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    Egypt’s agriculture exports rise 17.2 percent in 5 months

    Egypt’s agriculture exports rise 17.2 percent in 5 months

    Egypt secures $66 mln from EU, AFD to expand wheat storage

    Egypt secures $66 mln from EU, AFD to expand wheat storage

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    Agreements signed to establish 4 food factories in Jordan

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    Morocco set to launch potash project: report

    Food Africa and pacprocess MEA to launch in December with an even larger area

    Food Africa and pacprocess MEA to launch in December with an even larger area

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

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      Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

      Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

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      International investors keen on entering Saudi market, says minister

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      Egypt aims to enhance contribution of IT sector to GDP: Talaat

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      Saudi airports witness 42% rise in passengers in first 4 months of 2023

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      Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

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      Egypt starts implementation of silicon production project in New Alamein

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      Saudi real estate ‘booming’ on big office space demand

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      Value of Saudi construction contracts jump 35% to $51.3bn: report

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      Qatar to implement new strategies for real estate development

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      Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

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      Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

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        Clean energy technology manufacturing market to reach $790bln by 2030: IEA

        Clean energy technology manufacturing market to reach $790bln by 2030: IEA

        Egypt invests $64mln in electricity network development in South Sinai since July 2014

        Egypt invests $64mln in electricity network development in South Sinai since July 2014

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        First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

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        Oman’s refinery products output jumps by 44%

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        Iraq agrees to 30% stake in TotalEnergies $27bln energy project

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        Oman signs $20bn hydrogen deals

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          Qatar: Over 700 hotel keys added in Q1

          Qatar: Over 700 hotel keys added in Q1

          Jordan’s tourism income surges 88% as visitors flock to the country

          Jordan’s tourism income surges 88% as visitors flock to the country

          Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

          Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

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          Leisure sector in Qatar stronger after World Cup 2022

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          Saudi to be among world’s big leisure tourism hubs by 2030

          Saudi to be among world’s big leisure tourism hubs by 2030

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        • Agrofood
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          Egypt’s agriculture exports rise 17.2 percent in 5 months

          Egypt’s agriculture exports rise 17.2 percent in 5 months

          Egypt secures $66 mln from EU, AFD to expand wheat storage

          Egypt secures $66 mln from EU, AFD to expand wheat storage

          Agreements signed to establish 4 food factories in Jordan

          Agreements signed to establish 4 food factories in Jordan

          Morocco set to launch potash project: report

          Morocco set to launch potash project: report

          Food Africa and pacprocess MEA to launch in December with an even larger area

          Food Africa and pacprocess MEA to launch in December with an even larger area

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Trending Tags

          • Business & Economy
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            Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

            Qatar’s non-oil sector achieved 9.9% growth in Q4 2022: Prime Minister

            International investors keen on entering Saudi market, says minister

            International investors keen on entering Saudi market, says minister

            Egypt aims to enhance contribution of IT sector to GDP: Talaat

            Egypt aims to enhance contribution of IT sector to GDP: Talaat

            Saudi airports witness 42% rise in passengers in first 4 months of 2023

            Saudi airports witness 42% rise in passengers in first 4 months of 2023

            Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

            Oman’s annual inflation rate eases to 1.1% in April, lowest since March 2021

            Egypt starts implementation of silicon production project in New Alamein

            Egypt starts implementation of silicon production project in New Alamein

            Trending Tags

            • CES 2017
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          • Construction
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            Oman gears up for its first smart city

            Oman gears up for its first smart city

            Saudi real estate ‘booming’ on big office space demand

            Saudi real estate ‘booming’ on big office space demand

            Value of Saudi construction contracts jump 35% to $51.3bn: report

            Value of Saudi construction contracts jump 35% to $51.3bn: report

            Qatar to implement new strategies for real estate development

            Qatar to implement new strategies for real estate development

            Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

            Real Estate Development Fund deposits $248m in Sakani accounts to boost Saudi housing goals

            Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

            Sharjah records 21,486 real estate transactions worth Dh5.9 billion in Q1 2023

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            • Energy
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              • Oil & Gas
              • Power & Electricity
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              Clean energy technology manufacturing market to reach $790bln by 2030: IEA

              Clean energy technology manufacturing market to reach $790bln by 2030: IEA

              Egypt invests $64mln in electricity network development in South Sinai since July 2014

              Egypt invests $64mln in electricity network development in South Sinai since July 2014

              First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

              First accredited low-carbon ammonia shipment dispatched from Saudi Arabia to Japan

              Oman’s refinery products output jumps by 44%

              Oman’s refinery products output jumps by 44%

              Iraq agrees to 30% stake in TotalEnergies $27bln energy project

              Iraq agrees to 30% stake in TotalEnergies $27bln energy project

              Oman signs $20bn hydrogen deals

              Oman signs $20bn hydrogen deals

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              • Hospitality
                Qatar: Over 700 hotel keys added in Q1

