REAL ESTATE NEWS REPORTING & ANALYSIS
November 2017 - 48 Pages - Issue 8
www.invest-gate.me
EGYPT’S WHEEL OF FORTUNE New Cities ride the property cycle
FIRST PHASE OF NEW ADMINISTRATIVE CAPITAL INAUGURATED
NEW AL-ALAMEIN CITY TO BE LAUNCHED SOON WILL UPPER EGYPT’S WHEEL OF FORTUNE CHANGE? AN OVERVIEW ON TOURISM ACROSS UPPER EGYPT
INVEST-GATE
2 | INVEST.GATE | November 2017 - ISSUE 08
THE VOICE OF REAL ESTATE | 3
INVEST-GATE
4 | INVEST.GATE | November 2017 - ISSUE 08
THE VOICE OF REAL ESTATE | 5
INVEST-GATE
EDITOR’S LETTER
WELCOME TO INVEST-GATE We are delighted to invite our readers to take part in Egypt’s wheel of fortune. Turn the wheel as much as you like and jump from one place to the other as we explore Egypt’s real estate sector that is bound to win the jackpot! In this issue, we present Egypt’s latest new cities and how both public and private sectors are weighing heavily on them. Our city spotlight is dedicated to the two highly anticipated mega projects; the recently inaugurated New Administrative Capital and the New Al-Alamein City, very soon to follow. As we continue our journey across the Egyptian governorates, we make several stops across some other new cities especially in Upper Egypt, including New Assiut, New Aswan, and New Luxor to check on their latest updates and the government’s efforts to provide for its citizens a better life and boost tourism. And where tourism is concerned, we make two special visits in Luxor at the enchanted Al Moudira Hotel and speak to its owner and manager the Moudira herself Zeina Aboukheir to share her vision and story behind one of the internationally acclaimed retreat in Egypt and highly recommended by world icons including fashion mogul Christian Louboutin. Highlighting some of the 13 soon-to-be inaugurated new cities, we sit with Sites International founders, Dr. Maher Stino and Dr. Laila El-Masry Stino, the masterminds behind the architectural designs of New Aswan City and Al Galala City, to name a few.
develop tourism and hospitality their own way by flaunting their heritage and culture and opening their homes to local and international tourists. Moving beyond new cities, the private sector is to go on a wild ride with the upcoming Nile Property Expo, taking place next month in Abu Dhabi. Under the slogan, Masr Betaarablak (Egypt Is Getting Closer), Egypt’s leading developers pack their projects to Egyptian expats and Arabs on the expo’s worldwide tour’s first stop. The expo is to continue its tour to London, Los Angeles, KSA, and Kuwait in 2018. We speak to Dr. Bassem Kalila, the man behind the Nile Property Expo, and share his vision. On this occasion, Invest-Gate is pleased to announce that it is named the expo’s official publication. As the Voice of Real Estate, Invest-Gate aims to cater all needs from homebuyers to big property investors. We bring you stories covering Egypt’s most interesting and vibrant sector, as it changes under the current economic environment. With the sentiment on Egypt gradually improving, we are delighted to explore how that impacts the most favorite investment outlet. Invest-Gate is your ticket to the Nile Property Expo as it tours the world. Stay tuned for more in our upcoming issue!
We head further south to Nubia to keep up with its people and how they are turning their lives around to make business and
EDITOR-IN-CHIEF
Inside this issue p.14
First Phase of New Administrative Capital Inaugurated
p.16
New Al-Alamein City To Be Launched Soon
General Manager Yasmine El Nahas Editor-in-Chief Farah Montasser Managing Editor Passant Darwish Staff Writer Julian Nabil Nayrouz Talaat Market Researcher Hagar Magdy Database Executive Taghreed Mounir Operations Manager Nada El-Labban Business Development Director Safaa Abdel Bary Social media consultant Mary Gaied Web Masters Ayman Rady Olfat Kamel Art Director Omar Ghazal Graphic Designer Ahmed Sabar 3D Visualizer Maged Makram Financial Manager Abdallah El Gohary Accountant Mahmoud Khalil Distribution Officer Mahsoub Kenzi Mohamed El-Sayed ABDEL RAHMAN MEDHAT
IN PARTNERSHIP WITH
p.18
p.26
Publisher MOHAMED FOUAD
Sites International Sees Real Estate Sector Flourishing
The Nile Property Expo World Tour kicks Off Next Month
All rights to editorial matters in the newspaper are reserved by Invest-Gate and no article may be reproduced or transmitted in whole or in part by any means without prior written permission from the publisher.
/invest-gate p.28
p.34
/invest gate /invest.gate_magazine
Away From The Capital Investors Are To Go
6 | INVEST.GATE | November 2017 - ISSUE 08
Will Upper Egypt’s Wheel of Fortune Change? An Overview on Tourism Across Upper Egypt
13D Sherif Salama Street - Takseem El Laselky - New Maadi, Cairo, Egypt Tel.: +202 25164776 +202 25172052 +202 27547569 Fax: +202 25172053 Email: info@invest-gate.me TO ADVERTISE WITH US: marketing@invest-gate.me 00201005186813
THE VOICE OF REAL ESTATE | 7
NEWS
UPDATE
INVEST-GATE
EGYPT’S NEW ADMIN. CAPITAL TO HAVE THE TALLEST SKYSCRAPER IN AFRICA Egypt plans to have the highest building in Africa at the New Administrative Capital, Xinhua news agency reports. China State Construction Engineering Corporation (CSCEC) finalized a- USD 3 bn- deal last month to build a “massive” Central Business District (CBD) in the New Administrative Capital. The district includes the -345-meter- high skyscraper, 12 business complexes, five
residential buildings, and two hotels. The whole project is scheduled to be finished within 43 months.
EGYPT ACCELERATES WORLD BANK’S 3RD TRANCHE OF A BILLION DOLLARS Egypt is in talks to accelerate the final tranche of the World Bank’s (WB) loan, Invest-Gate reports. Minister of Investment and International Cooperation Sahar Nasr and WB CEO Kristalina Georgieva have discussed the acceleration of signing the bank’s third and final tranche worth USD 1 bn of aUSD 3 bn- loan before the end of 2017, according to a released statement. Egypt received the first and second tranches valued at USD 1 bn each during the past two years, aiming to support its economic and social program.
The Islamic Development Bank (IDB) plans a new cooperation strategy with Egypt, Invest-Gate reports. The bank plans to provide Egypt with a fund worth USD 3 bn over the next three years from 2018 to 2020, a ministry of investment and international cooperation statement reads. Minister of Investment and International Cooperation Sahar Nasr and IDB President Bandar Hajjar tackled procedures for establishing a branch for the bank in Cairo, as well as, investing in Egypt Entrepreneurship Program (EEP) to support entrepreneurship and innovative projects.
Meanwhile, Nasr and Chairman of the Arab Fund for Economic and Social Development (AFESD) Abdullatif Youssef Al-Hamad also discussed the fund’s support for “Fekretak Sherketak” initiative to encourage startups and promote the private sector’s investments in several projects.
BETTER HOME LAUNCHES MIDTOWN NEW CAPITAL
Nasr’s invitation to attend the upcoming “Business for Africa, Egypt, and the World” Conference to be held in Sharm El-Sheikh from December 7 to 9, 2017.
On another note, Georgieva welcomed
EGYPT TAX REVENUES REACH EGP 88.6 BN IN Q1 Egypt’s tax revenues has increased in the first quarter of FY2017-18, Al-Ahram newspaper reports. “Tax revenues has reached EGP 88.6 bn in Q1 of FY2017-18 compared to EGP 57 bn of the same period last year,” the newspaper quotes Vice Minister of Finance Amr El-Monayer saying. The tax revenues rise mainly attributes to an increase in revenues from the value added tax (VAT) to EGP 50.7 bn in Q1 of FY2017-18 from EGP 28.3 bn of the same period last year. Egypt raised the VAT to 14% in the current
EGYPT & IDB PLAN USD 3 BN COOPERATION STRATEGY
Egypt’s Better Home Group unveils its first residential project at the New Administrative Capital, Invest-Gate reports. Situated at the heart of the New Administrative Capital in front of Expo City and the Central Garden, Midtown New Capital is to comprise 390 units of town houses, twin houses, and standalone villas with contemporary facades. The project also boasts a -15,000 -square- meter shopping mall,
according to the project’s official website. Around 80% of the project area is dedicated to lakes, landscape, and promenades. Clients are offered a payment plan of up to six years with a 10% down payment.
MISR ITALIA LAUNCHES IL BOSCO IN NEW ADMINISTRATIVE CAPITAL fiscal year from 13% last fiscal year. Real estate tax revenues have also increased to EGP 804 mn in Q1 of the current fiscal year from EGP 469 mn last year.
WORLD BANK: EGYPT BUDGET DEFICIT LIKELY TO FALL TO 8.8% Egypt’s budget deficit is believed to fall this fiscal year on the back of economic reforms, World bank believes. The budget deficit is expected to ease to 8.8% of the gross domestic product (GDP) by FY2017-18 on the back of energy subsidies reform and higher tax revenues, according to a report by the World Bank (WB). The economy is anticipated to grow by 4.5% in FY2017-18, spurred by a resilient private consumption, yet partially weighed down by high inflation over the short term. “Economic activity is expected to improve, and imbalances are projected to narrow further through the elimination of distortions in foreign currency markets and the government’s commitment to
fiscal consolidation,” according to the report. “The recently adopted industrial licensing law and further improvement in the regulatory framework are expected to improve the business climate and foster growth over the medium term,” the statement adds.
