{"id":616689,"date":"2024-03-10T00:00:00","date_gmt":"2024-03-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/10\/a-ton-of-real-estate-news-from-acud-talaat-moustafa-heliopolis-housing\/"},"modified":"2024-03-10T00:00:00","modified_gmt":"2024-03-10T00:00:00","slug":"a-ton-of-real-estate-news-from-acud-talaat-moustafa-heliopolis-housing","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/10\/a-ton-of-real-estate-news-from-acud-talaat-moustafa-heliopolis-housing\/","title":{"rendered":"A ton of real estate news from ACUD, Talaat Moustafa, Heliopolis Housing"},"content":{"rendered":"

In case you needed another reminder that the real estate and construction sectors are <\/strong>gearing up for a busy few years to come<\/strong>, the new capital is set to kick off work on its second phase next year, another Egyptian real estate giant gets ready to begin developments in the GCC, and foreign capital seems increasingly eager on getting a piece of the action.<\/p>\n

PHASE TWO OF NAC TO KICK OFF NEXT YEAR-<\/p>\n

Pulse check on phase two of the new capital:<\/strong> The Administrative Capital for Urban Development (ACUD) will start construction on the second phase of the new administrative capital (NAC) early next year at a cost of EGP 240 bn (c. USD 4.8 bn), ACUD head Khaled Abbas told Asharq Business<\/a>. <\/p>\n

This is later than expected, but also cheaper: <\/strong>Abbas said in 2023<\/a> that ACUD plans to kick off construction on the second phase in 2Q 2024 or 3Q at the latest. Abbas also originally said that the second phase would cost over EGP 300 bn \u2014 a 25% higher estimate than is now being touted by Abbas \u2014 on the back of rising costs.<\/p>\n

ACUD has already had a productive 2024:<\/strong> Since the start of the year, ACUD has landed five new partnerships worth a combined EGP 180-200 bn and has approved ten bids for land worth a combined EGP 1.25 bn, Abbas added. <\/p>\n

And there\u2019s plenty more in the pipeline for 2024: <\/strong>The company is looking to raise at least<\/a>EGP 150 bn<\/a> when it offers 5-10% of its shares on the EGX in 2Q 2024, in what could be the country\u2019s largest ever IPO<\/a>. The military currently owns 51% of ACUD and the Housing Ministry holds the remaining 49%.<\/p>\n

A smart capital? <\/strong>ACUD signed a shareholders\u2019 agreement with French IT giant Atos<\/a> to set up a joint venture<\/a> to manage and operate smart tech services in the new capital, according to a CIT Ministry statement<\/a> announcing the opening of Atos\u2019 global delivery center in Egypt.<\/p>\n

\n

TMG GROUP TO START SAUDI EXPANSION NEXT MONTH- <\/p>\n

TMG\u2019s first foray into Saudi Arabia will soon be off the ground: <\/strong>Talaat Moustafa Group (TMG) will kick off construction on its Benan City project in Riyadh mid-April, CEO Hisham Talaat Moustafa told Asharq Business<\/a>, explaining that construction is expected to take around eight years to complete The final agreement (pdf)<\/a> for the land purchase was inked last week.<\/p>\n

Cost estimates are up: <\/strong>Moustafa told the outlet that the project would be set up with investments exceeding SAR 65 bn (c. USD 17.3 bn) \u2014 63% above an initial price estimate of SAR 40 bn (c. USD 10.7 bn) when the project was first announced in September in a TMG statement<\/a>. <\/p>\n

Benan City?<\/strong> The smart city is being developed in eastern Riyadh\u2019s Al Fursan<\/a> in partnership with the Saudi National Housing Company. It will house around 27.8k residential units, along with a sports club and health, educational, and commercial services. The project marks the Egyptian real estate giant\u2019s first overseas project.<\/p>\n

NEW HELIOPOLIS SEES INTEREST FROM INT\u2019L DEVELOPERS- <\/p>\n

Heliopolis Housing and Development (HHD) has received four bids to develop New <\/strong>Heliopolis<\/strong>, including an unnamed UK firm that wants to build an outlet mall for commercial brands, CEO Sameh El Sayed told Asharq Business<\/a>, without providing any further details. <\/p>\n

We know Madinet Masr is interested: <\/strong>The real estate developer has submitted<\/a> an offer to develop three land plots with a total area of 580 feddans in New Heliopolis. <\/p>\n

As for its other projects: <\/strong>HHD is in the final stages of inking an agreement with a German hospitality firm to develop Cairo\u2019s Granada complex, and has received an offer from an unnamed firm to develop the Merryland Park, El Sayed added<\/a>. <\/p>\n

