{"id":575369,"date":"2020-10-13T04:34:00","date_gmt":"2020-10-13T04:34:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/13\/hhd-announces-its-new-strategy-relying-on-partnership-with-the-private-sector\/"},"modified":"2020-10-13T04:34:00","modified_gmt":"2020-10-13T04:34:00","slug":"hhd-announces-its-new-strategy-relying-on-partnership-with-the-private-sector","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/13\/hhd-announces-its-new-strategy-relying-on-partnership-with-the-private-sector\/","title":{"rendered":"HHD announces its new strategy, relying on partnership with the private sector"},"content":{"rendered":"

<\/a> PRIVATIZATION WATCH- HHD plans to rely on private sector partnerships in its<\/strong> new development strategy:<\/strong> State-owned Heliopolis Housing and Development (HHD) has unveiled a new five-pillar strategy that will see the company develop EGP 100 bn-worth of assets autonomously and through partnerships with private developers after scrapping plans to sell a stake with management rights, according to a regulatory disclosure (pdf)<\/a>. HHD has already received offers and \u201cconsiderable interest\u201d from prospective partners, Hesham Aboul Atta, the chairman of HHD\u2019s parent company, told Enterprise. Aboul Atta declined to get into specifics of the offers.<\/p>\n

New Heliopolis to lead the company\u2019s development:<\/strong> HHD will focus on developing New Heliopolis city, where it will review the project\u2019s current blueprints and put in place a marketing plan before mid-2021. HHD will develop some 400 feddans on its own but will offer 500 feddans to private sector players through partnerships. Meanwhile, the buildings that have been completed will be evaluated to ensure they meet the company\u2019s contractual obligations, while infrastructure development for the area is set to be complete before mid-2021.<\/p>\n

The Heliopark project will be evaluated by an international team of consultancy firms<\/strong> that the company will hire next year. Similarly, the company will offer 1000-1200 feddans for partnership with private developers while it would develop 200 feddans on its own. Assets in Old Heliopolis, including Maryland park, will also be assessed to find the best ways to put them to use next year.<\/p>\n

Where is the money coming from?<\/strong> HHD is exploring several options to finance its pipeline of projects in the strategy\u2019s first year and is eyeing a capital increase of as much as EGP 1.2 bn<\/strong> in tandem to finance the projects in the remaining four years of the strategy, Aboul Atta said. The company could also sell some land and assets it owns to finance the capital increase, he added. HHD\u2019s net profits inched up by 2.88% in FY2019-20 to EGP 376 mn from EGP 366 mn in the previous year, driven by land sales, according to a bourse disclosure (pdf).<\/a><\/p>\n

In tandem, the company will undergo a restructuring process<\/strong> and is in the market for additional management talent.<\/p>\n

Background:<\/strong> HHD had amended its mission statement last month<\/a> to give it a mandate to run its new development plan. The shift came shortly after the company\u2019s plan to offer a stake of up to 25% with management rights as part of the government\u2019s privatization program failed<\/a>. The company abandoned the privatization plan entirelyin July<\/a> and started drafting a new strategy. HHD is 72%-owned<\/a> by the government\u2019s Holding Company for Construction and Development,, with the remainder split between insurance companies, banks, and a free-float on the stock exchange.<\/p>\n

In other public enterprise news,<\/strong> Egyptian Iron and Steel will spin off its mining<\/strong> operations <\/strong>into a separate company that could potentially list on the EGX, Public Enterprise Minister Hisham Tawfik said, according to Masrawy<\/a>. The decision, which was greenlit by the company\u2019s EGM yesterday, comes after talks<\/a> on whether to liquidate the loss-making company, which saw its losses rise 44% y-o-y to EGP 1.3 bn in 3Q2019 last fiscal year<\/a>.<\/p>\n

Ghazl El Mahalla could go public: <\/strong>The ministry is also looking to set up a joint-stock company as part of a plan to list state-affiliated football club Ghazl El Mahalla on the EGX, making it the first sports club to float shares, the minister also said<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

