Latest from Economic Key
Economic Key
2 hours ago
- Business
- Economic Key
Banque Misr Signs Cooperation Protocol with Egypt Real Estate Platform to Boost Mortgage Services
As part of its commitment to providing innovative solutions in the field of real estate financing, Banque Misr has signed a cooperation protocol with E-systematic for Technology and Project Management, the owner of The Official Egyptian Real Estate Platform, which is the first official platform specialized in the Egyptian real estate sector. The cooperation aims to facilitate customer access to mortgage financing services through the platform, where interested clients will be able to calculate an estimated mortgage value and communicate directly with the bank via the platform. This collaboration comes within the framework of the bank's efforts to support the national economy and achieve Egypt's Vision 2030 by making mortgage services more accessible and adopting innovative digital solutions. Customers seeking to purchase real estate units will be able to benefit from exclusive financing offers and advantages tailored to their needs. The cooperation also supports the government's strategy to promote Egyptian real estate regionally and internationally, especially among Egyptians working abroad, while also enhancing foreign investment in the sector by leveraging the state's official reliance on the platform to organize the real estate market. Ms. Hend Fahmy, Head of Financial Inclusion and Mortgage Financing at Banque Misr, stated that this collaboration comes within the bank's commitment to supporting the real estate sector and making access to innovative financing solutions easier. She added that this step will enhance customer experience and make mortgage financing more accessible, thus supporting financial inclusion in the Egyptian market. She also pointed out that by the end of July 2025, the bank's mortgage financing portfolio had reached around EGP 23 billion, benefiting more than 150,000 clients, thanks to the bank's comprehensive financing programs designed to meet the needs of different social segments. Commenting on the agreement, Mr. Ahmed Elbatrawy, Founder and Chairman of The Official Egyptian Real Estate Platform, said: 'The cooperation with Banque Misr represents a qualitative leap in the real estate market, as we connect for the first time between real estate supply and demand data and direct mortgage financing services. This step not only strengthens citizens' trust in the platform but also opens wider horizons for developers and investors, reinforcing Egypt's position as a leading real estate market in the region.' Mr. Essam Bahgat, CEO of The Official Egyptian Real Estate Platform, expressed his pride in this strategic cooperation with Banque Misr, describing it as a pivotal step toward integrating mortgage financing services within the digital property search experience. He noted that this partnership will simplify the ownership journey for citizens and investors and support digital transformation goals in the Egyptian real estate market. Banque Misr attaches great importance to the real estate sector, offering various financing programs to meet customer needs, with the goal of enhancing service quality and contributing to Egypt's sustainable development and prosperity. The Official Egyptian Real Estate Platform is the first integrated real estate data platform officially recognized as a reference for the Egyptian real estate market. This unique status, both locally and globally, makes its cooperation with Banque Misr a pioneering model of integration between the financial and real estate sectors. The partnership enhances transparency and enables citizens and investors to access innovative financing solutions aligned with the best international standards. تم نسخ الرابط
Economic Key
2 hours ago
- Business
- Economic Key
V Developments Achieves EGP 500 Million in Sales Through Successful Circle V Campaign Launched in July
V Developments announced the success of its Circle V campaign, achieving sales exceeding EGP 500m since its launch in July. This success reflects the uniqueness and innovation of the campaign's concept in marketing the company's projects through non-traditional approaches that encourage real estate marketing companies to collaborate on its developments. Eng. Mohamed Hegazy, Chairman of V Developments, stated that the idea behind the Circle V campaign is based on unconventional marketing mechanisms that helped present the company's projects in a more distinctive way to clients. He added that this reflects the company's ability to innovate in delivering real estate products to its target customers. Hegazy explained that the campaign is based on selecting the top 10 real estate marketing companies that collaborate with V Developments and achieve strong sales results for the company, while providing them with full support and the necessary elements to enhance their outstanding performance in marketing the company's projects, along with offering special discounts for clients who purchase through this campaign. He further highlighted that V Developments' portfolio includes a series of commercial towers designed to deliver integrated services to clients. Through the discounts