8 | INVEST.GATE | November 2017 - ISSUE 08
Egypt’s real estate developer, Misr Italia, is launching its first residential compound in the New Administrative Capital, Invest-Gate reports.
Zayed St. and overlooking the Green River, the residential compound will also boast a commercial area, sports club, and central park.
The -200-feddan- IL BOSCO comprises two-,three-, and four-bedroom apartments with areas varying between 125 and 210 square meters, sources at Misr Italia tell Invest-Gate.
Prices start at EGP 9,000 per square meter for apartments, and EGP 3.9 mn for twin houses and standalone villas, sources add. Clients are offered either a seven- or a nine-year payment plan, with a 10% down payment. The project is scheduled for delivery in four years.
The project will also feature fourbedroom twin houses with areas of 254 square meters, as well as, standalone villas. Located along the Mohamed Bin
SODIC INKS MoU TO DEVELOP LAND IN NORTH COAST Egyptian developer, Sixth of October for Development & Investment Company (SODIC), signs a memorandum of understanding (MoU) to develop a new land in partnership with its owner, InvestGate reports. The -300-feddan- land is located in Egypt’s North Coast, according to a bourse filing. The company says in the filing that it would carry a number of studies on the land before reaching a final agreement with the landowners. This is the second MoU that SODIC signed in the same area, bringing the total land, over which the company is negotiating in the
The company has so far invested more than AED 7.5 bn in infrastructure and construction at Deira Islands in Dubai. North Coast, to 600 feddans. On another note, SODIC announced on last month, it won the “Leading Corporate for Investor Relations in Egypt” award for 2017, organized by the Middle East Investor Relations Association (MEIRA).
current challenges that are facing the market,” ARDIC CEO Ashraf Dowidar is quoted in the statement as saying. Hazi Misr aims to provide investors and homebuyers with the ideal platform to meet directly with the developers.
KUWAIT PLANS THREE AIRPORTS AT COST OF USD 4.77 BN The government of Kuwait plans to work on three airports in the country between 2017 to 2020, at a total cost of KWD 1.446 bn, according to Reuters-affiliated website Zawya. The first of the three is the Kuwait International Airport, which is carried out by Turkish Limak Construction at a cost of KWD 1.312 bn. The support airport or what is called (T4) will be built at a cost of KWD 60 mn and the Al-Jazeera passenger terminal at a cost of KWD 14 mn. Sources told Zawya that the T4 and the Al-Jazeera passenger terminal
Nakheel has appointed UAE-based APCC Piling and Contracting to construct the marinas, with plans to start construction works in the fourth quarter of 2017 and a phased delivery over two years.
UAE-based real estate developer, Azizi Developments, plans to launch a new mega community project worth AED 25 bn in the heart of Dubai, Invest-Gate reports. The new development, whose name to be revealed soon, will include residential, commercial, and retail spaces, with 105 mid-rise and high-rise residential buildings, featuring 30,000 apartments. To be located on a construction area of 33 mn square feet, the British-themed project will include education facilities, retail outlets, hospitality, a shopping area,
and outdoor recreation spaces, according to the developer. Construction of the project is scheduled to begin in November and to be completed before Expo 2020.
DAMAC POSTS LOWER PROFITS IN Q3-2017 UAE’s developer, Damac Properties, announces a decline in its profits year-onyear in the third quarter of 2017, InvestGate reports. Profits reached AED 719.34 mn in Q4-17 compared to AED 901.96 mn in Q4-16, according to the company’s financial statements.
In the first nine months of 2017, Damac
are expected to be completed by mid-2018, while the new Kuwait International Airport will be ready by 2020. In the first nine months of 2017, Damac reports net profits of AED 2.3 bn and total revenues of AED 5.8 bn, according to a press release.
“We are investing billions of dirhams to deliver Deira Islands and transform Dubai’s Deira district into a world class hub for tourism, retail, leisure, and entertainment,” Nakheel Chairman Ali Rashid Lootah states.
AZIZI LAUNCHES A- AED 25 BN- COMMUNITY PROJECT
Revenues jumped around 31% year-onyear to AED 2.29 bn in Q3.
RIYADA TO DEVELOP RAMADA HOTEL IN KSA Riyada International Hotels and Resorts, along with Concept Towers Real Estate Limited, is to develop Ramada Riyadh King Fahd Hotel in Riyadh, Trade Arabia reports. Comprising 189 rooms, the Ramada Riyadh King Fahd will mark the 11th Ramada in the country, according to a statement by Wyndham Hotel Group. The hotel, which will be under Wyndham Hotel Group’s portfolio of brands, is expected to open in 2020,
Dubai’s developer, Nakheel, has awarded a -AED 165 mn- contract to build six marinas, Invest-Gate reports. The marinas are expected to accommodate a total of 614 boats and yachts up to 60 meters long, according to a company statement.
ARDIC LAUNCHES “ZIZINIA EL MOSTAKBAL” PHASE II The new phase of the residential project “Zizinia El Mostakbal,” located in Mostakbal City, has been launched in October, Inves-Gate reports. The new phase offers residential units with areas ranging from 245 to 255 square meter, according to a company statement. The announcement came during the real estate developer’s participation in Hazi Misr, the fifth promotional Egyptian real estate exhibition, held in Dubai last September. “I see the participation of Egyptian real estate developers and investors in regional exhibitions as a key tool to promote local products in the regional market, especially during the
NAKHEEL INKS DEAL FOR 6 MARINAS AT DEIRA ISLANDS
reports net profits of AED 2.3 bn and total revenues of AED 5.8 bn, according to a press release.
ARADA UNVEILS NEW VILLA COMMUNITY IN SHARJAH UAE’s developer, Arada, has launched a villa community project in Sharjah, Trade Arabia reports. The company released a total of 84 homes in its new Anber Community for sale last month at the Radisson Blu Resort in Sharjah, offering exclusive payment plans and incentives. The project comprises a wide variety of two-, three-, and four-bedroom villas and townhouses, with extensive gardens and
direct access to a lush and landscaped private park.
EVENTS: November 26-29 The Big 5 Dubai Location: Dubai World Trade Centre www.thebig5hub.com/our-events/the-big-5-dubai/ serving the growing demand from business travellers to Riyadh.
December 14-16 Nile Property Expo Location: Abu Dhabi National Exhibition & Conference www.exporepublic.com THE VOICE OF REAL ESTATE | 9
MARKET
STATS
INVEST-GATE
PRICE PER METER IN CAIRO'S BOOMING DISTRICTS District
Developer
Project (Unit Type: Town House - Twin House - Standalone)
ALMA (Unit Type: Twin House - Standalone - Family House)
IWAN
JEDAR (Unit Type: Standalone - Town House - Family House)
5,600,000
9,500,000
Price / Unit
4,500,000
15,500,000
Price / Unit
3,500,000
11,500,000
Price / Unit
JEWAR
11,500 average
(Unit Type: Apartments )
Palm Hills October
6TH OCTOBER
(Unit Type: Town House - Twin House - Standalone)
PALM HILLS
The Crown (Unit Type: Twin House - Standalone)
SODIC
INERTIA
NEW CAIRO
5,500,000
17,000,000
Price / Unit
8,500,000
21,000,000
Price / Unit
20,000 average
Price / SQM
October Plaza
13,500 average
Price / SQM
14,000
12,300
Brix October
Price / SQM
18,000 average
MV ICity
12,500
14,000
Price / SQM
HYDE PARK
New Cairo Park Corner
13,000
15,000
Price / SQM
9,000
11,000
Price / SQM
Mivida
22,000
26,000
Price / SQM
PRE
Stone Residence
11,250
13,550
Price / SQM
SODIC
Villette / SKY CONDOS
IL Bosco
EMAAR
25,000 average
ADDRESS EAST
13,700
14,700
Price / SQM
SAUDI BINLADIN GROUP
Marasem
17,000
19,000
Price / SQM
MADINET NASR FOR HOUSING AND DEVELOPMENT (MNHD)
Capital Gardens
12,000 average
Price / SQM
Palm Hills New Cairo
16,000 average
Price / SQM
12,500
13,500
Price / SQM
Taj City
14,800
16,500
Price / SQM
Prices of Construction Materials ( Sep 2017 ) Steel Bars (per acre)
11,700
Cretal Steal (per acre)
12,200
Portland Cement (per acre) White Cement (per acre) Coarse Sand (SQM)
800 1,780
35
Solid Cement Bricks (Thousand bricks)
912
Pumice Brick (SQM)
793
10 | INVEST.GATE | November 2017 - ISSUE 08
Urban Mass (acres)
217
1,214
33,138
310
No. of Residential Units
Area of Water Networks (k.m)
New El-Minya
24,639
6,509
Total Area (acres)
Urban Mass (acres)
1,348
41,544
262
No. of Residential Units
Area of Water Networks (k.m)
New Sohag
Area of Electrical
Networks (k.m)
Networks (k.m)
30,800
7,000 Urban Mass (acres)
Total Area (acres)
91
122
325
216
Area of
Communications Networks (k.m)
Area of Executed Roads (k.m)
Area of Sewage
686
128
No. of Residential Units
Area of Water Networks (k.m)
Networks (k.m)
New Thebes
9,495 Total Area (acres)
40 Area of Sewage
Area of Electrical
47 Networks (k.m)
Source : Ministry of Housing & Urban Communities
No. of Residential Units
Area of Water Networks (k.m)
157
118
Area of
Area of Executed Roads (k.m)
Communications Networks (k.m)
Networks(k.m)
Urban Mass (acres)
Area of Electrical
Networks (k.m)
22,400 Total Area (acres)
67 Area of Sewage
No. of Residential Units
Networks (k.m)
25
65 Area of Executed Roads (k.m)
Communications Networks (k.m)
129
3,300
Area of Water Networks (k.m)
691
128
Networks (k.m)
Communications Networks (k.m)
Area of
ONLINE MONTHLY SURVEY
Where are you most likely to invest?
