DEBT WATCH- Naguib Sawiris’ Ora Developers is looking to issue bonds and take out more loans to finance its real estate projects, the b’naire told Hapi Journal, without specifying how much the company wants to raise or the type of debt securities it will use. Ora already acquired a EGP 1 bn loan from Banque Misr earlier this year to finance the construction of the first phase of its ZED Sheikh Zayed project. Other future plans include an investment of up to EGP 30 bn in a 1k-feddan project on the North Coast that Ora is waiting to acquire land for, Sawiris said.

Real estate sector still experiencing lagging slump in demand: House prices are unlikely to rise in the coming months as the sector continues to feel the effects of the covid-19 pandemic, Sawiris said. Despite seeing recent improvements in the sector, he said that sales volumes remain below their pre-covid levels.

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