offered under Circle V and similar initiatives, customers stand to gain substantial value and added opportunities. Clients could benefit from exclusive discounts through Circle V, gaining access to substantial savings that allow them to purchase or lease units at more competitive prices and maximize the value of their investments. They also enjoy diverse options across three flagship projects, giving them the flexibility to choose the development that best suits their needs. In addition, the projects are designed and managed using modern approaches based on the smart building concept, ensuring integrated services and long-term value. The concept of smart and sustainable buildings takes into account the principles of sustainability, energy and electricity efficiency, and increasing green spaces relative to the built-up area. This approach aims to improve and enhance the performance and functionality of the buildings developed by the company. Besides, offering an integrated experience through exceptional facilities and services enriches the overall client journey, delivering added value with modern amenities and a diverse range of offerings. He pointed out that the campaign will run for a full year, and with such strong sales achieved in just the first month, it is expected to deliver even stronger sales results in the coming period. He noted that significant support and attractive rewards were offered to the real estate marketing companies participating in the campaign. Eslam El-Baghdadi, Chairman of V Developments, added that the company is adopting serious and robust investment plans to accelerate the implementation rates of its projects and ensure delivery according to the agreed timelines and at the highest quality standards. He noted that this strong execution plan is being pursued despite market challenges, rising implementation costs, and increasing prices of raw materials. El-Baghdadi added that commitment is a cornerstone of the company's strategy. No matter the scale of challenges, the company operates at full capacity to ensure these obstacles do not affect its projects or timelines. This is reinforced by the company's strong financial position, as it absorbs part of the increased implementation costs to fulfill its contractual obligations with clients, he explained. The projects that recorded strong sales through the campaign include V Business Tower, which has been fully completed; Mas Tower, where excavation work has been finalized and construction is underway; and Leo Tower, launched last January. Through Circle V, clients were able to maximize their benefits by securing exclusive discounts, while real estate marketing companies played a pivotal role in driving the success of this innovative model, according to El-Baghdady. He concluded that the campaign brought together leading real estate marketing firms, including Why Investment, Umprela, The Nox, Property Track, Target Misr, Wall Street, AK, Equal State, Shahienz, and Equal Estate — all renowned for their distinguished expertise and marketing approaches that align seamlessly with V Developments' ambitious vision and plans. تم نسخ الرابط
Economic Key
16 hours ago
- Business
- Economic Key
Barwa Developments Signs MoU with Telecom Egypt WE to Provide Integrated Smart Technology Solutions
Barwa Developments, as part of its strategy to create fully integrated projects powered by the latest technologies, has signed a Memorandum of Understanding with Telecom Egypt (WE) to deliver comprehensive communication solutions and smart technology services across all its developments. The agreement was signed by Ahmed Alsakoot, Senior Director Enterprise at Telecom Egypt (WE), and Ahmed Rageh, Chairman of Barwa Developments. Ahmed Rageh, Chairman of Barwa Developments, stated that the strategic partnership underscores the company's dedication to offering a more seamless and efficient experience for clients across all its projects. This will be facilitated through advanced digital infrastructure that adheres to international standards, supports the government's digital transformation vision, and meets the evolving needs of customers looking to fully leverage technology. He added, 'At Barwa Developments, we aim to deliver modern, fully integrated projects. Our collaboration with Telecom Egypt (WE) represents a strategic step to enhance smart infrastructure in our developments. This initiative is expected to allow our clients to enjoy an exceptional experience based on speed and innovative solutions that align with the latest global standards in smart cities.' Ahmed Alsakoot, Senior Director of Enterprise at Telecom Egypt (WE), stated, 'We are delighted to partner with Barwa Developments to equip its projects with cutting-edge communication services and smart technology solutions. Our ongoing commitment is to provide advanced digital infrastructure that facilitates the shift toward smart cities, delivering clients a high-quality, reliable, and seamless communication experience.' He noted that this partnership reflects Telecom Egypt (WE)'s commitment to supporting the real estate sector with innovative services and solutions that enhance quality of life and strengthen Egypt's position in digital infrastructure. He further pointed