Media Watch

Nicholas Wallwork

Nicholas Wallwork

Editor-in-Chief
Staff member
Premium Member
Egyptian real estate market positive going into 2010, conference told

A conservative mortgage market has shielded Egypt from the worst excesses that led to the global economic downturn and left the country's real estate market in a prime position to move forward in 2010, it is claimed.

Egypt will be one of the most attractive destinations for real estate investors in 2010, delegates were told at the first Global Trade Matters Real Estate Egypt Conference which included panelists from the top ranks of government, the private sector and academia.



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Ed the Druid

New Member
Watch out Metro and Abuashra

Heard Tescos are looking to invest in the middle east. Was told that they are in talks to aqcuire the conference centre at Jolie Ville Naama for re development

They have also been in talks with Tony Blair - who now lives in Sharm full time I believe

Sunday Express | UK News :: Blair linked to Mid East Tesco deal

Hi Queenie,

It'll be Lidl's,Aldi and Morrisons next,LOL,However what we could really do with out there is a few Marks and Sparks outlets :D

Regards Eddie Hudson
 
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CMChris

New Member
M & s

Hi Queenie,

It'll be Lidl's,Aldi and Morrisons next,LOL,However what we could really do with out there is a few Marks and Sparks outlets :D

Regards Eddie Hudson
I've seen that M & S are opening up in Cairo soon so it might not be too long before they come south!
 
Peter Mitry

Peter Mitry

<B>Egypt Forum Founder Member</B>
Egyptian Property Strong - Developer Raises $400m

Egypt's Palm Hills to raise $400 mln, speed up work
Tue Jan 12, 2010 11:19am GMT


CAIRO (Reuters) - Egypt's Palm Hills Development plans to raise as much as 2.17 billion Egyptian pounds in new funds as it prepares to speed up construction spending, an official said on Tuesday.

Palm Hills, which targets higher-end buyers, has five real estate developments under way in the western edge of Cairo, four in its eastern edge and one on Egypt's North Coast, Investment Relations Manager Sara El-Gawahergy said.

Egypt's property market has continued to burgeon this year despite a slowdown elsewhere in the region and the property crunch in Dubai.

"We are targeting to speed up construction heavily in 2010 in all of the projects that we are currently developing, plus three additional projects that we will start in 2010," Gawahergy said. "We see a unique opportunity to increase the pace of our build-out while capitalising on the currently low price of key construction materials," she added.

The funds comprise 698.9 million pounds in a rights issue, up to 1 billion pounds in bonds and 467 million pounds in a syndicated loan, Gawahergy told Reuters.

The rights issue would raise the company's capital to 2.01 billion pounds.

The five-year syndicated loan, lead managed by Commercial International Bank, should be signed by the end of this month, Gawahergy said. The board of directors on Sunday approved the sale of up to 1 billion pounds in bonds, she added.

The drawdown of the loan will be tied to progress in construction on specific projects, while the company would be able free to direct the proceeds of the bonds and equity to other projects, Gawahergy said.

The funds "leave us in an extremely healthy cash position and cover our needs for the coming two years", she added.

© Thomson Reuters 2010 All rights reserved
 
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Alan Cockayne

Banned
Egypt Mortgage market

Editor. A conservative mortgage market has shielded Egypt from the worst excesses that led to the global economic downturn and left the country's real estate market in a prime position to move forward in 2010 said:
Egypt to raise mortgage market value

Moustafa El-Haiawan, board chairman of Egypt's Mortgage Finance Fund has said that the country plans to raise its mortgages market to EGP10bn within the next three years, up from the current EGP4bn, Reuters has reported.
"The size of Egypt's mortgages market does not commensurate with the size of its real estate market," El-Haiawan said. Mortgages in Egypt represent well under 1% of GDP, partly because of a complex property registration process that makes it hard for lenders to secure the right to sell a property in case of default.


comment. This opens up many possibilities. But we feel the residential industry in Egypt will have to undergo much reform and transparancy before Egyptians and overseas borrowers access these funds as longer term mortgages.

Alan Cockayne. - Coralife-Style Consultants.
 
Peter Mitry

Peter Mitry

<B>Egypt Forum Founder Member</B>
Egypt After the Crunch?

Air Arabia Testifies to Egyptian Tourist Growth Potential

News Posted On: 23 March 2010

Sharjah-based low-cost carrier (LCC) Air Arabia is planning to start commercial operations from its third hub in Egypt by the end of next month, according to the firm’s chief executive.

"We're hoping commercial flights will start before the end of April," Air Arabia CEO Adel Ali told Arabian Business on Tuesday.

"Today, we're sending our first plane to Egypt, so the process is happening right now," he continued.

"Egyptian civil aviation personnel are here at the moment, and the plane is being registered in Abu Dhabi, together with a full maintenance check. It will then fly to Egypt for a few days of tests," added Ali.

This is further proof that Egypt is still one of the fastest growing tourism markets in the world, having suffered barely any negative effects from the recent international economic downturn -- no noticeable negative effects anyway.

This massive potential for growth makes Egypt property a unique prospect. Not the potential for tourism growth alone, but the fact that the young market started developing during a global property boom. Thus, the Egyptian property sector has developed hand-in-hand with the tourism sector. This presents unique opportunities for foreign investors.

Because of this, Egypt has become the land of hands-free investment; the properties that foreigners are able to invest in, are predominantly resort properties that will receive the management of the company behind the resort. Thanks to this, and the aforementioned tourism growth there are dozens of investment opportunities in Egypt with guaranteed rental yields upwards of 10%.

'Property investors who are keen to take advantage of the opportunities in Egypt should ensure that they do so through forming links with agents already here with a solid track record of providing due diligence and avoiding the pitfalls. Egypt Real has consistently outperformed the market in this regard' Peter Mitry, Egypt Real
 
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