{"id":606981,"date":"2023-09-25T00:00:00","date_gmt":"2023-09-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/25\/saudi-emirati-consortium-to-redevelop-former-ndp-hq-asharq\/"},"modified":"2023-09-25T00:00:00","modified_gmt":"2023-09-25T00:00:00","slug":"saudi-emirati-consortium-to-redevelop-former-ndp-hq-asharq","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/25\/saudi-emirati-consortium-to-redevelop-former-ndp-hq-asharq\/","title":{"rendered":"Saudi-Emirati consortium to redevelop former NDP HQ -Asharq"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> Are these the Gulf firms that will redevelop the former NDP HQ? <\/strong>A consortium of <a target=\"_blank\" href=\"https:\/\/se-developers.com\/sed\/\" style=\"\" rel=\"noopener\">Saudi Egyptian Developers (SED)<\/a> and the UAE\u2019s <a target=\"_blank\" href=\"https:\/\/www.asgcgroup.com\/\" style=\"\" rel=\"noopener\">Al Shafar General Contracting<\/a> <a target=\"_blank\" href=\"https:\/\/www.asgcgroup.com\/\" style=\"\" rel=\"noopener\">(ASGC) Group<\/a> is set to work on the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/abf4a31b-be3f-4078-8e89-d6452b339536\" style=\"\" rel=\"noopener\">USD 5 bn r<\/a> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/abf4a31b-be3f-4078-8e89-d6452b339536\" style=\"\" rel=\"noopener\">e<\/a> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/abf4a31b-be3f-4078-8e89-d6452b339536\" style=\"\" rel=\"noopener\">development<\/a> of the site of the former National Democratic Party (NDP) headquarters in central Cairo, <a target=\"_blank\" href=\"http:\/\/bit.ly\/3ZwlMii\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reports, citing three sources it says are in the know. SED and ASGC will buy into the two JVs set up for the project through a capital increase, one of the sources said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> We\u2019ve been waiting to hear who the Gulf partners are: <\/strong>The government last month ordered the transfer of the 16.6k square-meter plot from the Sovereign Fund of Egypt\u2019s (SFE) tourism sub-fund to two companies, <a target=\"_blank\" href=\"https:\/\/bit.ly\/45AD9Rr\" style=\"\" rel=\"noopener\">Nilus Hotel and Commercial Services<\/a> and <a target=\"_blank\" href=\"https:\/\/bit.ly\/45mtL3v\" style=\"\" rel=\"noopener\">Nilus Residential Services<\/a>. The firms appear to be newly established vehicles for the NDP redevelopment project and count two of the sub-fund\u2019s directors and its CEO on their boards. Local media reported at the time that unnamed Emirati investors would also form part of the two JVs. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> We <\/strong><strong> suspected <\/strong><strong> these two were in the running: <\/strong>SED and ASGC were among <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/24b1f1fb-d6b6-4cc8-9069-45a3e38daa80\" style=\"\" rel=\"noopener\">four consortiums<\/a> reported to have submitted bids in a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f607257c-d4b2-419b-b095-d828ca92d8ae\" style=\"\" rel=\"noopener\">tender for the project<\/a> launched by the SFE last year. SED is a partnership between the Saudi and Egyptian governments that invests largely in local real estate. ASGC is a Dubai-based contractor owned by the Al Shafar Group. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> What\u2019s next: <\/strong>The winning consortium will be officially announced within \u201ca few\u201d weeks, one source is quoted as telling Asharq. The companies involved are still negotiating with the SFE on the planned height of high-rise hotels to be built as part of the redevelopment, as well as the amount of USD revenue that the developers will be required to pay to the state under the usufruct agreement for the land. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The project: <\/strong>The redevelopment plans will see around USD 5 bn invested in a 7-star, 220-meter high hotel, residential buildings, and a multi-storey garage with capacity of up to 6k cars, local media previously quoted SFE tourism sub-fund chair Elhamy El Zayat as saying. The project is set to take some six years to complete and could break ground later this year, he added. It comes as part of a wider plan to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c9fb83c3-20a4-45ca-a292-1bf635319fce\" style=\"\" rel=\"noopener\">redevelop old buildings<\/a> in central Cairo and make the area more attractive for investment. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The prime minister last month directed the SFE to transfer the site\u2019s ownership to two companies connected to the sovereign fund and undisclosed Gulf investors<\/p>\n","protected":false},"author":1,"featured_media":606982,"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":[7272],"tags":[8766,72,125,8446,8445,8246,370],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-606981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-asgc","tag-enterpriseam","tag-investment-watch","tag-nilus-for-hotel-and-commercial-services","tag-nilus-for-residential-services","tag-saudi-egyptian-developers","tag-sovereign-fund-of-egypt","wpautop","entry"],"acf":{"mongo_id":"9b0db15a-e2b0-49ca-8a32-75eed33059ba","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/1445.