September 2019

Dubai - Mubasher: Arabtec Holding, a Dubai-based contractor for social and economic infrastructure, on Tuesday announced that its wholly-owned subsidiary Arabtec Construction has been awarded AED 408 million contracts by Emaar Misr for Development, an Egyptian unit of Dubai-based Emaar Properties.

The first contract, worth AED 110 million (EGP 498 million), will see the construction of phase 1 of the Fourteen Golf Residences comprising 270 residential apartments in its Uptown Cairo development in Egypt, according to a press release.

Works at the Fourteen Golf Residences will commence immediately for a 27-months period, Arabtec said.

The seven-building development has a total built-up area (BUA) of 53,690 square metres and features luxurious residential apartments with spacious terraces that overlook the city lights.

Boyd Merrett, CEO of Arabtec Construction, commented: “We are delighted to be awarded another package in the Uptown Cairo development by Emaar in Egypt, which is presenting a strong pipeline of opportunities underpinned by population growth and a stable economy. We look forward to building on our solid track record with Emaar and to delivering another successful village in the Uptown Cairo Master Development”

As for the second contract worth AED 298 million (EGP 1.346 billion), Arabtec has been awarded the construction of Phases 2 and 3 of Celesta Hills comprising 179 units and external works, the company revealed in another press release.

Under this contract, works will start in August 2019 for 38 months, the leading contractor remarked.

Located in close proximity to the Golf Clubhouse, Celesta Hills has a total BUA of 86,664 square metres consisting of two phases.

“The recent contract awards from Emaar Misr are consistent with our strategy to selectively build our presence regionally with long-standing, quality clients,” Arabtec Holding’s group CEO Peter Pollard said.

Uptown Cairo, located in the heart of the capital of Egypt, is an integrated development that will provide its residents with easy access to east and west Cairo through a well-developed road network.

Last Sunday, Emaar Misr announced it had signed an EGP 1.844 billion contract Arabtec Construction for the construction of two urban projects at Uptown Cairo in Mokattam.

UAE - Mubasher: Azizi Developments, a leading private developer in the UAE, announced the launch of Berton, a strategically-located residential development in Al Furjan.

Berton has high-end 245 units, consisting of 190 studios as well as 41 one- and 14 two-bedroom apartments across seven levels that overlook outstanding views of the city’s skyline, according to a press release.

Located near Sheikh Mohammed bin Zayed Road, Sheikh Zayed Road, and the new Expo 2020 Route metro line, the master-planned community offers customers the opportunity to live in one of the most promising locations in Dubai.

The well-tied development to the emirate’s major points of interest will also offer easy access the Expo 2020 site and the Al Maktoum International Airport, Azizi Developments said.

Farhad Azizi, CEO of Azizi Developments, said: “Location, and especially connectivity to major retail, leisure and business hubs, remains a key factor in the home purchase decision-making process, as our research consistently underlines. We’re introducing Berton as a response to this growing demand, in a location that is witnessing increasing rental yields and a superb investor response.”

“Our developments in the budding area that is Al Furjan have sold out at exceptionally swift rates and have proven to be outstanding investments. We are delighted to add this remarkable development, which reflects the city’s popularity as a metropolitan hub and gateway to the world, to our portfolio,” he added.

Berton has been built in accordance with the highest standards of environmental sustainability using eco-friendly materials to ensure the well-being of its residents, as well as providing them with enhanced indoor air quality and lower utility bills.

“With the company marking 2019 as its ‘Year of Construction,’ Berton will have an accelerated completion schedule,” Azizi Developments noted.

Cairo – Mubasher: Orascom Construction Plc announced that its consolidated backlog increased by 9.4% year-on-year to $4.6 billion in the first half of 2019.

Meanwhile, consolidated earnings before interest, tax, depreciation, and amortisation (EBITDA) grew by 26.8% to $142.4 million during the six-month period ended 30 June, the company said in a statement to the Egyptian Exchange (EGX) on Tuesday.

Pro forma EBITDA including the group’s 50% share in BESIX levelled up 15.6% year-on-year to $176.0 million in the January-June period of 2019.

Year-on-year, consolidated new awards hiked by 41.8% to $1.4 billion, while pro forma new awards including the group’s 50% share in BESIX surged by 22.1% to $2.4 billion over the six-month period ended 30 June.

During the first quarter of 2019, Orascom construction Plc, listed on the EGX and Nasdaq Dubai, reported a 3.7% year-on-year consolidated profit retreat, registering $33.7 million, compared to $35 million.  

Cairo – Mubasher: Sustainable Capital Africa Alpha Fund “Alpha New” has raised its stake in Orascom Construction Plc to 5.002% from 4.948%.

The fund purchased 22,000 shares in the real estate development firm in a deal worth EGP 2.1 million at an average price of EGP 95.759 per share, Orascom Construction said in a statement to the Egyptian Exchange (EGX) on Tuesday.

During the first half of 2019, Orascom Construction logged a consolidated profit of $67.2 million, compared to $87 million in the year-ago period.

The company’s consolidated revenue declined to $1.4 billion in the six-month period ended 30 June from $1.5 billion in the corresponding period a year earlier.

During the second quarter of 2019, Orascom Construction’s profits slid to $33.5 million, compared to $52 million in Q2-18.

At the level of the standalone business, the firm, listed on the EGX and Nasdaq Dubai, posted a profit of $3.16 million in H1-19, versus a loss of $1.4 billion in H1-18.

Mubasher: The subsidiary of the UAE-based IBC Group, Gallery Suites Vacation Rentals, has unveiled $5 billion deal with India’s booking budget lodging, Oyo Rooms, to furnish and manage holiday homes located in Dubai.

The agreement will see the management of a portfolio of 10,000 elite properties in Dubai, Arabian Business reported on Wednesday.

The properties subject to the partnership will be located on Dubai Marina and Palm Jumeirah.

Gallery Suites- Oyo deal came ahead of Expo 2020 Dubai, which is expected to attract 25 million visitors from around the globe.

UAE - Mubasher: Azizi Developments, a leading private developer in the UAE, announced it has recorded an 8% growth in sales to investors from Saudi Arabia between 2018 and 2019, becoming the second-largest customer demographic after Emiratis.

Saudi Arabians account for 25% of Azizi Development's total customers, followed by India and Pakistan with 10% and 4%, respectively, according to a press release.

With Emiratis making up the largest customer demographic with 52%, the remaining percentage represents investors from the GCC region, Europe, and China.

It has been proven that Azizi Developments’ projects are a popular choice among Saudi investors for being based on extensive research to find out the most attractive locations with the most positive return on investments, the release noted.

Farhad Azizi, CEO of Azizi Developments, said: “While Dubai continuously cements its international standing as one of the world’s most popular real estate investment destinations, we are seeing a particular surge in demand from KSA property intenders. With their investor savviness, the trust and faith they place in us speak volumes about the quality of our work and our constant pursuit of customer-centricity, which we will continue to uphold.”

The Riviera, Azizi Developments’ waterfront project in Meydan One comprising 71-building, has received the strongest response from Saudi investors to date, the company indicated.

Meanwhile, Mina, the UAE-based developer’s premium project on the East Crescent of Palm Jumeirah, was the second popular choice among Saudi investors, followed by the company’s towers in Al Furjan.