65 Area of Water Networks (k.m)
Area of
Urban Mass (acres)
Area of Electrical
191
Area of Executed Roads (k.m)
1,689
7,600
New Aswan
39
Networks (k.m)
Area of
Communications Networks(k.m)
176
Area of Sewage
7,102
849
24,200 Total Area (acres)
Area of Executed Roads (k.m)
Networks (k.m)
Area of Electrical
New Qena
58
790
Area of Sewage
Networks(k.m)
401
Area of Electrical
74 Area of Executed Roads (k.m)
Source : INVEST-GATE
Do you think now is the time to invest in real estate?
% Change in Prices of Constructions Materials (Aug-Sep 2017 ) Brick Hollow Concrete ( 40x20x12 cm ) (thousand bricks)
Steel Bars (per acre)
7.3%
0% Cretal Steal (per acre)
Pumice Brick (SQM)
7%
0%
28%
to-be-developed projects
72%
already existing ones
78%
22%
YES
NO
40
Soft Sand (SQM)
Brick Hollow Concrete ( 40x20x12 cm ) (thousand bricks)
Total Area (acres)
Networks (k.m)
Sarai
PRICE UPDATE ON CONSTRUCTION MATERIALS
6,642
Price / SQM
DORRA
PALM HILLS
30,300
Area of Sewage
Price / SQM
MOUNTAIN VIEW
MISR ITALIA
New Assiut
Price / SQM
One 16 El Sheikh Zayed
Joulz October
Source : New Urban Communities Authority
To
Start from
ATRIO
, LATEST UPDATES ON UPPER EGYPT S NEW CITIES
Source : BYC
4,332
Portland Cement (per acre)
Solid Cement Bricks
0%
(Thousand bricks)
0% White Cement (per acre) 0%
Soft Sand (SQM)
-3.6% Coarse Sand (SQM) -6.8%
THE VOICE OF REAL ESTATE | 11
INVEST-GATE
EGYPT REAL ESTATE | NEW ERA OF SMART HOMES
EGYPT REAL ESTATE | NEW ERA OF SMART HOMES
ADVANTAGES OF SMART HOMES
SMART HOMES ENHANCE OUR LIFESTYLE EVERYDAY You won’t believe the level of comfort, convenience, control, security and efficiency until you’ve experienced it for yourself. A smart home is equipped with electronic devices that can be controlled remotely by a smart phone. The term 'smart' is typically applied to an 'intelligent' web-connected electronic device or system which may operate stand-alone or in a network with other devices. It usually involves some form of user interaction. New technology is enabling the creation of smart homes, integrating devices to make the home a better place to be in terms of safety, comfort, productivity and well-being.
Comfort
Smart Homes can dramatically improve home ambiance for any occasion or mood, while also enjoying greater levels of comfort & ultimate relaxation experience
Security
Smart Homes include advanced security systems with cameras, fingerprint identification, motion sensors & a link to security authorities
Convenience
Smart Homes give users remote access to systems including heating and cooling systems, intercoms, music and multimedia devices throughout the home
Energy Efficiency
Smart Homes offer enhanced energyefficiency to save on electricity, water and natural gas, thereby reducing the strain on natural resources
Control & Accessibility
Smart Homes technology also greatly improves the usability and functionality of any home with total control at the fingertips or by voice-command systems
Resale
Automating a home can be a worthwhile investment in increasing its market value & attracting possible buyers in the future, as sellers will’ve an effective selling points
CHALLENGES OF SMART HOMES SMART HOMES SYSTEMS
Environmental Control System (Heating, Ventilation and Air Conditioning - HVAC)
Household Appliances (clothes dryers, washing machines, refrigerators, dishwashers, ovens, coffee-makers, microwaves, etc.)
Consumer Electronics (TV, radio, audio-video equipment, game consoles, etc.)
Building Components (blinds, curtains, windows, doors, security cameras, detectors, sensors, etc.)
THE THREE GENERATIONS OF SMART HOMES First Generation
Second Generation
Third Generation
Wireless Technology with Proxy Server
Artificial Intelligence Controls Electrical Devices
Robot Buddy who Interacts with Humans
HISTORY OF SMART HOMES
Smart homes had their origins, as most innovations, in theory long before they become a reality. While science fiction writers depicted these homes throughout much of the 20th century, their genesis lies in the development of the systems that comprise them
The first 20 years of the 20th century saw the invention of the vacuum cleaner, dryer, washing machine, iron, and toaster
The first smart device was created approximately 45 years later. Known as the ECHO IV, it could turn home appliances on and off and control home temperatures; unfortunately, it did not sell well
Home automation technologies began to be built into luxury dwellings decades ago
The first smart home models and devices began to hit the consumer market in the early 2000s, with the proliferation of the Internet and related technologies a decade earlier
12 | INVEST.GATE | November 2017 - ISSUE 08
Linking Disparate Systems
The smart home market is fragmented, at present. Many competing manufacturers are developing disparate smart home systems and technologies It’s easy to integrate devices made by the same vendor, but that requires, in many cases, consumers to buy replacement devices
Limited Functionality
Integrating devices from disparate vendors often results in limited functionality and unreliable service Further, many systems on the market have complex interfaces that limit the functionality of smart homes Finally, app-based smart home systems, while cheaper than fully custom integrated systems, have more limited functionality than full systems
Costs
Fully integrated custom systems are expensive and often require a consultant to install them, and structural changes to the home, both costs of course tacked on to the price of the system itself, in addition to the costs of maintenance and repair
Awareness
Due to the market fragmentation and limited existing consumer adoption, there is little mainstream awareness of what is currently available The market is almost entirely comprised of the wealthy who are offered the features as part of either new construction or relatively new high-end homes on the market
FUTURE OF SMART HOMES While some technologies are only in early development, the future is already here. The market is growing rapidly and its future looks bright, with the support of many drivers including the decreasing costs of smart technologies; increased government regulation regarding energy consumption; increased energy costs; increased consumer awareness of, and concern about, the environment; and consumer security concerns.
For more details, please contact | Sherif Hassan, Development Manager sherif.hassan@cb-egypt.com
+2010 940 11466
CBCAdvantage
CBC Advantage THE VOICE OF REAL ESTATE | 13
CITY
SPOTLIGHT
INVEST-GATE
First Phase of New Administrative Capital Inaugurated
T
BY NAYROUZ TALAAT
he long-awaited New Administrative Capital has come to light with President Abdel Fattah El Sisi inaugurating its first phase late October, Invest-Gate reports.
Set to be a facelift to many Egyptian governmental headquarters and many ministerial buildings, the New Administrative Capital is currently open for housing and commercial projects as well. An adviser to the New Administrative Capital company confirms, “The government plans to relocate its institutions to the new capital by 2019.” The first phase of the New Capital, which spans 40,000 feddan, includes the R3 Residential District. The district comprises 25,400 residential and commercial units, 25,000 units, of which are still at different stages of construction to include 14 | INVEST.GATE | November 2017 - ISSUE 08
apartments and villas. Among this first phase is the Business District, featuring 20 buildings that include the tallest tower in Africa, scheduled for completion by 2020. “The First phase also comprises ministerial buildings, housing 29 ministries; in addition to, new headquarters of the parliament,” Head of the Armed Forces Engineering Authority Kamel Al-Wazir said during a conference held on the ocassion of the inauguration. Al-Wazir also revealed that the capital’s new international airport is completed and ready for
operation. Within the inaugurated phase is Al-Massa Capital Hotel, which has been concluded and inaugurated in a major celebration held at the hotel, coinciding with the 44th anniversary of the 6th October War victory. The hotel is constructed by the Armed Forces Engineering Authority. It is the first hotel to be finished at the new capital, featuring a resort, a lake, and a huge conference hall. Housing Minister Mostafa Madbouly described the- 170,000- feddan- new city, launched back in
May 2016, as a “fulcrum” between Cairo and the Suez Canal Area Development Project.” The new capital will depend on renewable resources and will comprise 20 residential districts “that can accommodate 6.5 mn people, with units available for all social classes,” Madbouly confirmed. In a previous interview with BBC, Madbouly revealed that the mega project will cost USD 45 bn and is scheduled to be completed in 2022. The new capital, according to Madbouly, is characterized by a 35- kilometer- green river area that makes use of treated wastewater and comprises a number of gardens with restaurants, an amusement park, and an open theater. Madbouly also uncovered plans for the construction of a new electric train between Al-Salam City and the new capital, as well as, a high-speed train, connecting Ain Sokhna with the new capital, 6th of October district, Al-Alamein, and Alexandria. China is establishing the electric train with 11 stops, and providing the wagons with a -USD 740 mnloan, to be repaid throughout 15 years, with a grace period of five years. The construction of the electric train was scheduled to take three years, but Egyptian President had urged the Chinese company to reduce the period to two years instead. The Chinese investments in the New Administrative Capital included USD 3.2 bn to be invested in the second phase of the project, Osama Magdoub, Egypt’s Ambassador to China previously revealed in a televised interview. Moreover, he confirmed that investments worth USD 8 bn will be implemented in the new capital over the next 10 years. Chairman of the New Administrative City Major General Ahmed Zaki Abdeen previously told CBC, an Egyptian private channel, “The New Administrative City is a long awaited dream finally coming true.”
