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.

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.