Latest news with #YourHomeinEgypt
Zawya
05-05-2025
- Business
- Zawya
Beit El Watan initiative generates $10bn in sales: Egypt's minister
Egypt - Prime Minister Mostafa Madbouly met on Sunday with Minister of Housing, Utilities, and Urban Communities Sherif El-Sherbiny to follow up on the progress of key projects and initiatives being implemented by the ministry across various sectors. During the meeting, Minister El-Sherbiny provided an update on the Beit El Watan initiative for expatriate Egyptians. He announced that total sales from all phases of the initiative have reached approximately $10bn, as preparations are underway for the launch of the initiative's tenth phase. The minister also noted ongoing efforts to increase the number of available land plots to meet rising demand. El-Sherbiny also reviewed the status of the Your Home in Egypt initiative, which offers residential units in multiple projects. He highlighted the high reservation rates and significant revenues collected from unit sales. Addressing the ministry's contributions to the presidential Decent Life initiative aimed at rural development, the minister reported that 1,379 out of 1,811 water and wastewater projects have been completed in targeted villages, with work progressing on the remaining projects. The meeting also covered progress on the master plan for the Pyramids area (Sphinx–Dahshur). El-Sherbiny emphasized the extensive consultations held with planning and tourism development experts to review proposals submitted by the consulting firm in charge of developing this strategic location. The minister reaffirmed the state's commitment to providing adequate housing for all segments of society as part of its broader sustainable development goals. He confirmed that implementation has begun on President Abdel Fattah El-Sisi's directive to launch 400,000 housing units catering to a wide range of income brackets, including low-, middle-, upper-middle-, and luxury-tier segments. The first phase of this rollout includes 35,088 units for middle- and upper-middle-income groups, as part of over 261,000 units planned for those segments. The five-phase rollout is expected to continue through mid-2026. Additionally, 115,000 units will soon be launched under the Housing for All Egyptians initiative, targeting low- and middle-income citizens in several new urban communities. El-Sherbiny also discussed the ministry's strategy to market its housing units through private-sector real estate companies. Currently, 65 projects comprising around 75,500 units are being promoted. Turning to the Al-Fustat Gardens project, the minister reviewed the status of its key components. The investment area within the garden spans approximately 140,000 square meters and includes 12 restaurant buildings, four commercial malls, five fountains, a theater, a celebration square, landscaping, and both underground and elevated parking garages. The adventure zone covers around 99,000 square meters and features a playground, three service buildings, a children's play building, restroom facilities, and utility networks with surrounding greenery. The minister also provided updates on the project's hills landscape, which covers about 122,000 square meters and includes play areas for children, viewing and seating areas, a celebration plaza, terraced planting, and pathway lighting. He highlighted the river zone, which stretches across 131,000 square meters and will be developed in three phases. It includes riverbed leveling, insulation, utility installation, and landscape work along the riverbanks, alongside three restaurants. Finally, El-Sherbiny reviewed the market and Kasbah areas of the project. The market area will span roughly 115,000 square meters and include 13 artisan market buildings for glassware, six hotel buildings, six fountains, and landscape features. The Kasbah area, covering about 206,000 square meters, will feature four restaurant buildings, ten mixed-use commercial-residential buildings, a cinema complex, an administrative building, a multi-purpose hall, and several parking facilities.
Daily News Egypt
05-05-2025
- Business
- Daily News Egypt
Beit El Watan initiative generates $10bn in sales: Minister
Prime Minister Mostafa Madbouly met on Sunday with Minister of Housing, Utilities, and Urban Communities Sherif El-Sherbiny to follow up on the progress of key projects and initiatives being implemented by the ministry across various sectors. During the meeting, Minister El-Sherbiny provided an update on the Beit El Watan initiative for expatriate Egyptians. He announced that total sales from all phases of the initiative have reached approximately $10bn, as preparations are underway for the launch of the initiative's tenth phase. The minister also noted ongoing efforts to increase the number of available land plots to meet rising demand. El-Sherbiny also reviewed the status of the Your Home in Egypt initiative, which offers residential units in multiple projects. He highlighted the high reservation rates and significant revenues collected from unit sales. Addressing the ministry's contributions to the presidential Decent Life initiative aimed at rural development, the minister reported that 1,379 out of 1,811 water and wastewater projects have been completed in targeted villages, with work progressing on the remaining projects. The meeting also covered progress on the master plan for the Pyramids area (Sphinx–Dahshur). El-Sherbiny emphasized the extensive consultations held with planning and tourism development experts to review proposals submitted by the consulting firm in charge of developing this strategic location. The minister reaffirmed the state's commitment to providing adequate housing for all segments of society as part of its broader sustainable development goals. He confirmed that implementation has begun on President Abdel Fattah El-Sisi's directive to launch 400,000 housing units catering to a wide range of income brackets, including low-, middle-, upper-middle-, and luxury-tier segments. The first phase of this rollout includes 35,088 units for middle- and upper-middle-income groups, as part of over 261,000 units planned for those segments. The five-phase rollout is expected to continue through mid-2026. Additionally, 115,000 units will soon be launched under the Housing for All Egyptians initiative, targeting low- and middle-income citizens in several new urban communities. El-Sherbiny also discussed the ministry's strategy to market its housing units through private-sector real estate companies. Currently, 65 projects comprising around 75,500 units are being promoted. Turning to the Al-Fustat Gardens project, the minister reviewed the status of its key components. The investment area within the garden spans approximately 140,000 square meters and includes 12 restaurant buildings, four commercial malls, five fountains, a theater, a celebration square, landscaping, and both underground and elevated parking garages. The adventure zone covers around 99,000 square meters and features a playground, three service buildings, a children's play building, restroom facilities, and utility networks with surrounding greenery. The minister also provided updates on the project's hills landscape, which covers about 122,000 square meters and includes play areas for children, viewing and seating areas, a celebration plaza, terraced planting, and pathway lighting. He highlighted the river zone, which stretches across 131,000 square meters and will be developed in three phases. It includes riverbed leveling, insulation, utility installation, and landscape work along the riverbanks, alongside three restaurants. Finally, El-Sherbiny reviewed the market and Kasbah areas of the project. The market area will span roughly 115,000 square meters and include 13 artisan market buildings for glassware, six hotel buildings, six fountains, and landscape features. The Kasbah area, covering about 206,000 square meters, will feature four restaurant buildings, ten mixed-use commercial-residential buildings, a cinema complex, an administrative building, a multi-purpose hall, and several parking facilities.