out that under this collaboration, Telecom Egypt (WE) networks and the latest communication technologies will be made available across Barwa Developments' projects. Amr Attia, Chief Commercial Officer at Barwa Developments, said that this strategic collaboration contributes to enhancing operational efficiency and providing a modern environment that meets the needs of both individuals and businesses across all company projects. He added that it also boosts the investment value of the company's developments and ensures the best return for clients on their units, which are executed according to the highest standards of quality, excellence, and technological advancement. He noted that Barwa Developments specializes in delivering mixed-use projects and currently owns four commercial malls in Shorouk City—Hub5 Mall, Barwa Mall, Central Mall, and Center Point—some still under construction. The company also manages numerous residential developments in the area, which, given its high population density, greatly benefit from the mixed-use projects that Barwa provides. Additionally, Adham Korein, Director of Gated Communities and Key Accounts at Telecom Egypt, highlighted that the strategic partnership with Barwa Developments marks a significant step in the company's commitment to supporting the real estate sector. Korein noted that it underscores the strong confidence that real estate developers in Egypt place in Telecom Egypt. He added: 'Telecom Egypt has the capability to deliver the highest level of communication services that meet the evolving needs of clients in modern real estate projects, providing an exceptional connectivity experience based on speed and superior quality through our latest technologies.' تم نسخ الرابط
Economic Key
a day ago
- Business
- Economic Key
Contact Financial Holding Posts Robust 1H-2025 Results with 24% Growth in Operating Income Reaching EGP 1.1 Billion
Contact Financial Holding ( Egypt's leading non-bank financial services provider, announced today its consolidated financial results for 1H-2025. The Group achieved a consolidated total operating income of EGP 1.1 bn, marking a 24% y-o-y increase. This growth was driven by the strong operational performance of the financing division, which successfully enhanced operational efficiency, maintaining both the quality and diversity of its financing portfolio. Meanwhile, consolidated normalized net income reached EGP 163.6 mn during the same period, underscoring Contact's commitment to meeting the growing market demand through offering innovative financing and insurance solutions. Commenting on these results, management emphasized that Contact continues to strengthen its position as Egypt's leading non-banking financial services provider, which is clearly reflected in the Group's robust operational performance during 1H-2025. The financing division sustained its growth momentum, underscoring the strength of our business model and the enduring trust of our clients. The consumer finance segment remained the primary driver of new lending growth, delivering a remarkable 46% y-o-y increase, supported by robust customer acquisition and a favorable operating environment. Management also expressed optimism regarding the period ahead, describing it as a new chapter in its growth strategy, aimed at delivering an advanced, end-to-end customer experience through an integrated suite of financing and insurance solutions. The strategy is firmly anchored in a clear vision for digital transformation, enhancing operational efficiency and supporting business growth. Looking ahead, management emphasized that expanding and strengthening the Group's digital capabilities will remain a top priority, reinforcing our market leadership. The financing division maintained strong operating performance, with financing operating income rising by 31% y-o-y to EGP 983 mn, driven by a focus on higher-margin products. This strategy boosted the financing division's results and supported expansion in new financing across the truck, mortgage, and working capital segments. The positive momentum was particularly evident in 2Q-2025, as financing operating income reached EGP 611 mn, marking a notable 44% increase compared to the same period last year. Meanwhile, the insurance division sustained its strong growth trajectory, with Insurance Revenue growing 61% y-o-y to EGP 1.3 bn in 1H-2025, while the division's Gross Written Premiums (GWP) increased by 55% y-o-y to 1.9 bn. This growth was fueled by the broad-based performance of Sarwa Life, which recorded a 59% y-o-y increase in GWPs to 1.2 bn, and Sarwa Insurance, which posted 48% y-o-y growth with GWPs reaching EGP 698.6 mn. These outstanding results were also reflected in 2Q-2025, as the division's GWPs reached EGP 812 mn, up 56% y-o-y, while insurance revenues rose 52% y-o-y to EGP 708 mn, underscoring the division's resilience and ability to deliver sustainable growth amid improving market conditions. On the digital front, ContactNow, Egypt's first comprehensive digital financial platform, continued its rapid growth in 1H-2025, recording a 20% y-o-y increase in the total value of transactions processed through the app. User adoption also continued to expand, with the platform total registrations surpassing 1.04 million since inception, driven by continuous platform enhancements aimed at improving user experience and meeting customer needs more efficiently. In line with our strategy to advance digital transformation and promote financial inclusion, Contact is working to make its full suite of financing and insurance services seamlessly accessible through the app. Notably, the Group has recently received a fintech license from the Financial Regulatory Authority (FRA) to offer fully digital consumer finance services through ContactNow, further supporting Contact's digital aspirations. تم نسخ الرابط