“Former President Anwar El Sadat had suggested this idea in order to solve the congestion in Cairo,” he recalled. “The planning of the New Administrative City is very accurate... the sources of its success do exist, as it is an investment project that will yield a return on the country and many investors are eyeing it.” He added, “The city will not have a financial burden on the country as the city located in a unique place that is surrounded by all proper infrastructure, making it attractive to investors.”
“We have to move in parallel directions to achieve the development plan... we also have demands on establishing 12 universities in the new capital,” he concluded. The new capital is closer to the design of Singapore with a vision to make the city host more than just governmental buildings. “The New Administrative Capital is to become a fully- integrated city,” according to Ayman Ismail, adviser to Board of Directors at the New Administrative City.
THE VOICE OF REAL ESTATE | 15
CITY
SPOTLIGHT
INVEST-GATE
civil works on about 1,466 acres of the highly anticipated city. Also, the Egyptian Contracting Company (Mokhtar Ibrahim) will build roads, drinking water, sanitation, drainage, irrigation, electricity, and civil works of over 500 acres. The first phase of infrastructure and facilities construction should be completed in two years at an estimated cost of EGP 1.5 bn. New Al Alamein City, according to real estate experts, is known for its huge potential and tourist attractions, that help it be one of the most attractive destinations to both local and foreign investors. According to the statement, the new city is among 13 other new cities the country is currently working on. The construction of New Al Alamein is part of the Northwest Coast Development Project dating back to 2014; a large-scale government plan to generate economic growth, improve social and living conditions for local communities, increase infrastructure, and provide provide roughly 11 million job opportunities by the project’s expected completion in 2052. To achieve these lofty goals, the Egyptian government aims to establish internationally renowned tourism centers, industry, agriculture, and urban communities in the northwest coast region, which extends 500 kilometers from Al-Alamein to Salloum. With acres of available land, including grazing land; resources such as dolomite, limestone, natural gas, and crude oil, and multiple tourist attractions, such as beaches, monuments, and monasteries, the northwest coast is a prime spot for economic development.
New Al-Alamein City To Be Launched Soon
I
BY NAYROUZ TALAAT
n celebration of the 75th Anniversary of the Al Alamein Battle, Minister of Housing Mostafa Madbouly visits the- soonto- be- inaugurated New Al Alamein City, Invest-Gate reports.
During his visit, Minister Madbouly confirms, “The new coastal city is to also feature a coastal promenade that is soon to be completed.” The new Corniche will include a tourist pathway, bike lanes, restaurants, cafes, football, and tennis ball grounds.
station and implement a sewage network that will help prepare all the needed facilities for the new city, according to Madbouly. The Armed Forces Engineering Authority will complete all road works on an area totalling 1,717 acres as well.
Minister Madbouly announces, “The New Alamein will be an integrated city year-long,” ending the North Coast reputation of being a seasonal destination.
“New Al Alamein City is to comprise an estimated 20,000 hotel rooms operational all year round,” Madbouly confirms. The Minister adds that the new city will include an industrial city spanning an area of 9,000 feddan with infrastructure already in play.
Meanwhile, an alternative road to the International North Coast Highway was finalized on 38 kilometer. The new road stretches from Wadi El Natrun Road, Al- Alamein, to Sidi Abdul Rahman. It has been constructed by the state-owned Arab Contractors.
According to the statement, New Al Alamein City features 5,000 social housing units, 2000 of which are to be delivered fully-finished soon. The city is to house from three to four million families after being complete.
The Universities District will include two universities surrounded by all academic facilities and services. In addition, the Armed Forces Engineering Authority is to establish a water desalination
Vice President of New Urban Communities Authority Kamal Fahmy notes that the Arab Contractors is assigned to implement drinking water, sanitation, drainage, irrigation, electricity, communications, and
Ahead of the planned Egyptian President Abdel Fattah El Sisi’s inauguration, Minister of Housing Mostafa Madbouly inspects the construction work of the social housing project in New Al Alamein City, according to the Ministry of Housing press statement.
16 | INVEST.GATE | November 2017 - ISSUE 08
THE VOICE OF REAL ESTATE | 17
VOICE OF THE EXPERT
INVEST-GATE
How and when did you start your architecture firm? Sites International was established in 1986, and became a limited shareholding company in 1998. Our vision was to start the profession of landscape architecture and planning in Egypt, with a special focus on landscape architecture, which did not exist at all in Egypt at that time.
SITES INTERNATIONAL Sees Real Estate Sector
Our mission is to create fully integrated projects, where the built and natural environments blend meaningfully to produce works of functional and visual harmony.
FLOURISHING
What is special about Sites and makes you different from other firms? What are the services you provide? Sites International is an award-winning, multidisciplinary consultancy firm with offices in the US and Egypt. And our pioneering work in the Middle East has received international recognition. We offer our clients fully-coordinated and comprehensive project services that include feasibility, planning, and all design stages through to tendering and construction site supervision. The company specializes mainly in master planning, detailed planning, landscape architecture, architecture, structural engineering, site engineering, construction site supervision, and project management.
Our mission is to create fully integrated projects, where the built and natural environments blend meaningfully to produce works of functional and visual harmony. Our design solutions capitalize on the unique physical features of any site. Our emphasis is on cost effectiveness, sustainability, optimal land use, water budgeting and re-use, utilization of local building materials, and the selection of suitable native and indigenous plants. Sites’ diverse portfolio of projects includes large leisure and touristic resorts, residential and commercial developments, historical districts, educational institutions and campuses, parks, and open spaces. You have offices in both the US and Egypt, what is the difference between both countries in terms of business environment and facilitation of procedures? Operating in Egypt proved to be much more difficult than the US; the limitation that we faced here in Egypt were numerous when we tried to produce the same design and planning qualities seen in the US. In Egypt, time allowed to finish the work is limited and the fees are very low when compared to the US. In addition, contractors are not qualified to produce quality landscape and site works. The building industry in Egypt also does not offer a variety of quality building materials; and high-quality plant nurseries do not exist. You worked on the new tourist strip in the New Aswan City, tell us more about this project? The tourist strip is a -1,200- acre waterfront project that comprises hotels, residential buildings, and a- six- kilometer promenade with shops and cafes, among other amenities.
How will this project change the touristic map of Aswan? New Aswan City promenade will offer tourists a new physical and visual experience of the Nile River. The tourist strip includes a large waterfront park across 140 acres, in addition to residential walks and bike lanes. You worked on the renovations of some of the most important works in Aswan such as the Nubian Museum and the Cataract Aswan Hotel. How did it feel to work on such a major national project as the museum and what was your architectural approach towards the hotel’s renovation project? Having received the 2001 Aga Khan Award for Architecture, the Nubian Museum is a true illustration of landscape architecture that is important to site topography and context.
The tourist strip is a -1,200- acre waterfront project that comprises hotels, residential buildings, and a- six- kilometer promenade with shops and cafes, among other amenities. Sites’ design concept centered on creating several themed outdoor display areas and including a long stream, representing the Nile River as it flows through Egypt. The stream symbolically starts in the topographically rough landscape of Upper Egypt, descends through several cataract-style waterfalls, and ends in Lower Egypt with palm trees and greens of the Delta.
T
o delve more into Upper Egypt with its distinctive architectural pieces, Invest-Gate interviews Dr. Maher Stino, who together with Dr. Laila El-Masry Stino founded Sites International in 1986. Providing various services from architecture to environmental planning and engineering, among many others, in the US and Egypt, Sites has been awarded a number of renowned projects like New Aswan City and Al Galala City. Dr. Stino tells us more about his company’s projects, as well as, his opinion about the country’s current business environment.
BY JULIAN NABIL
18 | INVEST.GATE | November 2017 - ISSUE 08
THE VOICE OF REAL ESTATE | 19
VOICE OF THE EXPERT In the late 1980s, UNESCO sponsored the establishment of the museum to display the history, culture, and heritage of the Nubian people. The museum rests on a unique hilltop site, overlooking the Nile River city of Aswan. Featuring numerous indigenous plants that spread over natural rocks, the -43,000- square- meter site comprises an amphitheater that is carved out of the steep adjacent slopes, and a small Nubian village that brings Nubian culture, and daily activities to life. On another note, the Egyptian General Company for Tourism and Hotels (EGOTH) entrusted Sites with the master plan and landscape architecture design for the Cataract Aswan Hotel as part of the
INVEST-GATE
Is working on projects in Upper Egypt different from Cairo due to infrastructure issues? Not that much. What are your most important and latest projects in general? The planning of a- 2000- acre new town as part of El Galala project, in addition to the- 14-kilometer- long Al- Alamain waterfront promenade. How do you see the current business environment in general and what are your expectations for the industry performance in the future? Are you hopeful?
Despite the slow economic conditions in Egypt, the real estate sector is flourishing. Given the devaluation of the Egyptian pound, people are investing heavily in real estate. However, it is very difficult to predict what is to happen within the next five years. What is your advice to rising architects? Work hard and stay dedicated to your work regardless of any challenges you face.
New Aswan City promenade will offer tourists a new physical and visual experience of the Nile River. The tourist strip includes a large waterfront park across 140 acres, in addition to residential walks and bike lanes. hotel renovation plan Given the splendor of the site and its breathtaking location, the design reflected elements of the interior and exterior architecture in the courtyards, terraces, and gardens, important to the natural, built and historical context. The Cataract Aswan Hotel is originally built in the late 19th century on top of a granite hill at the Nile River edge in Aswan.
