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Arab Development and Real Estate Company buys New Cairo land for EGP 3.5m - Daily News Egypt

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Arab Development and Real Estate Company buys New Cairo land for EGP 3.5m

Company says it will establish real estate projects on 1,000 sqm of land


All negotiations on mega-projects in the real estate sector will be suspended until the completion of the projects announced at the Economic Summit in March (AFP File Photo)
All negotiations on mega-projects in the real estate sector will be suspended until the completion of the projects announced at the Economic Summit in March
(AFP File Photo)

The Arab Development and Real Estate Company has purchased 520 sqm of land worth EGP 3.5m in New Cairo’s Fifth Settlement district, the company told the Egyptian Stock Exchange on Sunday.

The sum of the lands owned by the company in the Fifth Settlement has increased to approximately 1,000 sqm following the recent purchase. The company also announced that it will establish real estate projects on the lands.

All negotiations on mega-projects in the real estate sector will be suspended until the completion of the projects announced at the Economic Summit in March, Minister of Housing Mostafa Madbouly said in May. He said that his ministry debuted between 14 to 15 projects at the summit and only six of them were announced to invest in, while the ministry later received offers for the other projects.

The Ministry of Housing is also scrutinising the current formulation of the real estate executive law, which is expected to be approved “soon”, according to the Minister of Housing’s Adviser Tarek El-Sebaey.

El-Sebaey also noted that the revision is taking into account remarks by real estate experts. “This move comes as part of the process to stimulate real estate investment and accelerate its pace,” he said.

On another note, some real estate companies have recently expressed their desire to be listed on the Egyptian Stock Exchange (EGX), to expand their activities to face expansion in their huge projects. The largest of these companies is Emirati company, Emaar, which has completed many of the registration procedures on the EGX, and aims at offering 15% of its shares.

Abraaj Misr has also announced its desire to put up 15% of its shares on the EGX, to expand into new projects they plan to set up on the east and west coasts of the Gulf of Suez.

 

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