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Daily News Egypt
3 days ago
- Business
- Daily News Egypt
Association of Real Estate Developers seeks urgent meeting over threatened land deallocation on Northwest Coast
The dispute over land ownership on Egypt's Northwest Coast is intensifying, as the government threatens to repossess undeveloped plots from real estate developers. This has prompted more than 120 companies to enter urgent negotiations to resolve their legal and administrative status. Developers are under mounting pressure following the Ministry of Housing, Utilities, and Urban Communities' decision to temporarily suspend dealings with 74 real estate entities, citing failures to meet allocation conditions and delays in payments. The crisis deepened when authorities imposed retroactive fees for land transfer and improvement—ranging from EGP 500 to 1,000 per square metre. Developers strongly objected to what they described as an abrupt and uncoordinated move, especially given the challenging economic climate, marked by rising construction costs and significant currency fluctuations. Meanwhile, inspection committees uncovered multiple cases of land held without proper ownership documents, alongside licensing complications arising from overlapping responsibilities among government entities. In response, the state has moved to centralise land oversight under the New Urban Communities Authority (NUCA). While 162 companies have been formally urged to rectify their legal status, many developers have called for the new fees to apply only to future projects, and for legislative dialogue to reassess the imposed amounts and introduce financial facilitations to ease market disruption. The Association of Real Estate Developers (arD) is closely following a recent decision issued by the NUCA Board of Directors during session No. 205 of 2025, which allows for the cancellation of land allocations to developers facing outstanding or rescheduled payments, delays in obtaining licences or ministerial approvals, or failure to sign contracts within three months of their last official interaction with the authority. The Association stressed that the decision has raised serious concerns among companies operating in the sector, particularly given current economic pressures, sharp rises in construction costs, and administrative delays often beyond developers' control—all of which could slow project completion. In response, the arD has submitted an official request for an urgent meeting with Sherif El-Sherbiny, Minister of Housing, Utilities, and Urban Communities, to discuss the decision and propose solutions that both protect the state's rights and support the continuity of real estate projects—key drivers of Egypt's economy. The Association also called for the grace period for settling arrears to be extended from three to six months, allowing committed companies to regularise their status and meet financial obligations amid mounting economic pressures on the real estate sector. While affirming developers' full commitment to the state's urban development plans and to upholding market discipline, the arD urged the adoption of more balanced policies that take into account current economic challenges, helping ensure the continuation of projects and protecting the country's sustainable development agenda—a central pillar of Egypt's economic vision. The Association noted it has been the only entity actively working to engage all relevant stakeholders since the start of the crisis. It warned that enforcing the decision without adequate notice for companies to address compliance issues could harm the investment climate and undermine investor confidence—both domestic and international—in Egypt's real estate market.
Daily News Egypt
21-07-2025
- Business
- Daily News Egypt
Madbouly reviews legalisation of newly annexed lands to new cities, housing offerings
Prime Minister Mostafa Madbouly chaired a meeting on Monday at the government headquarters in New Alamein City to follow up on the legalisation of land recently annexed to several new cities, alongside updates on housing and land offerings and other ongoing projects. The meeting was attended by Sherif El Sherbiny, Minister of Housing, Utilities and Urban Communities; Walid Abbas, First Deputy Chairperson of the New Urban Communities Authority (NUCA); and Amin Ghoneim, NUCA Deputy Chairperson for Urban Development and City Upgrading. At the start of the meeting, Madbouly stressed the importance of completing the legalisation process to protect state resources and regularise residents' status in these areas, thus ensuring legal and social stability. This, he noted, is critical for building integrated, well-planned urban communities. He also emphasised delivering legalised plots in a phased manner to maintain steady development. The Minister of Housing confirmed that the legalisation process is progressing steadily, with submitted applications under review and finalisation underway for cases that have completed the required procedures. El Sherbiny highlighted ongoing efforts to expedite the legalisation of land status for individuals and entities in newly added areas, aiming to speed up urban development and meet future housing needs. He also reviewed the Ministry's broader efforts to implement national projects that provide adequate housing units, strengthen infrastructure, and improve public services in new cities. These initiatives, he said, are aligned with the goals of the 'New Republic' and the political leadership's vision to enhance housing and urban development nationwide. El Sherbiny presented an update on current offerings covering housing units and land plots designed for different social segments. He explained that a diverse range of projects are being introduced under the presidential initiative 'Housing for All Egyptians.' This includes fully subsidised units for low-income groups under the Social Housing Programme, as well as units for middle-income groups offered with facilitated payment plans. Higher-income groups, meanwhile, can purchase units at market rates, with the revenue used to subsidise housing for lower-income citizens — a model aimed at promoting social justice. The Minister also reviewed projects targeting land located along key roads and highways, including ongoing works along the 26th of July Corridor. These works cover the expansion of the existing road beneath the monorail, stretching from the intersection with the Cairo-Alexandria Desert Road to the intersection with the Wahat Road, spanning parts of 6th of October and Sheikh Zayed cities.
Zawya
02-06-2025
- 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. (
Daily News Egypt
02-06-2025
- 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.'
Daily News Egypt
14-04-2025
- Business
- Daily News Egypt
Egypt, Saudi Arabia to launch joint real estate fund with diverse portfolio: Housing Minister
Egypt's Minister of Housing, Utilities, and Urban Communities, Sherif El-Sherbiny, has announced plans to establish a joint Egyptian-Saudi real estate investment fund. The fund will feature a diversified portfolio of land assets and investment opportunities, aiming to drive development across strategic locations in Egypt. The initiative, which will fall under the supervision of the New Urban Communities Authority (NUCA) and the Tourism Development Authority, is part of broader efforts to deepen Egyptian-Saudi cooperation in the real estate sector and attract fresh capital into key development projects. El-Sherbiny made the announcement during a panel discussion held with representatives from the Saudi Chambers of Commerce and the Saudi-Egyptian Business Council, highlighting it as a milestone in advancing bilateral investment relations. A dedicated unit will be set up within NUCA to monitor joint projects with Saudi partners, as well as other Saudi investments on NUCA-administered lands. This unit will be tasked with ensuring project efficiency, streamlining oversight, and supporting sustainable growth in the sector. El-Sherbiny also pointed to Egypt's evolving urban development model under President Abdel Fattah El-Sisi's leadership, noting that the past decade has seen a dramatic transformation in the country's urban landscape. He outlined a broad spectrum of investment opportunities across Egypt's expanding network of cities—particularly the fourth-generation urban centers such as the New Administrative Capital, New Alamein, and New Mansoura—as well as prospects in earlier generations of new cities and major tourism zones. Reaffirming the ministry's commitment to facilitating investment, El-Sherbiny encouraged both Egyptian and Saudi developers to expand their involvement. He expressed personal readiness to address any challenges investors may encounter, pledging to expedite solutions to ensure the success of incoming projects. Reflecting on his recent participation in Cityscape Global in Riyadh, El-Sherbiny praised the vibrant atmosphere among exhibitors and investors in Saudi Arabia and emphasized the potential for expanding real estate investment collaboration between the two nations. He concluded by emphasizing that enhanced Egyptian-Saudi cooperation in real estate could pave the way for valuable exchanges of expertise and best practices. Harnessing the combined strengths of both countries, he said, holds the promise of delivering impactful, sustainable development that benefits both economies.
