heba Abou El-Ala, Vice Chairperson of Arab Contractors. Following the signing, Prime Minister Madbouly affirmed that the protocol reflects deepening strategic ties between Egypt and China, highlighting expanding bilateral cooperation across various sectors. He emphasized that the current momentum in Egyptian-Chinese relations provides a strong foundation for advancing joint initiatives and shared interests. Housing Minister Sherif El-Sherbiny described the agreement as a key outcome of Egypt's recent high-level visit to China, which included extensive meetings with Chinese officials. During the visit, the proposed collaboration between CSCEC—one of the world's largest construction firms—and Arab Contractors—Egypt's leading state-owned construction company—was advanced to capitalize on their shared expertise and regional reach. In a related development, Prime Minister Madbouly also attended the signing of a comprehensive operation and maintenance agreement for the Central Business District (CBD) in Egypt's New Administrative Capital. The agreement, signed between the New Urban Communities Authority (NUCA) and an Egyptian-Chinese alliance represented by Horizon Management and Operations Company, aims to ensure world-class service delivery and infrastructure sustainability. The agreement was signed by Amin Ghoniem, NUCA Vice President for Real Estate Affairs, and Qi Zhang, Managing Director of Horizon Management and Operations Company. Minister El-Sherbiny explained that the agreement introduces a modern 'Cost + Margin' management model—balancing service quality with operational sustainability. It enables the state to maintain full oversight through budget controls and regular reviews of technical and financial performance. The agreement covers the maintenance and operation of critical infrastructure such as electricity and water networks, fire safety systems, and other essential facilities. It also includes cleaning, security, landscaping, and environmental monitoring services. All operations will adhere to strict technical specifications and legal standards, with ongoing performance monitoring and financial oversight. El-Sherbiny noted that this approach reflects a shift toward integrated, high-efficiency urban management aligned with Egypt's vision for modern, sustainable cities. He stressed that the agreement sets a new benchmark for managing public utilities, protecting state investments, and delivering services that meet the expectations of residents, visitors, and investors in the CBD. He added that the contract underwent rigorous institutional review, overseen by a ministerial committee tasked with ensuring full compliance with legal and technical standards throughout the pre-contract and implementation phases. 'This marks a pilot model for smart, integrated urban management that we aim to replicate across the New Administrative Capital and other new cities,' El-Sherbiny concluded. 'It represents a shift from traditional service models to sustainable frameworks based on performance, accountability, and governance.'
Al-Ahram Weekly
2 days ago
- Business
- Al-Ahram Weekly
Egypt, China establish joint alliance for mega construction projects in Egypt, Africa - Economy
The Arab Contractors Company and China State Construction Engineering Corporation (CSCEC) signed a cooperation protocol to form a joint alliance to execute major infrastructure projects within Egypt and across the African continent, the Egyptian cabinet announced in a statement on Sunday. Prime Minister Mostafa Madbouly witnessed the protocol's signing. He described it as part of ongoing efforts to deepen strategic relations and strengthen the growing partnership between Egypt and China across various sectors. Key officials from both sides attended the signing ceremony. Egyptian Minister of Housing, Utilities, and Urban Communities, Sherif El-Sherbiny, noted that the protocol was one of the crucial outcomes of his recent visit to China. El-Sherbiny said he had held extensive meetings with Chinese officials to discuss collaboration between CSCEC—one of the world's largest construction companies—and the Arab Contractors, a leading construction firm in Egypt, the Middle East, and Africa. "The cooperation will focus on delivering large-scale projects within Egypt and across Africa, opening new fields of work, and exploring frameworks for future cooperation," he added. This agreement came as Egypt and China prepared for President Xi Jinping's anticipated visit to Egypt. It also follows a high-level meeting between PM Madbouly and senior Chinese official Li Shulei. The visit is expected to mark a significant step forward in cooperation between Egypt and China. The agreement between CSCEC and Arab Contractors allows the two companies to leverage their combined resources and expertise to expand their footprint in Africa's promising construction sector. The new alliance also comes as China expands its investments in Egypt. According to the General Authority for Investment and Free Zones (GAFI), over 2,800 Chinese companies operate in Egypt in multiple sectors with investments exceeding $8 billion. The Arab Contractors is a state-owned leader in the construction sector in the Middle East and Africa that executes major infrastructure and transportation projects. CSCEC was ranked the world's top construction company by revenue in 2020 and eighth globally in overseas contracting. In Egypt, CSCEC is building the Central Business District in the New Administrative Capital — home to Africa's tallest tower — and the Downtown Towers project in New Alamein City. Egypt and China have a decade-long strategic partnership, aligning with Egypt's Vision 2030 and China's Belt and Road Initiative. The two countries collaborate mainly in industrial investment, joint infrastructure projects, and technology transfer. Follow us on: Facebook Instagram Whatsapp Short link:
Daily News Egypt
18-05-2025
- Business
- Daily News Egypt
PM reviews development progress for former Imbaba airport, Aziz Ezzat area
Egyptian Prime Minister Mostafa Madbouly chaired a meeting on Sunday to follow up on the implementation of redevelopment plans for the former Imbaba Airport site and the Aziz Ezzat area in Giza. The meeting was attended by Minister of Housing, Utilities, and Urban Communities Sherif El-Sherbiny; Giza Governor Adel El-Naggar; Chairperson of the Urban Development Fund Khaled Siddiq; and senior officials from relevant government bodies. At the start of the meeting, the Prime Minister underscored the importance of adopting a comprehensive and integrated approach to upgrading unplanned urban areas. He emphasized the need to improve service quality, diversify amenities, and make better use of public parks, all in alignment with Egypt's broader urban development strategy. Minister Sherif El-Sherbiny presented an update on the Imbaba Airport redevelopment project, noting that rehabilitation is underway for 117 residential buildings. To date, external façades of 93 buildings have been refurbished—an 80% completion rate. Drainage and water testing, along with defect repairs, have been finalized in 100 buildings, representing 85.5% completion. Full renovations have been completed in 37 buildings, and electricity services have been activated in 18. The Minister also highlighted the investment potential linked to the project. El-Sherbiny further discussed plans for 'Giza Park,' emphasizing the goal of maximizing the value of its prime location. Proposals include enhancing visitor services, transforming an adjacent building into a cultural center, upgrading infrastructure and green spaces, and allocating space for seasonal exhibitions to support government programs for productive families. Khaled Siddiq, Chairperson of the Urban Development Fund, provided an overview of efforts to redevelop the Kitkat district, which spans 351 feddans, including the 42-feddan Aziz Ezzat housing area. He described the Kitkat area as an unplanned district comprising public housing, educational, and industrial facilities in urgent need of comprehensive re-planning. Siddiq confirmed ongoing coordination with the Giza Governorate to develop an operational framework for the area's redesign. Governor Adel El-Naggar also reviewed the governorate's coordinated efforts with relevant authorities to advance the redevelopment of both the Imbaba Airport site and the Aziz Ezzat area.