20 | INVEST.GATE | November 2017 - ISSUE 08
THE VOICE OF REAL ESTATE | 21
ADVERTORIAL
Advertisement
Simply Simply Beautiful Beautiful
Advertisement Advertisement
Why Mangroovy? Why Mangroovy?
17 17reasons reasons reasons to helpyou youdecide… decide… totohelp help you decide…
1. Our Vision by by creating a new concept in in 1. Our wasto toredefine redefinesimplicity simplicity& beauty creating a new concept 1.luxury Our Vision Vision was was to redefine simplicity &&beauty beauty by creating a new concept in resorts… luxury resorts resorts… …
2. Inspired by the most scenic beachfront location in El Gouna, if not the Red 2.Sea Inspired by in El if not the the Red 2. Inspired by the the most mostscenic scenicbeachfront beachfrontlocation location in Gouna, El Gouna, if not Red as a whole… Sea as a whole… whole… 3. We adopted the highest standards in quality living.. 3. We We adopted adopted the living.. 3. the highest higheststandards standardsin inquality quality living.. 4. By blending exclusive pristine apartments in a natural environment, and providing 4. By By blending blending exclusive in in a natural environment, andand providing 4. exclusivepristine pristineapartments apartments a natural environment, providing state of the art facilities with the best possible services including a world class class state of of the services including a world class state the art art facilities facilitieswith withthe thebest bestpossible possible services including a world … hotel hotel… hotel To do … this we need a partner who can appreciate and share our vision… To do do this and share ourour vision… To this we we need needaapartner partnerwho whocan canappreciate appreciate and share vision… First Residence Development found this in Orascom Developments… First Residence this in Orascom Developments… First Residence Development Developmentfound found this in Orascom Developments…
5. 5. 5. 6. 6. 6.
22 | INVEST.GATE | November 2017 - ISSUE 08
INVEST-GATE
Advertisement Advertisement Advertisement
7. Together wecreated have created a value proposition that elegant merges elegant simplicity 7. we have a value proposition that merges simplicity 7. Together Together we have created a value proposition that merges elegant simplicity with natural beauty in an exclusive luxury resort… with natural beauty in an exclusive luxury resort… with natural beauty in an exclusive luxury resort… 8.partnership This partnership us to arealize a dream that became visionbecame , which became 8. This allowedallowed us to realize dream that became a visiona, which 8.Mangroovy This partnership allowed us to realize a dream that became a vision , which became Mangroovy… Mangroovy… … 9. Our strategic location only beachfront in El Gouna enabled us to 9. Our strategic as the as onlythe beachfront resort inresort El Gouna , enabled, us to 9. Our strategic location location as the only beachfront resort in El Gouna, enabled us to combine the beauty and serenity of the thelifestyle uniqueofferings lifestyle of offerings of combine the beauty and serenity of the Red SeaRed withSea the with unique combine the beauty and serenity of the Red Sea with the unique lifestyle offerings of Marina Abo El … Tig… Marina Marina Abo Abo El Tig TigEl … WhenWhen you come to Mangroovy you will you be a partbeofasomething special you come to Mangroovy part of something special … When you come to Mangroovy you will be awill part of something special… … A community like nolike other, an experience that will live year A community no sharing other, sharing an experience thatwith will you live all with you all year A community like no other, sharing an experience that will live with you all year round… round… round… A family location that brings togethertogether but yet preserves your individuality A family location that people brings but yet preserves your individuality A family location that brings people people together but yet preserves your individuality and respects your privacy … and respects your privacy … and respects your privacy … Mangroovy is designed to deliver optimum ergonomic balance between Mangroovy is designed to the deliver the optimum ergonomic balance between Mangroovy is designed to deliver the optimum ergonomic balance between space and functionality… and functionality… spacespace and functionality… With one, two and three fully furnished bedroom apartments all providing a With one, bedroom apartments all providing a Withtwo one,and twothree andfully threefurnished fully furnished bedroom apartments all providing a unique layout that accommodates all your living requirements… unique layoutlayout that accommodates all your all living requirements… unique that accommodates your living requirements… And if you are looking for something bigger, townhouses and twin villas are And ifAnd you ifare looking for something bigger, bigger, townhouses and twinand villas you are looking for something townhouses twinarevillas are also available… also available… also available… All with Italian designed opulent interiors that provide a luxurious living environAll with designed opulentopulent interiors that provide luxurious living environAllItalian with Italian designed that aprovide a luxurious ment coupled with panoramic sea views ininteriors an exquisite landscape … living environment ment coupled with panoramic sea views in an exquisite landscape … coupled with panoramic sea views in an exquisite landscape … We plan to deliver our vision fully realized in 2019… We plan to deliver our vision fully realized in 2019 … We plan to deliver our vision fully realized in 2019…
10. 10.10. 11. 11.11. 12. 12.12. 13. 13.13. 14. 14.14. 15. 15.15. 16. 16.16. 17. 17.17.
W ee hope that decision has been made easier… Don’t miss out! WW hopee hope that your your decision has been made easier… Don’t miss that your decision has been made easier… Don’tout! miss out!
THE VOICE OF REAL ESTATE | 23
INVEST-GATE
A DELICATE BALANCE OF NATURAL BEAUTY AND ELEGANT DESIGN
• 10% Down payment • Up to 6 years payment plan • 210 KM from Cairo • Year-round destination
BALANCING THE GRANDEUR OF THE SURROUNDING NATURAL SCENERY, LAGOON AND GENTLY FLOWING WATERWAYS PROVIDE AN EVER PRESENT CALMING ATMOSPHERE, WHERE EVERY HOME OWNER CAN FIND INNER PEACE WITHIN A HARMONIOUS COMMUNITY.
www.lahaciendarassudr.com Head Office: 20 A Mansheyet El Tayaran St., Heliopolis,Cairo, Egypt.
24 | INVEST.GATE | November 2017 - ISSUE 08
THE VOICE OF REAL ESTATE | 25
VOICE OF THE MARKET
INVEST-GATE
First, we would like to know more about your background… What made you move from dentistry to trade fairs and exhibitions? My career started during my undergraduate years, when I was operating my own business, based on my family’s company, which dates back to 1952. Back in January 2007, I founded a small-scale catering services and consultancy company. I consulted a number of restaurants and entertainment venues across Egypt with one of my friends; then I became a food supplier for the Egyptian government. Two years ago, I became a food exporter, depending on my own network that I built over the past 11 years.
The Nile Property Expo World Tour kicks Off Next Month BY FARAH MONTASSER
Expo Republic’s goal is to introduce the Egyptian developers to the international markets, as well as, build successful partnerships and networks with businessmen through our business summits
Expo Republic brings a modern platform for knowledge exchange and trade. Can you please elaborate more on that? Expo Republic is a new diversity to my business life, established a few months ago in the UAE with a professional team from different fields and backgrounds. Nile Property Expo 2017 is also a new platform added to our portfolio. We invite in the Egyptian real estate developers to showcase their pioneering projects and present them to the outside world across different markets, including KSA, Kuwait, London, and USA. We kick start with Nile Property Expo’s first edition next month in the UAE. I believe it is an Egyptian-Emirati establishment, please tell us more about the previous organized exhibitions and what they achieved? We can say that the upcoming Nile Property Expo in UAE is the debut to our exhibition services relying heavily on our team of experts. Expo Republic’s
U
nder the slogan Misr Betaarablek “Egypt is Getting Closer,” Expo Republic flies across the world to showcase Egypt’s real estate market to Egyptian expats and international investors. Invest-Gate sits with the Founder of the Nile Property Expo and Expo Republic Chairman Dr. Bassem Kalila in a one-on-one interview to learn more about the aim and objective of this global venture before its first stop in Abu Dhabi next month. Kalila also reveals where the Nile Property Expo heads next on its 2018 world tour.
26 | INVEST.GATE | November 2017 - ISSUE 08
We invite in the Egyptian real estate developers to showcase their pioneering projects and present them to the outside world across different markets, including KSA, Kuwait, London, and USA.
goal is to introduce the Egyptian developers to the international markets, as well as, build successful partnerships and networks with businessmen through our business summits, aiming at attracting further investments to Egypt, especially after the newly enacted Investment Law No. 8. Hence, we made our slogan Misr Betaarablek “Egypt is Getting Closer.” Why did you divert your attention to the property market at this stage to present the Nile Property Expo? Actually, it is the aggressive competition witnessed in the real estate market over the past 10 years along with the recent devaluation of the Egyptian currency that made us embark on such a venture. We believe that the circumstances, today, are healthy to help Egyptian expats invest in Egypt by purchasing first or second homes. How do you view the Egyptian property market? Because of Egypt’s ever growing population, the demand on real estate increases way beyond the provided supply. Thus, we believe that the Egyptian market is one of the best-selling markets in the world and enjoys an excellent return on investment. What is the aim of the Nile Property Expo? First and foremost, the Nile Property Expo aims to market Egypt as a promising destination for investment in addition to helping Egyptian expats have homes upon their return to their homeland; or for their children in the future. Given its debut in the Gulf, does it target only Egyptian expats or Arab investors as well? The Nile Property Expo is catered to Egyptian expats in the GCC; however, we seize such an opportunity to attract Arab investors as well. We provide a more knowledgeable platform through this exhibition and summit, presenting the new business laws and investment opportunities in the country today in light of the comprehensive reform plan and, of course, the cheap property market in relevance to their local currencies. With Egypt’s current reform and development plans on all levels, namely the construction of new cities, do you find such initiative appealing to Egyptians abroad? Are they looking to buy properties outside the capital? I believe so. It is all about future plans and that is exactly what an Egyptian living abroad is after. Egyptian expats are looking for a future investment with high value and return on investment as secured assets for them and their children in the future. Today, we see some of the market’s key players expanding outside the capital and highlighting a brighter future to some of Egypt’s neglected destinations. These include Palm Hills expanding in Alexandria, as well as, other developers eyeing Fayyoum, and Luxor. What are your comments on such a move and do you believe that it caters to the purchase power in the GCC?
