Hyde Park buys 415 feddans of historic Dream Land land in 6th of October City

Hyde Park Real Estate Development bought 415 feddans in the eastern expansions of 6th of October City (the historic Dream Land site) from the Egyptian Company for Real Estate Asset Management and Investment (Ecrami), according to a Cabinet statement. The sale covers about half of Ecrami’s 818-feddan Dream Land portfolio, National Bank of Egypt (NBE) CEO Mohamed El Etreby said on the sidelines of the signing. Amin Serag, MD of Hyde Park, said the project is the company’s largest in West Cairo and its fourth in the area, bringing its total to 10. The price was not disclosed.

Why it matters: The sale clears one of Egypt’s longest-running real estate disputes and distressed debts around the Dream Land site. The strategic structure matters more: NBE — which owns 83% of Ecrami alongside Banque Misr (17%), according to El Etreby — also holds a 24% stake in Hyde Park. That means the bank is liquidating a frozen asset and putting it back into the production cycle while holding onto a share of future development returns as a partner in the developer.

ALSO- Hyde Park subsidiary Founders Real Estate Marketing signed a long-term EGP 10 bn credit facility with Banque Misr, according to a press release (pdf). The eight-year financing will go toward acquiring one of the residential projects belonging to the New Urban Communities Authority, alongside funding operational costs tied to the project. Baker McKenzie acted as counsel to the bank on the financing agreement.

Exclusive, with an asterisk

Cairo software firm is lining up a Gulf-listed route into US government procurement: Kuwait’s Beyout Holding struck an agreement with Maadi-based e-procurement platform Teradix to become its exclusive provider to US government agencies and their contractors worldwide, either directly or through its HR subsidiary Kuwait Resources House (KRH), according to a disclosure (pdf) to Boursa Kuwait. The agreement also gives Beyout the right to market and resell Teradix’s products across Kuwait and the GCC.

But there’s no money on the table just yet: Beyout said the agreement has no financial impact for now, with no term, value, or US government contracts disclosed. Beyout’s cover letter to the Capital Markets Authority describes it as a preliminary agreement signed by a subsidiary — wording that doesn’t appear in the disclosure form attached to it, which has the parent signing.

So why Beyout? KRH supplies manpower and life-support services, a business that puts it alongside the US military’s footprint in the Gulf — the kind of partner that could get an Egyptian SaaS firm into rooms it couldn’t reach on its own. Teradix, founded in 2019 by Khaled Aboshady and backed by EBRD and Falak Startups, hasn’t commented publicly.

Fresh off the IPO

EGX approves rights issue for Korra Energi’s capital increase: The Egyptian Exchange’s (EGX) listing committee signed off on 2.025 bn subscription rights, taking Korra Energi’s capital to EGP 855 mn from EGP 450 mn, according to a disclosure to the bourse. The EGP 405 mn increase is funded by a cash subscription open to existing shareholders, who get 0.9 new shares for each share they hold at EGP 0.20 apiece.

The timeline: Shareholders qualify through the close of today’s session, and the share trades without the right from tomorrow. Rights trade from 18 October, when subscription opens, through 27 October, and are restricted to Egyptians.

BACKGROUND- Korra floated an 11% stake on the EGX at EGP 2.97 a share in May, raising EGP 735 mn in what was the second IPO of the year after Gourmet. The retail tranche closed 31.35x oversubscribed, and the stock closed up 19.5% on its June debut.

Bank installment option

A bank installment option for property tax bills is under study, with the Real Estate Tax Authority and banks working on a mechanism that would allow taxpayers facing large liabilities to repay through banks, a senior government official tells EnterpriseAM. The bank would settle the tax bill with the authority on the taxpayer’s behalf, then recover the amount in installments at a rate expected to be below prevailing market rates. The mechanism is still under technical and regulatory review, with no consumer finance agreements in place yet.

Factories are also on the table: The Finance Ministry is also studying industry requests to extend property tax relief or introduce new facilities for factories after the current exemption expires in December, the official says. The state has covered liabilities for some 20 industrial sectors since 2022, he notes. The measure is under assessment by Finance Minister Ahmed Kouchouk and relevant authorities. Real Estate Tax Authority Deputy Head Mohamed El Sayed tells us the authority is focused on “familiarizing businesses, factories, and individuals with the available relief” as part of a broader package of 17 facilitations for investors and individuals.

Check-in: Al Moez

The Urban Development Fund (UDF) awarded the Ananea Hotels & Resorts and Beit El Qahira Hotel Management consortium a 20-year usufruct contract to develop and operate a luxury boutique hotel in the Wakalet El Shourbagi building on Al Moez Street, Marwan El Shaer, MD of Beit El Qahira, tells EnterpriseAM. The consortium will bear the full USD 5 mn investment cost and expects to open within 24 months. Unesco approvals for the external finishes, typically the biggest hurdle in Historic Cairo projects, have already been obtained, he adds.

IN CONTEXT- This is the first concrete award under the government’s broader push to offer five to seven new investments in Historic Cairo under usufruct or PPP models, as we reported in November 2025. El Shaer says Beit El Qahira is already in talks to secure additional properties in Khedivial Cairo for hotel repurposing, aiming to expand its room count in the area.