More free floating HHD shares? <\/strong>HHD majority owner Holding Company for Construction and Development will not offload another stake in HHD \u2014 be it on the EGX to a strategic investor \u2014 prior to developing the real estate developer and upping its market value, the holding company\u2019s executive managing director Hani Soliman told Al Borsa<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

ACUD has landed five new partnerships worth EGP 180-200 bn in 2024.<\/p>\n","protected":false},"author":1,"featured_media":616690,"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":[7371],"tags":[72,157,875,3268,83,1517],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616689","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-enterpriseam","tag-heliopolis-housing-and-development","tag-new-administrative-capital","tag-new-administrative-capital-company-for-urban-development","tag-real-estate","tag-talaat-moustafa-group","wpautop","entry"],"acf":{"mongo_id":"1863d30d-e2c5-4721-8879-3f85b05ac31b","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/715.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s new capital\u2019s USD 4.8 bn second phase to break ground in 2024. 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The New Urban Communities Authority\u2026","rel":"","context":"In "Real Estate + Housing"","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":612043,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/17\/new-capital-to-break-ground-on-second-phase-by-3q-2024-at-the-latest\/","url_meta":{"origin":616689,"position":1},"title":"New Capital to break ground on second phase by 3Q 2024 at the latest","author":"enterpriseam admin","date":"17 December 2023","format":false,"excerpt":"ACUD plans to IPO in 2Q 2024","rel":"","context":"In "Real estate"","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1051.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566852,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/25\/anything-dirty-or-dingy-or-dusty-anything-ragged-or-rotten-or-rusty\/","url_meta":{"origin":616689,"position":2},"title":"Anything dirty or dingy or dusty. Anything ragged or rotten or rusty\u2026","author":"enterpriseam admin","date":"25 July 2021","format":false,"excerpt":"Emirati waste management company Bee\u2019ah is lobbying for more contracts in new cities. The company is in talks with the Environment Ministry and the New Urban Communities Authority (NUCA) to provide a waste management system for the new cities, CEO Khaled Al Huraimel told Hapi Journal.Bee\u2019ah could also be looking\u2026","rel":"","context":"In "Infrastructure"","block_context":{"text":"Infrastructure","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/infrastructure\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/449.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575522,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/18\/tmg-wants-to-partner-with-nuca-to-develop-5k-feddans-in-capital-gardens-city\/","url_meta":{"origin":616689,"position":3},"title":"TMG wants to partner with NUCA to develop 5k feddans in Capital Gardens City","author":"enterpriseam admin","date":"18 October 2020","format":false,"excerpt":"Talaat Moustafa Group is in negotiations to partner with the New Urban Communities Authority to develop 5k feddans in the new administrative capital\u2019s Capital Gardens City, the local press reports, citing unnamed sources.","rel":"","context":"In "Real Estate + Housing"","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":559337,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/18\/also-on-our-radar-on-18-january-2021\/","url_meta":{"origin":616689,"position":4},"title":"Also on our radar on 18 January 2021","author":"enterpriseam admin","date":"18 January 2021","format":false,"excerpt":"TMG purchases 21 mn sqm of land for massive new capital development: Talaat Moustafa subsidiary the Arab Company for Projects and Urban Development has purchased 21 mn sqm (5.2k feddans) of land from the New Urban Communities Authority (NUCA) for a EGP 500 bn residential project in the Capital Gardens\u2026","rel":"","context":"In "RADAR"","block_context":{"text":"RADAR","link":"https:\/\/enterpriseam.com\/egypt\/category\/radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569343,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/20\/talaat-moustafa-to-set-up-four-seasons-branded-luxor-hotel-under-ppp-contract\/","url_meta":{"origin":616689,"position":5},"title":"Talaat Moustafa to set up Four Seasons-branded Luxor hotel under PPP contract","author":"enterpriseam admin","date":"20 February 2020","format":false,"excerpt":"Talaat Moustafa Group (TMG) signed a contract with the Egyptian General Company for Tourism and Hotels (EGOTH) that will see TMG subsidiary Icon establish the planned Four Seasons-branded hotel in Luxor under a PPP framework, TMG said in a regulatory filing (pdf). The 200-room hotel is expected to cost up\u2026","rel":"","context":"In "Real Estate + Housing"","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"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\/616689","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=616689"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/616689\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/616674"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/616690"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=616689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=616689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=616689"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=616689"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=616689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}