Ever since the devaluation, the majority of developers are eyeing Egyptian expats and are marketing their projects to attract them, when do you believe the market will be more inviting to international investors aside from Arabs? This is bound to happen very soon in my opinion; as soon as foreigners can feel the secure atmosphere in Egypt once again. I see it already happening in destinations across the Red Sea, including El-Gouna and Sharm El-Sheikh. I also believe that the North Coast will join the booming real estate destinations of Egypt very soon too. How do the recent economic reform measures affect your business? How do you see it affecting the property market and purchase power? This reform is boosting the market again after six years of crisis, and that is obvious, specifically in the property market. Despite the price increase, Egyptians are still buying houses, as it is the most secured investment.
We believe that the Egyptian market is one of the best-selling markets in the world and enjoys an excellent return on investment. Where are you taking the Nile Property Expo next? Or will it only be an annual exhibition held in the UAE? Nile Property Expo is to be held annually across KSA, Kuwait, London, and USA, aside from its annual UAE plan. What is Expo Republic’s next move? What other shows do you have in the pipeline aside from the Nile Property Expo? Stay tuned for our future plans, which we will reveal in December at our official press conference. For now, I can only say that we are currently working on our next move to another destination plan, which began back in August. The Nile Property Expo 2017 will take place from December 14-16 in Abu Dhabi. The countdown has begun! For more information log onto www.exporepublic.com
Palm Hills, among the many top developers, continue to take the lead and set new records in the real estate sector; and soon I believe the rest will follow. They are looking for new models to sell, which reflects their vision and maintains their unique positions… As for buyers, trusting such big companies, they too will soon be looking forward to have their homes at these destinations.
THE VOICE OF REAL ESTATE | 27
VOICE OF THE MARKET
INVEST-GATE
demand. The project spans an area of 11.3 acres, located on the southeast of the city and offers fullyfinished housing units.
Business tycoon and Head of the Investors’ General Branch in the Chambers of Commerce General Union Mohamed Abou El-Enein tells Invest-Gate, “Real estate investment is one of the basics of development in order to increase the added-value of the lands,” asserting the fact that the increase in the urban communities is a goal both the public and private sectors are working on. Elaborating more on the real estate opportunities in Upper Egypt, he says, “the government plan must be more concise across all governorates; such plan must be set parallel to the political leadership and the productivity of each governorate.” “Each governorate has to represent an area that will be specialized in a certain industry in order to help investors take their decision with more focus on areas that have certain added-value,” Abou El-Enein adds.
AWAY FROM THE CAPITAL INVESTORS ARE TO GO
Meanwhile, ARDIC for Real Estate Development CEO Ashraf Dowidar tells Invest-Gate that the development of Upper Egypt was kept a dream till the government’s vision of 2030 came in, aiming to achieve an overall national development, “so now, Upper Egypt’s development is a must,” he states.
BY NAYROUZ TALAAT
D
espite the country’s efforts to attract more investments to Upper Egypt, pumping more funds to enhance its infrastructure and increasing the housing facilities, investors are asking for more cooperation from the public sector to aid them in the process of investing away from Cairo and Giza. Invest-Gate explores the public and private sectors merge in real estate investment.
Investors: “Long-term Development Strategy by Gov’t in Upper Egypt is Needed” Minister of Housing Mostafa Madbouly has announced in recent statements the establishment of 12 new urban cities nationwide, urging real estate developers to invest in new cities away from Cairo and Giza, while offering lands.
Darwish Hassanein, the CEO of the Saudi Egyptian Construction Company (SECON) tells Invest-Gate, “Partnership between the public and private sectors is very crucial for the developer as it gives more confidence with the government facilitating the procedures needed to implement any project.”
SECON is currently establishing three huge housing projects, targeting the middle-class, in New Assiut and North of Egypt, including a residential tourist project in New Damietta. The company’s project, Dora New Assiut, has already achieved high profits due to the high
28 | INVEST.GATE | November 2017 - ISSUE 08
“I see that real estate investment in Upper Egypt is more preferable than in Cairo because there are so many projects that target one segment and not others,” he believes, noting that many lands currently on offer are valued at reasonable prices and with high qualifications that match different social categories. In a bid to drive the strategy of pumping more investments in real estate, the government so far has allocated 12,000 acres to the private sector to develop more areas both across Upper Egypt and coastal cities. Ministry of Housing’s figures show that the real estate sector is creating three million job opportunities and sustaining 100 industries and crafts. The real estate sector is witnessing a growth rate of 16% of Egypt’s GDP due to the increase in population that crossed 95 million.
The minister explains, “Upper Egypt deserves investments… such investments are an adventure worth trying.” “Some areas in Upper Egypt deliver profits not less than those in Sheikh Zayed and New Cairo… in fact some areas can hit EGP 70,000 a meter,” the official recently said in a released statement. The ministry has presented a clear strategy, merging between private and public sectors to enhance and build the newly established cities and presenting a new real estate investment trend; here is what developers believe.
Dowidar adds that ARDIC itself put governorates of Upper Egypt on top of its agenda, following a lot of market research testing the requirements of such cities. “Results show that there is a strong purchasing power in Upper Egypt; residents, there, are willing to live in communities that resemble the capital,” he reveals.
NEW ASSIUT
New cities are in a need of 300,000 housing units each year to meet the needs of different segments in the society. One can agree with Minister Madbouly’s statement “It is an investment adventure worth trying.”
SECON ASSIUT
THE VOICE OF REAL ESTATE | 29
VOICE OF THE MARKET
INVEST-GATE
UPPER EGYPT: BACK TO THE FUTURE
BY PASSANT DARWISH
NEW ASWAN CITY
E
gypt’s government has been undergoing a major development process, investing millions to build affordable housing projects to accommodate its growing population as part of a nationwide ‘Million-Housing-Unit’ plan. Upper Egypt, a region, which has been ignored for decades and given less attention compared to Greater Cairo and the Delta, is undergoing a major overhaul with the implementation of new cities and the construction of thousands of housing units and facilities. Invest-Gate sheds light on the housing projects in the new Upper Egyptian cities, as well as, efforts made by the private sector to invest in these emerging areas. Upper Egypt Remodeled New Urban Communities Authority (NUCA) Director of Public Relations Mona Kamel tells Invest-Gate that following “weak growth rates in Upper Egyptian cities and the failure of these cities to reach the targeted investments and house more people,” the housing ministry has set its eyes on Upper Egypt and adopted “serious policies to attract both investors and population blocs.”
Earlier this fiscal year, dating back to July 2017, Housing Minister Mostafa Madbouly laid out his ministry’s plan “to enter new cities in Upper Egypt as a developer and execute compounds, or gated communities,” Kamel reveals. On the short-run, the ministry is “to build small compounds with 50 units in each new city as a start to attract citizens,” Kamel elaborates. She adds that the ministry relied on expert analysis and
predictions that building of compounds in Upper Egyptian cities, which will suit all social classes, “will achieve a construction and investment boom and will attract citizens to live in these cities.” The ministry also believes, according to Kamel, that investment opportunities in Upper Egypt, especially in the residential real estate sector, are better in Upper Egypt than in Cairo. The ministry official attributes this analysis to the fact that there
SOFITEL CATARACT ASWAN HOTEL
are plenty of land in Upper Egypt with reasonable prices, and opportunities to target a wide range of social classes. “Cairo, on the other hand, has become saturated with residential communities; it has plenty of projects and developers compete to build units for only one specific social class,” she adds. But the state extending its sights towards the development of Upper Egypt is not solely to spread out the population and attract investments. “The state wants to fight poverty and unemployment... put forward a future plan to develop the resources of each governorate in the fields of agriculture, industry, and trade to achieve comprehensive social and economic development,” Kamel explains. Projects in Numbers
building a branch for Abu El-Rish Children’s Hospital in Beni Suef with construction starting soon, while another location in New Sohag City has been selected to build a branch for Al-Orman Hospital. Three governmental Nile Schools will be built in New Aswan, New Assiut, and New Beni Suef, according to Kamel, on a total area of 14.77 feddans. “While a school has been constructed in New Thebes on 10, 000 square meters,” she adds.
This plan will see NUCA pumping EGP 13 bn worth of investments in the new Upper Egyptian cities during the current and the upcoming fiscal years. “During the FY2017-18, NUCA will execute projects worth around EGP 7.8 bn in Upper Egypt,” Kamel states.
“A total of 66,000 housing units have already been completed in Upper Egypt, while 40,000 units are currently under construction,” she adds.
OLD CATARACT ASWAN HOTEL 30 | INVEST.GATE | November 2017 - ISSUE 08
But the ministry’s housing projects are not the only endeavor underway; construction has already started or is scheduled to start on a number of facilities and non-residential projects in these new cities. Kamel says a land has been allocated to
NEW ASWAN CITY (photo by: SITES International) THE VOICE OF REAL ESTATE | 31
VOICE OF THE MARKET EXPERT
INVEST-GATE
LUXOR NEW CORNICHE
The Rest To Follow Suit LUXOR NEW CORNICHE are eager to build in Upper Egypt,” he adds. The housing ministry hopes this progress “would stimulate the private sector to seek and purchase Upper Egypt comprises 10 governorates, inhabited the allocated lands in these governorates,” Kamel by 35 million, who represent around 29.7% of states. Egypt’s total population. The housing ministry is currently implementing 10 new cities in Upper Although the state, represented by the housing Egyptian governorates, according to information ministry, is the major developer in Upper Egypt, especially in the new cities, some developers have penetrated the market with successful results with many more expected to follow suit.
provided by NUCA. These new cities are New Fayyoum, New Beni Suef, New El-Minya, New Assiut, New Sohag, New Akhmim, New Qena, New Thebes, New Luxor, and New Aswan.