Zawya
05-05-2025
- Business
- Zawya
Egypt approves Property ID Law to enhance real estate governance, transparency
Egypt's House of Representatives has officially approved the Property ID Law earlier this month. The legislation aims to enhance governance of Egypt's real estate assets and facilitate digital transactions, helping to eliminate several longstanding challenges in the property market—most notably, the lack of accurate records. Under the new law, each property will be assigned a unique national ID number containing all technical, legal, and administrative details, including location data, usage, ownership, licensing, violations, and transaction history. This ID will be digitally linked to all relevant government bodies, supporting efforts to eliminate land encroachments, resolve ownership conflicts, and accurately document both public and private assets, according to a parliamentary report. The draft law on the Unified National ID for real estate stipulates that property owners must regularize their status in accordance with the law within six months from the date the executive regulations come into effect. The Prime Minister may, upon the recommendation of the Minister of Communications and Information Technology, extend this period for additional durations not exceeding a total of three years. The government has affirmed that implementing the law will not impose any financial or other burdens on citizens. Its primary objective is to modernize and digitize the real estate registration system. It also denied any connection between the Unified Property ID Law and the reconciliation process for building violations, according to press statements by Mahmoud Fawzi, Minister of Parliamentary and Legal Affairs and Political Communication. Officials stressed that one of the law's key benefits is the establishment of a unified real estate database in Egypt. This database will include information on whether a property is registered or undergoing reconciliation, and is intended to improve the governance of real estate transactions, safeguard the rights of both citizens and the state, and reduce the risk of fraud, according to an official statement by Housing Minister Sherif El-Sherbiny. Fawzi clarified that the new law seeks to modernize property data through a digital, updatable system, replacing outdated manual records. It does not change existing regulations on ownership or registration, but rather introduces a standardized national ID to enhance data governance and promote transparency. El-Sherbiny stated that the draft law brings several key benefits, chief among them the creation of a robust and comprehensive real estate database. He emphasized that this step is essential to organizing the country's property assets and ensuring the use of accurate, current data that will enhance governance and transparency. He added that one of the law's fundamental advantages is its regulation of real estate transactions, explaining that the previous system lacked accuracy and oversight, often resulting in the loss of rights for both citizens and the state in property-related dealings. Deputy Head of the Manpower Committee in Parliament Ehab Mansour expressed support for the law establishing a unified national ID system for real estate, describing it as a step forward in identifying property ownership and age. However, he pointed out that a major challenge remains: the lack of accurate data regarding the number, condition, and management of buildings, with 70% of properties reportedly unlicensed, according to official statistics. Mansour voiced concern over the law's requirement for property owners to submit documentation within 30 days, calling the timeframe too short—particularly in cases involving old rental agreements or deceased owners, where heirs may face delays dealing with multiple government agencies. He also objected to fines ranging from EGP 1,000 to 30,000 for missing the deadline, after his proposal to extend the grace period was rejected. He stressed the importance of establishing clear procedures in the law's executive regulations to accommodate complex cases, and emphasized that citizens should not be penalized for bureaucratic delays. Mansour clarified that the law targets property owners, not tenants, and reiterated the government's pledge not to impose fees for issuing the national property ID. Ahmed El-Shenawy, Board Member and Treasurer of the Egyptian Real Estate Council, welcomed the adoption of the national property ID system, describing it as a vital step forward. He noted that the issue had been widely discussed within the council and among key real estate stakeholders over recent years. He explained that the ID will help protect property ownership, increase market value, and enable owners to use their assets for financing—making real estate more attractive to both local and foreign investors, particularly those purchasing rental units for income generation. El-Shenawy added that the system is expected to streamline banking procedures, facilitate property registration, and foster a transparent and secure environment for real estate transactions. He emphasized that assigning a fixed ID to each property would improve tracking of ownership history and financial obligations, thereby reinforcing trust in the market and encouraging further investment. He concluded that the move would support the export of Egyptian real estate, particularly amid growing interest from foreign nationals seeking long-term residence in Egypt—who, he noted, could account for up to 40% of foreign property demand. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. ( Daily News Egypt
