Latest news with #SherifElSherbiny
Zawya
4 days ago
- Business
- Zawya
Egypt, China ink integrated operation, maintenance agreement for CBD in New Capital
Arab Finance: The New Urban Communities Authority (NUCA) and an Egyptian-Chinese alliance represented by Horizon Management Company have signed an integrated operation and maintenance agreement for the Central Business District (CBD) in Egypt's New Administrative Capital, as per a statement. Minister of Housing, Utilities, and Urban Communities Sherif El-Sherbiny described the agreement as a major step in the modernization of public utility management in Egypt. He said the new model, known as Cost + Margin, strikes a balance between maintaining service quality and ensuring operational sustainability, while preserving state oversight through budget approvals and performance reviews. The agreement covers the management and maintenance of core infrastructure including electricity and water networks, fire systems, and other critical utilities. It also extends to public cleaning, security and safety services, green space upkeep, and environmental monitoring. El-Sherbiny noted that the agreement mandates full compliance with technical specifications and legal standards by all service providers. It includes a system of financial and technical oversight, regular performance monitoring, budget reviews, and the preparation of detailed evaluation reports submitted to the NUCA. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
19-05-2025
- Business
- Zawya
Egypt's 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
12-05-2025
- Business
- Zawya
Egypt's ministry unveils new incentives to support developers, ease market pressures
Egypt - The Ministry of Housing, Utilities, and Urban Communities has introduced a comprehensive package of incentives aimed at supporting real estate developers and addressing ongoing challenges in the property market. According to Tarek Shoukry, Chairperson of the Real Estate Development Chamber at the Federation of Egyptian Industries, a recent meeting between the Minister of Housing and chamber representatives led to the approval of several key policy adjustments in response to developer demands. Among the most notable measures is the Ministry's decision to permit the conversion of residential, administrative, and commercial units into serviced units without incurring additional fees—a move intended to help alleviate the shortage of hotel accommodations. The Ministry has also extended the validity period for operational licenses from one year to five years and approved the renewal of a reduced 15% interest rate on land installment payments for another year, spanning from May 2025 to May 2026. Additional incentives include a six-month extension for current project deadlines and a 10% increase in permitted built-up areas, helping developers absorb rising construction costs. The Ministry committed to holding regular coordination meetings with the Real Estate Development Chamber and announced the upcoming activation of the national real estate platform, with preliminary registration expected to launch soon. In parallel, Minister of Housing Sherif El-Sherbiny announced new financial relief measures for citizens with overdue payments on residential, administrative, commercial, and professional units, as well as villas affiliated with the Buildings Finance Fund. Under this initiative, a 70% waiver on late payment penalties will be granted to those who fully settle their outstanding dues. This offer will be available for three months—from June 1 to August 31, 2025. The minister emphasized that these efforts align with the Ministry's strategic vision to stimulate development and adhere to presidential directives to reduce financial burdens on citizens. Hesham Darwish, Supervisor of the Construction and Contracting Sector at the Housing Ministry and Chairperson of the Buildings Finance Fund, added that the initiative responds directly to citizen requests for more flexible payment options. He noted that clear implementation guidelines will be provided to ensure the initiative's success and support broader economic stability. Darwish also clarified that the relief applies to units involved in ongoing or preliminary legal cases—whether at the trial or appeals level—provided full payment is made in cash, including all related legal and administrative fees. However, the incentives do not extend to cases where the client has initiated legal action against the Fund unless all such lawsuits are fully withdrawn. Additionally, units, villas, or shops subject to cancellation decisions or final enforceable court rulings are excluded, in accordance with the Fund's real estate regulations and board decisions.
Daily News Egypt
11-05-2025
- Business
- Daily News Egypt
Aqarmap to host Egyptian–Saudi real estate summit in Cairo on May 18
Aqarmap, the leading proptech platform operating in Egypt and Saudi Arabia, is set to host a high-profile real estate summit uniting top developers, investors, and decision-makers from both countries. Scheduled for Sunday, May 18, 2025, the summit will be held at the Nile Ritz-Carlton in Cairo under the patronage of Sherif El Sherbiny, Minister of Housing, Utilities, and Urban Communities. This year's summit aims to strengthen integration between the Egyptian and Saudi real estate markets by exploring shared growth opportunities and addressing regional challenges. Key discussion topics will include market trends, cross-border investment, digital transformation, and regional expansion—at a time when investor interest across the MENA region is reaching new heights. The event is part of Aqarmap's broader mission to foster meaningful connections between the two markets, going beyond property listings to create a collaborative platform for insights, innovation, and strategic development. High-level panels will feature leading voices from major family offices, investment funds, and real estate developers across both nations. Participating companies include Al Rajhi Saudi Group, Aqarat Real Estate Development, Target Development, Al Balad Al Ameen, Mohammad Al Habib, Abdul Latif Jameel Properties, Makeen, Al Ramz, Ezdihar, Shurfah, Al Mahmal, PanKingdom Real Estate, Arbah Capital, Awj Holding Company, Al Majdiah, Sumou Holding, J.A. Baghlaf Group, Majd, Aljoud Real Estate, MDR Development, Al-Emaar Ocean for Development, Al Balaa Real Estate, Naqsh Investment, Waheej Real Estate, Araco Development, Shougana, Enbar, AlAjlan Riviera, and others. Commenting on the summit, Amad El-Masoudi, Founder and Chairman of Aqarmap, said: 'We believe in enabling knowledge, guiding investment, and connecting markets. This summit is a natural extension of our 'Know More' philosophy—placing data, insights, and experience at the heart of industry progress. The caliber of participation this year reflects growing trust in our mission and underscores real momentum toward deeper regional integration.' Founded in 2011, Aqarmap currently serves over 1.5 million monthly users, offering a seamless digital experience that connects buyers, developers, and sellers. Following its 2023 relaunch in Saudi Arabia, the company has been leveraging its decade-long experience to deliver localized, tech-enabled real estate solutions. Aqarmap continues to scale its data infrastructure and strategic partnerships across the Kingdom as part of its drive to build a stronger regional presence and unlock greater value for users throughout the Arab world.