Giant developer Orascom Holding built Byoum Residence in Fayyoum, offering villas, twin villas, apartments, and serviced apartments. Orascom also entered a usufruct agreement with the Egyptian Government in 2005 to develop Amoun Island, located off the main Nile River bank in Aswan with a total project area of 22,000 square meters. The developer will build a luxury boutique-style hotel on the island, accommodating 38 luxurious suites with lounge areas, private pools, and a private library. While, the Saudi Egyptian Construction Company (SECON) has, what they described in press statements, “a successful housing project in New Assiut” and, following this success, “are looking to invest more in Upper Egypt,” adding that they are currently assessing lands to purchase and build more housing units in the area.
Buyers Club. International Business Club. Site Tours. Egypt Projects Summit. Business Matching.
Meanwhile, Chairman of the Real Estate Investment Division at the Federation of Egyptian Chambers of Commerce Mamdouh Badr El-Din tells Invest-Gate, “Investors are willing to invest in Upper Egypt, but we want to know the state’s blueprints for the area first.” Badr El-Din elaborates that investors “need to know where and when the schools, hospitals, and other facilities of a certain area will be built, so that we can develop communities near them.” He says that investors are waiting for a meeting to be scheduled with the housing ministry, “other than that, there are no problems or obstacles…investors 32 | INVEST.GATE | November 2017 - ISSUE 08
Organised by
&
www.batimat-egypt.com
BYOUM RESIDENCE BY ORASCOM THE VOICE OF REAL ESTATE | 33
VOICE OF THE MARKET
INVEST-GATE
C
ities of Upper Egypt have been overlooked for decades as touristic destinations, especially after the 2011 revolution, despite their wealth in well-preserved archeological sites. However, there are a number of public and private initiatives that aim to promote tourism in these less-frequented cities and towns. Invest-Gate looks into tourism across Upper Egypt, highlighting governmental and private efforts to boost tourism.
WILL UPPER EGYPT’S WHEEL OF FORTUNE CHANGE? AN OVERVIEW ON TOURISM ACROSS UPPER EGYPT BY JULIAN NABIL
34 | INVEST.GATE | November 2017 - ISSUE 08
A General Overview Tourism was badly affected nationwide by the October 2015 Russian plane crash and its consequences “such as the flight bans issued by a number of foreign countries to Egyptian cities,” Chairman of Egyptian Experience, a real estate development company, tells Invest-Gate. Montasir, who heads the Tourism Committee at the Egyptian Junior Business Association, adds that such travel bans are negatively affecting not only Egypt’s economy but also the economies of the countries that issued the ban. As an example, Montasir states, “UK’s Monarch Airlines Chief Executive Andrew Swaffield, who made press statements, back in 2016, asserted that his company’s financial struggles began when flights to the Egyptian Red Sea resort of Sharm El-Sheikh were suspended by the British government due to security fears.” Montasir argues that Egypt should take punitive economic measures against the countries, which issued these bans. On the bright side, Montasir reveals that tourism in Upper Egypt started to witness an improvement but is yet to make a full recovery. “Luxor saw an improvement compared to the previous years due to arrival of tourists from Japan, China, Australia, and Germany, with hotel occupancy rates having reached up to around 30% in 2016 compared to 12% and less in the past years, yet it is still a low percentage,” he notes. As of November 2016, Luxor received 36 charter flights, carrying 230 Japanese tourists. “Australian tourism also returned to the city as of October 2016, with the arrival of small groups comprising 30-50 tourists each,” Montasir adds. Luxor was also named the capital of international tourism for 2016 by the United Nations World Tourism Organization (UNWTO), according to Egypt’s State Information Service (SIS). Aswan and Luxor remain the top destinations in Upper Egypt to be visited by tourists, Montasir notes, while the rest of Upper Egypt’s cities such as El-Minya are significantly less frequented by visitors. Mervat Abdel-Nasser, founder of the New Hermopolis project, a hospitality center in El-Minya, agrees with Montasir adding that “El-Minya has a lot of monuments, but they are rarely visited due to the concentration of all hotels and facilities, including entertainment venues, in the center of the governorate, 60 to 80 kilometers away from the important archaeological sites in towns like Mallawi.” Finally, The Government Acts The Egyptian government’s attention has recently become more focused on Upper Egypt with new investments being pumped in projects that aim to boost tourism.
In March 2017, Housing Minister Mostafa Madbouly said in a statement that he assigned the New Urban Communities Authority (NUCA) to develop the first phase of a- 181-acre- tourist strip, a total length of 1,330 meters across the Nile in New Aswan City. Last September, the minister announced the beginning of the implementation of the project’s first phase. The initial phase will include a- three-acre hotel, in addition to a -33.5-acre- residential area that will boast 400 -square- meter- villas and 19.5 acres of greenery, as well as, swimming pools and footpaths. The project will also feature a -305acre- administrative area; an- 8.5-acre integrated commercial complex and a- 26.4-acre- Nile Park with a berth. Meanwhile, Aswan Governor Magdy Hegazy, announced last month that blueprints are being laid out for a smart green city in the western desert of Aswan on an area of just over 4175.25 acres. The city’s master plan includes some touristic projects such as resorts and hotels. “The tourist strip project is very important and will change the touristic map of Aswan, yet it needs to be an integrated development project,” Montasir states, expressing his wish of the similar project in Luxor that was announced 17 years ago to include 14 resorts and hotels, be resumed as it was halted shortly after its announcement. Private Initiatives Come into Play The government is not the only entity that is setting its eyes on the development of touristic projects in Upper Egypt. Projects carried out by individuals and the private sector have recently increased too in the belief that this part of the country has great potential and could become a major tourist hub. One of these projects is New Hermopolis, which is a non-profit ecological complex founded by AbdelNasser in a unique architectural style in Minya’s Tuna El Gebel. “I carried out this sustainable community project in 2004 to shed light on the antiquities of Tuna El Gebel and El Ashmunein, as well as, promote ‘responsible or niche tourism’ in El-Minya,” AbdelNasser states. Opening its doors to visitors from October to May each year, New Hermopolis comprises a hospitality center, as well as, a cultural space, in which events, workshops, and performances can be held in addition to an organic farm with olive groves and a vineyard. The project is based on ecological principles such as recycling, solar energy, and preserving water and energy. “Through this sustainable project, I am trying to introduce a new mindset of sustainability in ElMinya. The destination aims to capitalize on Upper
THE VOICE OF REAL ESTATE | 35
VOICE OF THE MARKET Egypt’s heritage for the cultural and economic development of this region; and also supporting the growth of the surrounding country side and empower local residents by offering them job opportunities,” according to Abdel-Nasser. She adds, “The eco-friendly hospitality center mostly welcomes Egyptian visitors, who come for retreat, seek spiritual aspiration, or hold workshops. Very few travelers stay to visit the surrounding monuments. However, my income is not regular due to low inflow of visitors, and barely covers salaries of few employees and maintenance costs.” To boost tourism, Abdel-Nasser believes security issues have to be resolved soon, especially in ElMinya. She argues that tourism police should avoid suffocating tourists with many rules related to their movements across El-Minya because this reflects a bad image of the city. Abdel-Nasser adds that the government should encourage initiatives like hers so that there would be more facilities, offering services to tourists around archaeological sites. As to private developers’ touristic projects in Upper Egypt, Orascom Development has a number of touristic projects in Upper Egypt including Byoum Lakeside Hotel, a four-star luxury hotel located in Fayyoum. The hotel, part of a- 447,720square- meter development project, comprises a
INVEST-GATE
swimming pool overlooking the lake, a pool bar, and a children’s pool. The hotel sees more guests in winter rather than summer, as Fayyoum is a winter getaway. Byoum Lakeside Hotel’s Reservation Manager Hany Ashraf tells Invest-Gate says, “In winter, the 50-room- hotel is usually fully occupied,” adding that guests are mostly foreigners, local citizens, or Arabs mainly from Saudi Arabia, Kuwait, and Jordan; visitors from Europe, US, or UK are mostly individuals and are very few. Ashraf believes that the major challenge currently facing the tourism sector is the issuance of travel warnings by embassies of Germany, Russia, and Great Britain in Egypt, which he believes negatively affects the flow of tourists. To attract tourists, he proposes, “The government and individuals should work on improving Egypt’s image in the foreign media and show that the country is secure and safe.” “What I can currently do is ask guests to write reviews on Tripadvisor and other websites about their experiences, to promote tourism not only in Fayyoum but also in Egypt,” he adds. An Outlook on Upper Egypt The hospitality sector in Upper Egypt is witnessing an improvement; however, “it is still slow compared to the period prior to the 2011 Uprising,” Ashraf
adds. “If Russia lifts its travel ban on Egypt, other countries will follow suit and this will help tourism rebound to pre-revolution levels,” he states. Montasir, on the other hand, believes that “Egypt is moving strongly towards stability and the tourism sector will experience gradual improvements.” He adds that there are promising figures related to hotel bookings in the upcoming period. To help the tourism completely recover, Montasir reckons that a number of supporting elements should be tackled such as keeping pace with changing technology, developing new marketing techniques, upgrading infrastructure, and hiring well-trained employees to replace those, who were laid off or quit following the decline in the tourism sector seven years ago. Montasir suggests, “There should be a touristic map for Egypt that includes the capacities of hotels and airports of every destination so that we can see what we lack and work on it.” For all of this to be accomplished, the government and private sector should cooperate together to upgrade Upper Egypt, which needs billions of pounds worth of investments, he concludes.