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Saudi Egyptian Developers, ASGC Group to redevelop Egypt\u2019s former NDP HQ -Asharq","related_issue":[606970],"teaser":"The prime minister last month directed the SFE to transfer the site\u2019s ownership to two companies connected to the sovereign fund and undisclosed Gulf investors","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.13799911-a667-4f52-baec-cf06aa258f28.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Saudi-Emirati consortium to redevelop former NDP HQ -Asharq - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/09\/25\/saudi-emirati-consortium-to-redevelop-former-ndp-hq-asharq\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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pushed up raw material and energy costs","rel":"","context":"In &quot;Real estate&quot;","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2160.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":616576,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/07\/nilus-to-to-build-two-commercial-residential-towers-on-former-ndp-hq\/","url_meta":{"origin":606981,"position":1},"title":"Nilus to to build two commercial, residential towers on former NDP HQ","author":"enterpriseam admin","date":"7 March 2024","format":false,"excerpt":"The USD 5 bn projects are slated to wrap up in 2Q 2028","rel":"","context":"In &quot;Privatization&quot;","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/397.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":604029,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/24\/gulf-capital-is-backing-the-usd-5-bn-redevelopment-of-mubarak-era-hq\/","url_meta":{"origin":606981,"position":2},"title":"Gulf capital is backing the USD 5 bn redevelopment of Mubarak-era HQ","author":"enterpriseam admin","date":"24 August 2023","format":false,"excerpt":"Nilus to build a hotel and a garage where the NDP HQ once stood","rel":"","context":"In &quot;Investment Watch&quot;","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/943.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":606941,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/24\/this-evening-we-now-know-the-gulf-firms-that-will-be-redeveloping-the-ndps-former-headquarters\/","url_meta":{"origin":606981,"position":3},"title":"THIS EVENING: We now know the Gulf firms that will be redeveloping the NDP\u2019s former headquarters","author":"enterpriseam admin","date":"24 September 2023","format":false,"excerpt":"Good afternoon, friends, and a very happy Sunday. We have a reasonably brisk start to the week here in Omm El Donia as we wrap up the last few days of the month \u2014 and the quarter. THE BIG STORY TODAY Meet the Gulf firms helping to redevelop the former\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/3628.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":611754,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/12\/more-state-companies-lined-up-for-sale-in-1q-2024-says-sfe-chief\/","url_meta":{"origin":606981,"position":4},"title":"More state companies lined up for sale in 1Q 2024, says SFE chief","author":"enterpriseam admin","date":"12 December 2023","format":false,"excerpt":"The privatization program will expand to include companies working in the infrastructure and financial services sectors","rel":"","context":"In &quot;Privatization&quot;","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/776.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575675,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/22\/shamara-holding-eyes-partnership-with-sfe-to-develop-former-ndp-hq-land\/","url_meta":{"origin":606981,"position":5},"title":"Shamara Holding eyes partnership with SFE to develop former NDP HQ land","author":"enterpriseam admin","date":"22 October 2020","format":false,"excerpt":"Iraq\u2019s Shamara wants to get in the redevelopment of the former NDP headquarters with the SFE: Iraqi conglomerate Shamara Holding is interested in working with the Sovereign Fund of Egypt (SFE) to develop the land where the headquarters of the dissolved National Democratic Party used to stand, Al Mal reports,\u2026","rel":"","context":"In &quot;Speed Round&quot;","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\/606981","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=606981"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/606981\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/606970"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/606982"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=606981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=606981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=606981"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=606981"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=606981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}