September 2019

Sobha Realty, a premium real estate developer based in Dubai, is planning to launch a new project in Dubai within the coming three months, Al Khaleej Newspaper reported.

The property developer is expected to generate around AED 2 billion in sales by the end of 2019, founder of Sobha P.N.C. Menon said.

Menon also indicated that Sobha Hartland project has received a huge response from local and international investors, according to the newspaper.

Moreover, the company is considering filing an initial public offering (IPO) in one of the global stock markets, he revealed, adding that it would take place in 2020.

In June, Sobha Realty announced the launch of One Park Avenue, a residential tower development at Sobha Hartland located in Mohammed Bin Rashid City, Dubai, which is set for delivery in April 2023.

In March, Sobha said it had entered the Chinese market by opening its first selling office in Shanghai

Dubai - Mubasher: Emaar Hospitality Group, Emaar Properties’ hospitality and leisure business unit, announced it has the launch of the seventh hotel under its premium luxury Address Hotels + Resorts brand in Dubai, Address Fountain Views.

The three-tower hotel has 193 affluent guestrooms that offer uninterrupted views of the iconic Dubai cityscape, according to a press release.

Located centrally in Downtown Dubai, guests of Address Fountain Views can enjoy breathtaking views of Burj Khalifa and The Dubai Fountain.

The new hotel is also connected to The Dubai Mall, the world’s most-visited retail and lifestyle destination, through a link bridge.

Customers now can book now for stays at Address Fountain Views from October 2019.

Cairo – Mubasher: Sustainable Capital Africa Alpha Fund has increased its stake in Orascom Construction Plc to 5.13%.

On 19 August, the fund bought 175,000 shares at an average price of $5.60 per share and 57,000 shares at an average price of EGP 94.98 apiece, raising its stake to 5.13% from 4.93% earlier acquired on 16 August, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

During the first half of 2019, Orascom Construction posted a consolidated profit of $67.2 million, down from $87 million in the corresponding period a year earlier.

The company’s capital reaches EGP 116.76 million, distributed over 116.76 million shares at a nominal value of EGP 1 a share.

UAE - Mubasher: Vice President and Prime Minister of the UAE and Ruler of Dubai Mohammed Bin Rashid Al Maktoum on Monday revealed that a Higher Real Estate Planning Committee has been formed in Dubai.

The Real Estate Planning Committee has been set up today under the chairmanship of the Deputy Ruler of Dubai and membership of senior real estate developers Maktoum Mohammed Bin Rashid Al Maktoum, the Vice President posted on his official Twitter account.

The committee has been established to achieve balance between supply and demand in the real estate sector within the emirate.

Moreover, the committee also aims at eliminating the launch of similar projects, as well as the real added-value of projects to the national economy.

Cairo – Mubasher: Cairo For Investment and Real Estate Development on Monday announced that its board of directors has approved to purchase 60% of the capital of the UAE-based Star Light Education DMCC.

The board has agreed to buy the stake from WD Capital Limited at a total value of EGP 100 million, Cairo Investment said in a statement to the Egyptian Exchange (EGX).

The company also noted that the independent advisor’s report have set the fair value (FV) of British Columbia Canadian International School (BCCIS) at EGP 194 million or EGP 18.47 per share.

It is worth noting that Cairo Investment’s capital amounts to EGP 233.11 million, distributed over EGP 582.7 million at a nominal value of EGP 0.40.