CITYMAX HOTEL IN ASWAN
36 | INVEST.GATE | November 2017 - ISSUE 08
City Stars
Cairo Festival City
Waterway
Tivoli Dome Sheikh Zayed
Designia Mall Alex
L Bay Alex
THE VOICE OF REAL ESTATE | 37
VOICE OF THE PEOPLE
INVEST-GATE
on the west bank of the Nile in Luxor and is four kilometers away from the Valley of Kings, the Valley of the Queens, and the Mortuary Temple of Hatshepsut. Guests can get to the hotel from Luxor East Bank by car, as well as, by ferry down the Nile or by the multicolored shuttle boats. What facilities and services does Al Moudira provide? The hotel comprises 54 rooms, a swimming pool, and a restaurant. We also offer massages, in addition to other services like free Wi-Fi and on-site private parking. We make your experience very relaxing and secluded, while enjoying modern facilities. How is Al Moudira perceived internationally? We received Certificate of Excellence Award from Tripadvisor back in 2014. We also have lots of great reviews in magazines and websites. Al Moudira hotel was mentioned among important touristic , destinations in The Times magazine s article entitled 25 Trips to Take in Your Lifetime .
A TRIP BACK TO A ROYAL ARABIAN NIGHT AT
AL MOUDIRA OF LUXOR A
BY JULIAN NABIL
n authentic oriental architectural design that takes its guests back in time to the enchanted Arabian Nights; Al Moudira Hotel in Luxor has managed to gain popularity in a short period of time, attracting worldwide icons like Mick Jagger, Kate Moss, and Christian Louboutin. Aiming to explore the hidden gems of Upper Egypt, General Manager of Al Moudira boutique hotel Zeina Aboukheir sits with Invest-Gate to share her hotel’s success story, highlighting her views on the hospitality sector’s current status and challenges.
How did the Al Moudira story begin? And what made it successful?
Who is the architect/designer, who delivered such authenticity to the place?
We started our business in 2002. We bought the land and built the hotel from scratch. This area was a desert back then and began construction immediately.
We hired the very talented Architect and Islamic/ Arabic Architecture specialist Olivier Sednaoui, who delivered such arches, domes, cupolas, and beautiful volumes, you see today.
What are the nationalities of visitors you receive? The majority of our guests come from USA and Europe, especially from Italy and Spain. A few times, we hosted Arabs; and we are expecting some Chinese tourists soon. Are there less popular sites but still top spots in Luxor that you recommend to your guests? Luxor is full of places to see some are more popular than others. I usually recommend The Ramesseum
Between the agriculture land and the desert, each hotel room captures its own décor and style, but all feature patios of flowers and fountains. What is special about the hotel’s location? Al Moudira is a boutique hotel that is situated
The success came because of the hotel’s uniqueness. Aside from its design and ambiance, it is the rich heritage the city of Luxor carries that gave us an edge. We sit in the middle of a magical city of great culture and antiquities that tell stories of the many civilizations of Egypt. Here, you have so much to see and do. The weather, too, is a plus especially during the winter. I believe this wraps up our whole success story. Where does the name Al Moudira come from? During the construction phase, I was the only one in charge and following up on the site. Back then everyone called me ya moudira, ya moudira, which in Arabic means the Manager; hence, came the name Al Moudira!
The most divine hotel and garden - Fashion Designer CHRISTIAN LOUBOUTIN in his interview with Vogue Magazine, February 2011
38 | INVEST.GATE | November 2017 - ISSUE 08
THE VOICE OF REAL ESTATE | 39
VOICE OF THE PEOPLE
INVEST-GATE
Our rates are already in USD. The restaurant rates went up 75 % because of the increased food prices. However, the room rates went down 20 %. What do you think the government should do to attract tourists and boost hospitality sector? The government is already working on handling the security issues and doing a lot of publicity for Egypt. Do you believe that tourism has begun to recover? How do you see the touristic scene in Luxor nowadays? The hospitality sector has been dead since the 2011 Uprising. But finally, this season is starting to pick up a little. Egypt is exceptional and does not need publicity because it is unique and rich in culture, landscapes, seas, and deserts. So tourism will recover when tourists feel it is safe and secure.
Temple and Deir El-Medina because they are really exquisite yet do not share the popularity of Al Karnak, Hatshepsut Temple, Valleys of Kings and Queens, etc. When is the hotel’s peak season? How is the flow of tourists going? Our season is usually from September to June. The flow of tourists is getting a little bit better this year compared to the past period since the 2011 uprising. What are the current challenges in your opinion? Because of all political events of the past seven years now, we remain struggling with low tourism flow, due payments, and responsibilities towards our employees. We have to fight to pay for our workers; we never want to lay anyone off because they have families. It is a little hard and I am hoping it will get better soon. How did the EGP floatation affect the tourism and hospitality sectors, especially your business? Did you increase your rates? 40 | INVEST.GATE | November 2017 - ISSUE 08
THE VOICE OF REAL ESTATE | 41
VOICE OF THE PEOPLE
INVEST-GATE
W KEEPING UP WITH
ith a kind smile on her face, the 30-yearold Nubian wife and mother Marwa Mohamed usually gets up early at 7:00am every day, ready to prepare breakfast for the tourists she hosts in her house. After the sharp drop in tourism sector in 2011 and the subsequent economic instability, Mohamed along with many other families in Nubia are currently earning their living by opening their homes to tourists from across the world.
THE NUBIAN DREAM
Mohamed “lives with her husband and two kids in their two-story house,” she tells Invest-Gate, adding that they usually rent the roof and the first story to local or foreign tourists. BY NAYROUZ TALAAT
But she notes that it is not enough to be hospitable towards tourists; a lot of promotion goes into the process to attract more guests and to guarantee bookings. She and her husband promote their small business as the “Nubian Dream,” renting nine rooms, with prices starting at EGP 700 for one person per night. The Nubian Dream Guesthouse also has a cozy restaurant that offers local dishes. Both houseguests and those visiting Nubia for a day are welcome to a meal during their visit to Nubia or a refreshing Nubian drink such as Hibiscus. Mohamed and her family are only an example of such a trend that has become popular in recent years. Many Nubians in the village of Gharb Soheil, 30 minutes from Aswan International Airport and 45 minutes from the train station, who were already working in tourism prior to 2011, have started offering such guesthouses to Egyptians and foreigners. These small enterprises mirror the Nubian culture in the designs of their homes with colorfully painted houses and furniture. They also offer other tourist activities, in an aim to distinguish themselves from the rest, such as sand boarding, mud spa treatments, camel riding, and Nile Cruise activities. In order to ensure world-class hospitality standards to tourists in these guesthouses, the tourism ministry granted a license to an already wellestablished boutique hotel in the area, AnaKato, “to supervise other guesthouses and provide them with guidelines on how to manage their businesses, Chymaa Ghaleb,” AnaKato front office manager tells Invest-Gate. Ghaleb, whose hotel means “my house” in the Nubian language, states that an important aspect to Nubian hospitality, which AnaKato tries to maintain and instill in nearby guesthouses, is the friendly and generous aspect of the Nubian culture. She recalls that it was “a challenge at the start of [their] business to convince visitors to try a place away from technology, electronics, and luxury.” “We acquaint guests with the Nubian culture, how to enjoy walking on the sand, and feel the beauty of the nature,” Ghaleb elaborates. She adds that guests enjoy wearing Nubian tradition clothes during their stay in the village and buying local souvenirs from Nubian bazaars. Other private initiatives have been also attempting to promote the Nubian culture. Ahmed Shampoo, one of the leaders in reviving the Nubian culture to visitors and guests of the Gharb Soheil Village, tells Invest-Gate “What we want is to offer this type of tourism that reflects one of the many cultures of Egypt.”
42 | INVEST.GATE | November 2017 - ISSUE 08
THE VOICE OF REAL ESTATE | 43
VOICETO HOW OF THE PEOPLE
INVEST-GATE
Shampoo states that the idea of the Nubian guesthouses started in 2008. “We are trying to expand more and more in the services; now the village has 15 boats, sand boarding equipments, 255 camels, and numbers of bazaars in front of each home,” Shampoo adds. He says that the idea of staying in a Nubian guesthouse started by word-of-mouth referrals and then spread through social media. “Friends started telling each other, till we became well-known on many online booking websites such as Booking. com and TripAdvisors.” “In our village, the Nubians have a white heart, white teeth, and a white Galabiya,” Shampoo says while smiling. Some owners of the Nubian hospitality houses confirm that the Ministry of Tourism is currently assisting them by giving them all necessary licenses and are monitoring their quality, making sure they stick to tourists’ standards.
YOUR PERFECT
GETAWAY
FOR KAYAK RESERVATIONS PLEASE CALL: 0101 0013335 ADDRESS THE PLATFORM CORNICHE EL MAADI FOR MORE INFORMATION CALL: 01156711114 / 25287175 /THEPLATFORMEG @THEPLATFORMEG
44 | INVEST.GATE | November 2017 - ISSUE 08
THE VOICE OF REAL ESTATE | 45
INVEST-GATE
46 | INVEST.GATE | November 2017 - ISSUE 08
THE VOICE OF REAL ESTATE | 47