                Qatar: Over 700 hotel keys added in Q1

                Jordan’s tourism income surges 88% as visitors flock to the country

                Jordan’s tourism income surges 88% as visitors flock to the country

                Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

                Dubai’s hotel stock hits 150,000 keys as tourist influx from India, Russia, Oman buoys hospitality sector

                Leisure sector in Qatar stronger after World Cup 2022

                Leisure sector in Qatar stronger after World Cup 2022

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

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              New mortgage law would double size of Egypt’s real estate market in less than a year

              Daily News Egypt

              November 25, 2016
              in Infrastructure, Real Estate
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              The shortage of affordable residential units has created a rise in the size of illegal construction that is estimated at more than 500,000 units without government permissions over the past three years, according to the Ministry of Housing.

              The construction process is one that is haunted by bureaucracy and based on mortgage finance, making it subject to a lot of actions and procedures to ensure the construction’s legality.

              More than two and a half years after launching the Central Bank of Egypt’s (CBE) mortgage finance initiative, Daily News Egypt talked to developers to evaluate the mortgage fund.

              In February 2014, the CBE announced it had allocated 10 billion Egyptian pounds to finance low-income housing projects, with the aim of boosting the construction and real estate sectors.

              The money had been sent to banks in the form of deposits over a period of 20 years at low interest rates. Low-income citizens who qualify to benefit from the program will be lent the money at a yearly interest rate of 7-8%.

              Moreover, the CBE provided a new tranche to make use of the initiative called “distinctive middle-income”, with a decreased annual interest rate of 10.5% with a minimum wage of 15,000 pounds per person and 20,000 pounds per family. The unit’s price is 950,000 pounds.

              There is inadequacy in the CBE’s initiative because only individuals, not real estate companies, have the right to be financed by the mortgage fund; therefore, real estate developers have to finance those companies. This is a very big problem which developers are negotiating with the banks, according to Amgad Hassanein, chief projects officer at Capital Group Properties.

              Hassanein predicted that after the issuance of a new mortgage law instead of the current Law No. 148 of 2001 would double the size of the real estate market in Egypt in less than a year.

              Meanwhile, head of the Mortgage Finance Fund (MFF) Mai Abdel Hamid said that the CBE’s initiative contributed to the increase in the proportion and volume of real estate financing in Egypt.

              Abdel Hamid noted that Egypt needs 500,000 housing units each year, pointing out that the mortgage fund received 400,000 applications for real estate financing, of which only 52,000 were approved.

              She explained that the MFF spent 5 billion pounds of the money allocated to the CBE’s initiative, while the remaining amount will be spent by next year.

              She pointed out that social housing projects will contribute to spreading the culture of mortgage finance in Egypt.

              From his part, chairperson of the Egyptian Financial Supervisory Authority (EFSA) Sherif Samy said that despite the mortgage size growing by 30% during the first quarter of 2016, it is not enough, saying that problems with registration remain the main challenge.

              Samy added that the growth percentage is positive but must be further increased. The total value of financial leasing contracts over the first nine months of 2016 amounted to 15 billion pounds, compared to 13 billion pounds in 2015.

              He added that only 30 out of a potential 200 companies are registered as financial leasing companies.

              “It is illegal for companies to finance unregistered real estate units,” he said. “As of now, the unregistered units account for 90% of the total.”

              Egypt suffers from a decline in the number of mortgage companies.

              Meanwhile, member of the Real Estate Investment Division at the Federation of Egyptian Chambers of Commerce (FEDCOC) and CEO of Beta Egypt for Urban Development, Alaa Fikri, said that the mortgage system in Egypt faces many challenges that prevent its strong launch in the market due to the large number of required documents to receive the funding.

              Fikri further noted that long procedures, bureaucracy, high interest rates on financing units—ranging from 14-17%— hinder the mortgage system.

              Head of the parliament’s Housing Committee Alaa Waly explained that mortgage finance faces several issues, calling on the minister of investment to sign a cooperation protocol with banks to facilitate mortgage and agriculture finance for companies.

              Fourteen banks injected 4.107 billion pounds to finance low- and middle-income housing until the end of October, which comes in the framework of the mortgage funding initiative, according to Abdel Hamid.

              She noted that 17 banks have signed protocol agreements with the MFF, but only 14 have injected funding to low- and middle-income housing until now.
              The MFF has obtained funding worth $125 million from the World Bank, Abdel Hamid said, noting that the figure was part of a $500 million funding package that will be received in the coming period.

              Bankers estimated rates of non-payment in funding injected by banks in the framework of the mortgage finance initiative of the CBE to close to zero. The funding is estimated at 4.1 billion pounds until the beginning of October.

              The bankers noted that the low-income tranche surprised everyone, due to its commitment to the payment.
              Daily News Egypt
              25 November

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