PRIVATIZATION WATCH- HHD plans to rely on private sector partnerships in its new development strategy: State-owned Heliopolis Housing and Development (HHD) has unveiled a new five-pillar strategy that will see the company develop EGP 100 bn-worth of assets autonomously and through partnerships with private developers after scrapping plans to sell a stake with management rights, […]<\/p>\n","protected":false},"author":1,"featured_media":575370,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,3648,157,79,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-575369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-heliopark","tag-heliopolis-housing-and-development","tag-public-enterprises-ministry","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"0f5d0471-dee4-4414-90f4-098e7257f873","is_powered_by":true,"section_story_id":"c6fcfda5-ec3d-4379-9cb7-c5d9d3979368","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/10\/126.jpg","photo_position":"above","related_issue":[575355],"teaser":"","voice_url":""},"yoast_head":"\nHHD 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development plan will be finalized this week: State-owned Heliopolis for Housing and Development (HHD) expects to finalize this week its new strategy to develop the company after scrapping plans to sell a stake with management rights earlier this year, Hesham Aboul Atta, the chairman of HHD\u2019s\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569702,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/04\/hhd-scraps-share-sale-plans-after-management-tender-flops\/","url_meta":{"origin":575369,"position":1},"title":"HHD scraps share sale plans after management tender flops","author":"enterpriseam admin","date":"4 March 2020","format":false,"excerpt":"PRIVATIZATION WATCH- HHD scraps share sale plans after management tender flops: State-owned Heliopolis for Housing and Development (HHD) has scrapped its plans to offer a stake of up to 25% as part of the state privatization program, Hesham Aboul Atta, the chairman of HHD\u2019s parent company, the Holding Company for\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/55.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574636,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/16\/heliopolis-housing-amends-mission-statement-to-carry-out-new-development-plan\/","url_meta":{"origin":575369,"position":2},"title":"Heliopolis Housing amends mission statement to carry out new development plan","author":"enterpriseam admin","date":"16 September 2020","format":false,"excerpt":"PRIVATIZATION WATCH- State-owned Heliopolis for Housing and Development (HHD) submitted a request to the EGX to amend its mission statement to enable it to carry out its new development plan, according to an EGX disclosure on Tuesday. The company\u2019s general assembly agreed in an extraordinary meeting to amend HHD\u2019s articles\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":573519,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/09\/real-estate-developer-hhd-to-announce-new-strategy-in-the-coming-two-weeks\/","url_meta":{"origin":575369,"position":3},"title":"Real estate developer HHD to announce new strategy in the coming two weeks","author":"enterpriseam admin","date":"9 August 2020","format":false,"excerpt":"The board of EGX-listed HHD will announce a new corporate strategy in the coming two weeks, Public Enterprise Minister Hisham Tawfik said on Thursday. The semi-privatized state-owned real estate company is rethinking its development strategy following an abortive attempt at selling a 10% stake + management rights to an investor\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569533,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/27\/sodic-on-the-offense-on-hhd-tender\/","url_meta":{"origin":575369,"position":4},"title":"Sodic on the offense on HHD tender","author":"enterpriseam admin","date":"27 February 2020","format":false,"excerpt":"PRIVATIZATION WATCH- Sodic goes on the offense on HHD tender, says conditions were untenable: Real estate developer Sodic decided against bidding for a 10% stake and management rights of Heliopolis Housing and Development (HHD) because the two companies did not see eye-to-eye on key matters, Sodic Managing Director Magued Sherif\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571641,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/19\/state-owned-heliopolis-for-housing-and-development-hhd-reporteldy-has-a-new-board-of-directors\/","url_meta":{"origin":575369,"position":5},"title":"State-owned Heliopolis for Housing and Development (HHD) reporteldy has a new board of directors","author":"enterpriseam admin","date":"19 May 2020","format":false,"excerpt":"State-owned Heliopolis for Housing and Development (HHD) reporteldy has a new board of directors after the previous board resigned after the company failed to secure offers for its tender for a 10% stake + management rights in February, prompting it to abandon its share sale plans. Former Giza governor Khaled\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/575369","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=575369"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/575369\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/575355"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/575370"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=575369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=575369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=575369"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=575369"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=575369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}