Good afternoon, folks and happy almost-THURSDAY. It’s a busy Wednesday here at home, despite having a calmer start to the day this morning. The two biggest stories so far this afternoon are from the New Urban Communities Authority, which is handing out plots of land for investors to set up new mixed-use developments in the capital.

THE BIG STORIES TODAY

#1- USD 300 mn urban and medical development in Shorouk is in the works:The New Urban Communities Authority (NUCA) has awarded NHMC Egypt — the local arm of UK-based NHMC — a plot of land in Shorouk to set up a USD 300 mn urban, medical, and educational complex under a contract inked by the two parties today, according to a cabinet statement. The land will be paid for in foreign currency transferred from abroad, the statement indicates.

In detail: Some 65% of the land will be allocated to an urban project, which will include a sports academy, an international school, apartments, villas, and malls. The remaining 35% is earmarked for amedical complex that will host medical colleges and a private hospital developed in partnership with the University of Buckingham along with another hospital developed with Johnson & Johnson.

#2-NUCA earmarks land plot for a new EGP 60 bn mix-use by UDC: NUCA also inked an agreement with UDC Real Estate Development, a subsidiary of UAE-based Mohammad Omar Bin Haider Holding Group, allocating a land plot in the Andalusian Garden in Cairo, to set up a mix-use with total investments exceeding EGP 60 bn, according to a cabinet announcement.

The details: Dubbed “The Crest,” the project will span some 665k sqm, poised to feature residential, administrative, entertainment, commercial, and hospitality units. UDC will carry out the project in cooperation with Cairo-based property developer IL Cazar, the statement reads, without specifying what role IL Cazar will play in building the mix-use. Constructions on The Crest will take eight years to complete.

THE BIG STORY ABROAD

The international business press is chattering this afternoon about HSBC’s shares taking a big hit. The bank reported an 80% fall in its 4Q 2023’s net income, citing a USD 3 bn charge related to the devaluation of its stake in China’s Bank of Communications, in which it holds a 19% stake, and additional write-offs on commercial real estate. The financial results led the bank’s shares to drop as much as 7.5% today, marking its biggest intraday decline in 16 months. (Financial Times | Bloomberg | Reuters)

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🌤️ TOMORROW’S WEATHER- Expect a partly cloudy day with a high of 22°C during the daytime and a low of 12°C at night, according to our favorite weather app.

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