Hyde Park, New Urban Communities Authority forms strategic partnership

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Hyde Park Properties for Development announced a new strategic partnership with the New Urban Communities Authority following the final settlement with DAMAC, which waived its 17.78% stake in Hyde Park in favour of the New Urban Communities Authority.

This took place during a press conference held by Hyde Park for Development in the presence of Khaled Abbas, assistant minister of housing and Essam Abu Hamed, Hyde Park chairman of the Board of Directors, Magued Sherif, CEO and managing director of Hyde Park, Fathi El Sebai, chairman of the Housing and Development Bank and Nabil Abbas, senior vice-president of the New Urban Communities Authority.

SODIC books EGP 1.8bn in sales during 2012

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The Six of October Development and Investment Company (SODIC) achieved EGP 1.8bn in sales during 2012, said Ahmed Badrawi the company’s CEO, during a press conference held on Thursday at the Cityscape Egypt event in Cairo.

Badrawi further revealed that the company had exceeded EGP 680m in sales during 2013 so far. He also said that SODIC had spent a total of EGP 800m in real estate development projects during 2012 and will invest a total of EGP 1bn in 2013.

“Also, as this is SODIC’s 7th Cityscape exhibition, we announce that we will deliver seven projects this year,” he said.

“I’m very optimistic about the market and the company under the current circumstances and the economic situation,” said Badrawi. “We are quite fortunate, as the real estate industry seems to be strong enough to face these kinds of economic problems.”

Arabia Group showcases Galleria Moon Valley at Cityscape

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The Arabia Group showcased its new project Galleria Moon Valley at the Cityscape Egypt 2013 conference earlier this week.

“Being in cityscape Egypt is an opportunity to meet global investors and interact with them to project a positive image about the Egyptian economy, and to confirm its ability to surpass the current obstacles,” Chairman of Arabia Group Tarek Shoukry said. “And also to prove that the Egyptian market is ready to regain the growth rates of the real estate sector, which is a good opportunity for investments in all sectors.”

He also added that the Galleria Moon Valley project represented “a new concept in property development in Egypt”. This concept, he said, will ultimately result in a shift in the conventional perception of luxury communities, which are limited to unique architectural designs among large landscapes, “and will set new horizons for specialised residential communities”.

Finance Ministry to reassess taxes on hotels and resorts

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Egypt’s Ministry of Finance recently agreed to requests made by the country’s Tourist Ministry to restructure real estate taxes imposed on hotels and resort facilities based on their “market replacement value”.

Towfiq Kamel, President of the Egyptian Hotels Association, said that the country’s Finance Ministry is set to impose the new tax starting July 2013, after determining the market replacement value of Egypt’s various hotel and resort facilities. He stated that this new policy is one of the best to have recently been passed by the country’s Finance Ministry.

However, Kamel stated that the state of the market today was not strong enough to withstand the imposition of a new series of taxes.

Qatari Diar to Invest $543.8 Million in Egyptian Projects

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Qatari Diar Real Estate Investment Co., the real-estate arm of the Persian Gulf country’s sovereign-wealth fund, signed a $543.8 million contract with Consolidated Contractors Co. to develop two projects in Egypt, according to an e-mailed statement from the Doha-based company.

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