Companies Investments

By: Abdullah Bedeir

Cairo – Mubasher: Egyptian Ministry of Housing’s New Urban Communities Authority (NUCA) signed a memorandum of understanding (MoU) with BESIX Group and Orascom Construction Plc to establish a waste-to-fuel plant in west Cairo.

The fuel to be produced by the public private partnership (PPP) project will be used to power cement plants, Egypt’s minister of housing Assem El-Gazzar said in a statement.

NUCA will provide the plant with the required feedstock which amounts to 2,000 tonnes of solid waste per day during the 15-year concession period starting from the date of commercial operation.

Moreover, NUCA will also contribute 10% to the project’s costs by providing the required land.

In July, FAS Energy, a subsidiary to Saudi Arabia’s Fawaz Abdulaziz Alhokair Co, signed an MoU with NUCA to develop a waste-to-energy project to serve new cities in east Cairo. 

UAE – Mubasher: Azizi Developments, a leading private developer in the UAE, announced it has recorded major construction turning points during the third quarter of 2019.

The company has cast over 117 slabs since the beginning of this year and poured more than 165,000 tonnes of concrete, according to a press release,

Moreover, over 45 cranes erected in 2019, and over 1.3 million square feet were constructed with monthly average building progress of around 5% and over 5.9 million recorded man-hours, Azizi Developments said.

The construction works at the company’s ongoing projects Meydan, Al Furjan, Downtown Jebel Ali, Palm Jumeirah, and Dubai Healthcare City are progressing rapidly.

Azizi Developments’ entire projects are situated in promising sought-after locations based on a location pricing strategy.

Farhad Azizi, CEO of Azizi Developments, said: “With our core pillars of customer centricity and transparency, it is of the utmost importance to us to ensure that our customers are kept up-to-date on the progress of their homes. We have marked 2019 as our ‘Year of Construction’, with an emphasis on quality development and timely completion - a promise that we are well on track to deliver on”.

The company plans to meet the growing demand for properties in Dubai as reports showed that over 25 million visitors to the emirate are likely to catalyse the real estate growth in the build-up to Expo 2020.

Construction works at Al Furjan projects, Star, Shaista, and Samia are 70%, 72%, and 89% complete, respectively.

Moreover, construction at Farishta, Plaza, Aura in Jebel Ali have been completed at 92%, 88%, and 60%, respectively.

Meanwhile, Mina has been almost 68% done, and Aliyah in Dubai Healthcare City has been completed earlier this year.

Construction works at Riviera is on track, with phase one standing at 53% complete, and phase two and three having marked 35% and 22%, respectively.

By: Mahmoud Gamal

Reportage Properties, a real estate firm based in Abu Dhabi, plans to deliver its latest project, Al Waha Residence located in Masdar City, in the second quarter of 2021, the company’s CEO of operations Islam Ahmed Sulaiman revealed.

The construction work at Al Waha Residence project, which will feature 612 units, has notably progressed, Sulaiman added in an interview with Mubasher.

The company also aims to expand in Dubai, especially after Mohammed bin Rashid Al Maktoum, the UAE’s Prime Minister and Ruler of Dubai, recently unveiled the long-term residency scheme of the golden card, he said.

He also noted that the company has recently delivered the Leonardo Residence project in Masdar City, which boasts 177 apartments and spans a land area of 4,250 square metres.

Reportage Properties is one of the largest developers in Masdar City in terms of the number of projects it developed there, Sulaiman remarked.

The company has on-going projects in Abu Dhabi and Dubai, including four projects in Al Reem Island, Al Maryah Island, and Yas Island and two projects in Dubai Sports City and Downtown Jebel Ali, he indicated.

Most of the company’s projects will be delivered within three years, in which the customer can pay 36% of the property’s total price, he highlighted, adding that the remaining 64% can be paid over a five-year period at a rate of 1% per month.

He stressed that the real estate market in the UAE has been improving in line with the recently announced legislation and government decisions.

These decisions will attract further investors to the market and encourage developers to launch new projects, Sulaiman said.

Translated by: Mai Ezz El-Din