Economic Key
2 days ago
- Business
- Economic Key
Crown Developments unveils expansion plans with new residential and commercial projects
Crown Developments Company, announced its plan to strengthen its investment portfolio and add new residential and commercial projects to its portfolio, in a strategic move that reflects its confidence in the strength of the Egyptian real estate market. Eng. Ali Saleh, Crown Developments Chairman, said that his company's new expansion plan comes in light of the the Egyptian economy strength, the activity of the Egyptian real estate market, and the strong demand for all real estate projects across various investment activities, besides the company also aims to apply the needs of its clients for its distinguished projects, which have gained a reputation for their high quality and modern designs, meeting the aspirations of clients seeking luxury and safe investment. He explained that his company's distinctive elements are based on the presence of a specialized team work of highly qualified and experienced experts, engineers, and consultants, in addition to the quality of implementation and finishing of its projects, noting that the company is committed to using the finest building materials and luxurious finishes,besides adopting the latest construction technologies to ensure the delivery of a long-lasting real estate product that applies the aspirations of its distinguished clients. The company's strength also based on the presence of modern and innovative designs for all projects, paying attention to the tiny details to provide a comfortable, practical, residential and commercial environment that applies to a variety of tastes and needs, furthermore, the company selects distinctive strategic locations for its projects, as it carefully selects the locations of its projects to ensure easy access to vital facilities and services, achieving the highest investment value for clients and investors, and adhering to the implementation and delivery schedules of its projects. He pointed that the company achieved remarkable successes and left a clear mark in October and Sheikh Zayed districts, which are considered among the most attractive residential and investment areas in West Cairo, as the company has developed and delivered a number of distinguished projects that recieved great demand from clients and investors, reflecting the quality of its projects and its deep understanding of market needs. He added that the company successfully delivered more than 250 residential and commercial units across its various projects, which is regarded a great achievement that reflects its high efficiency in project management and its ability to fulfill its promises within the specified time schedules, and confirms the company's unwavering commitment to its clients by achieving excellent delivery rates. He assured that the expansion plan includes their presence in other promising areas of the Egyptian real estate market, as the company is currently studying several attractive investment opportunities through various parts of Egypt, aiming to introduce its distinguished projects to a wider segment of clients and contribute in the comprehensive urban development, in addition to exploring the possibility of signing strategic partnerships with other companies to enhance its capabilities and expand its business in various real estate sectors. He emphasized that the company's leadership is not limited to the real estate market, but extends to its strong belief in the importance of investing and developing education in Egypt, as the company in addition to managing one of the leading real estate companies, it also pays special attention to the educational system through its ownership of a prestigious international school, which is 'CIs' Capital International School. CIs Capital International School plays a pivotal role in enriching Egypt's educational society, providing a world-class educational model that keeps pace with the latest international standards. Thus this investment in education reflects Crown Development Company comprehensive vision for sustainable development, which see in the building of educated and qualified individuals as the basics for progress and advancement in all fields including the real estate sector, in which the company actively contributes. He reffered to the company's belief that the Egyptian market possesses strong growth factors, supported by government efforts to stimulate the economy and improve the investment climate, in addition to population growth and the growing demand for highly standard residential and commercial units. تم نسخ الرابط
