Construction has contributed to the decline of unemployment rates in Egypt ????

An alliance of Al-Ahly Bank of Egypt, QNB Al-Ahly signs a joint financing contract worth EGP 2 billion to finance the Qatari Diar project "City Gate"

Spanning over 357,125 square meters, the new phase of Citygate New Cairo comprises the construction of 422 residential units of various villas, quattros, and twin houses.

Abdullah bin Hamad Al-Attiyah, CEO of Qatari Diar Real Estate Investment Company, said:?“With over EGP 1.75 billion, the new phase of CityGate New Cairo comes in line with our strategy in the Egyptian market. We focus on implementing large-scale projects with the highest international standards while integrating them with a green and sustainable approach to supporting the Egyptian economy as well as the real estate sector,”

We expect that the project will create more than 2500 job opportunities, endorsing Qatari Diar’s strategy to establish a continuously positive impact on the Egyptian job market as well as the economy.

Source: www.zawya.com

Located on the southeast of the archipelago on the Red Sea, the 73-key Sheybarah Island resort, has been designed by Dubai-based architectural firm Killa Design.

It comprises overwater and beach villas, arrival, front-of-house and F&B buildings, and other facilities.?

The project incorporates sustainable technology in all elements of its design, which prioritises eco-friendliness and sustainability to preserve and enhance biodiversity and the surrounding natural habitat.

RSG selected Mammoet for the transportation and installation of all 73 villa pods for the Sheybarah Island project in May 2022. Mammoet used its 650t capacity Demag CC3800 crawler crane mounted on Mammoet’s shallow-draft ALE 250 barge to do the lift.

Source: www.globalconstructionreview.com, www.constructionweekonline.com

We see that Saudi Arabia Vision 2030 which started in 2016 is positively diversifying the Saudi economy, supporting local production, and developing innovative opportunities for the future. That placed the Kingdom as one of the fastest-growing economies in the world.

Orascom Development signs agreement with the state to develop undeveloped Gouna land

The agreement included a new master plan for the 17.4 million square meter area, the right for Orascom to connect its lakes network with the Red Sea, & setting governmental fees on undeveloped land in El Gouna at $112 million.

The company will finance this agreement from its EGP 3.8bn stash of cash, in addition to getting a $30m loan from its parent company, Orascom Development Holding.

Source: thndr claps

AAA Consultancy adds that the government’s strategy at this stage is to encourage private-sector investment in Egypt and we expect that there are more agreements on their way to be held.

Madinet Nasr Housing is considering starting new projects in 2023 by buying land in West Cairo.?

The company has received a lot of interest in its proposed “SAFE” investment product, which makes up 20% of the land allocated for the project.

CEO Abdallah Sallam believes the company’s current market value doesn’t reflect its true value, as they own 5 million square meters of land they haven’t fully used yet.

We expect that this type of investment product will lead to more investment opportunities for smaller investors which will boost the Real Estate & Construction market in Egypt and attract more foreign investment.

Egypt’s unemployment rate declined during Q4-2022 to 7.2%, compared with 7.4% that was recorded the quarter before.