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:
Zawya
10-03-2025
- Business
- Zawya
Egypt: President El-Sisi Meets Prime Minister, Minister of Housing, Utilities and Urban Communities
Today, President Abdel Fattah El-Sisi met with Prime Minister Dr. Mostafa Madbouly and Minister of Housing, Utilities and Urban Communities Eng. Sherif El-Sherbiny. The Spokesman for the Presidency, Ambassador Mohamed El-Shennawy, said President El-Sisi was briefed on the executive status of the Ministry of Housing projects, including projects allocated to Egyptian expatriates, within the framework of the state's efforts to strengthen ties between Egyptian expatriates and their homeland. The executive steps taken within the framework of the Your Home in Egypt Initiative and Beit El-Watan Initiative were reviewed, with the aim of providing housing units and lands for Egyptian expatriates in distinguished locations within the governorates or new cities. President El-Sisi gave directives to accelerate the pace of construction work on Your Home in Egypt and Beit El-Watan initiatives, stressing the importance of enhancing efforts to provide adequate housing for all Egyptian citizens. The President stressed the need to start the combined offering of housing units with a total number of units estimated at about 400,000 housing units for low- and middle-income citizens, as well as for above-average and luxury housing at the soonest time. The President lauded the new housing projects currently being adopted by the Ministry of Housing, such as the Housing for All Egyptians, Diarna and Zelal projects. The meeting also followed up on the implementation status of a number of development projects, especially in the North West Coast region. President El-Sisi stressed the need for continuous communication with the companies to accelerate the pace of project implementation, and periodic follow-up to ensure that the projects are completed in the best possible way, leading to the development of these assets and maximizing the benefit from them within the framework of supporting the tourism sector and achieving Egypt's development vision. The President gave directives to intensify efforts to maximize the benefit from the advanced infrastructure accomplished by the state over the past years, stressing the importance of periodic follow-up of the projects currently being implemented. This is in addition to following up on the status and procedures for offering the residential units that will be constructed in the next stage. Distributed by APO Group on behalf of Presidency of the Arab Republic of Egypt.
Al-Ahram Weekly
10-03-2025
- Business
- Al-Ahram Weekly
El-Sisi directs accelerating work on housing initiatives tailored for Egyptian expats - Urban & Transport
President Abdel-Fattah El-Sisi has stressed the necessity of providing adequate housing for all citizens, calling for accelerating construction work on housing initiatives tailored for Egyptians living abroad. El-Sisi made his remarks during a meeting on Monday with Prime Minister Mostafa Madbouly and Minister of Housing, Utilities, and Urban Communities Sherif El-Sherbiny. In recent months, the country has launched the 'Your Home in Egypt' and the 'Beit Al-Watan' (Homeland Home) projects for Egyptian expats to increase the hard currencies amid a foreign currency crunch. Both initiatives offer housing units and lands for Egyptians abroad in prime locations nationwide. They aim 'to strengthen ties between Egyptians abroad and their homeland,' according to a presidential statement released following the meeting. Furthermore, according to the statement, El-Sisi also called for the swift launch of a collective offering of approximately 400,000 residential units catering to low- and middle-income groups and luxury housing segments. The president hailed the housing ministry's ongoing projects for these categories, including 'Housing for All Egyptians,' 'Diarna,' and 'Zelal' projects. The meeting also reviewed the progress of development projects, especially in the Northwest Coast region. It aimed to maximize the benefits of these assets to support the tourism sector in line with Egypt's development vision. In this regard, the president stressed the need for continuous coordination with implementing companies to accelerate the development pace and ensure the highest quality of project delivery. Additionally, El-Sisi directed the intensification of efforts to maximize the benefits of the advanced infrastructure that the state has accomplished over the past years. He stressed the importance of periodic follow-up on the projects currently being implemented and on future projects. Follow us on: Facebook Instagram Whatsapp Short link:
