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    Ashghal Begins Work on State-of-the-Art Animal and Agricultural Research Labs

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    Africa Requires $100 Billion by 2035 to Transform Its Food Systems

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    Qatar Sells Over 37,000 Tons of Local Vegetables in 2024

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      World Bank Projects 4.7% GDP Growth for Lebanon in 2025 After Years of Decline

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      Oman Unveils USD 260 Million Investment in Logistics Sector

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      Iraq’s GDP Grows 35% Amid Surge in Investment Spending

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      Empowering Oman’s Future: Turning AI Vision into Practical Impact

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      Oman’s Logistics Sector Gets $260 Million Boost with New Investment Deals

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      Iraq and Qatar Deepen Strategic Ties with Focus on $17B Development Road Project

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      Iraq Targets $60.4 Billion in Non-Oil Revenues by 2028

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        Oman Commits $670 Million to Enhance Muscat–Dhofar Connectivity

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        Oman Launches $62 Million Water Infrastructure Projects to Strengthen Regional Supply

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        Qatar Launches $4 Billion Power and Water Project to Meet Rising Demand

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        Qatar’s Ashghal Launches Ambitious $22 Billion Infrastructure Plan for 2025–2029

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          Cisco VP: GCC Must Bridge AI Readiness Gap with Investment in Infrastructure, Skills, and Security

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          How AI and Digital Labour Are Reshaping the Future of Work in the Middle East

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          Middle East Businesses Ramp Up AI Investments as 91% Expect Productivity Gains

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          Driving Middle East Growth: Accelerating AI and Cloud Adoption for Smarter Governance

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          How AI Drives the Success of MENA’s Mega Projects

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            Qatar Adds 875 MW in Solar Power, Boosts Renewable Energy Push

            Oman Breaks Ground on $1.6 Billion Marsa LNG Project in Suhar

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            Iraq Targets 38,000 MW Power Boost with Siemens and GE Deals to Tackle Energy Shortages

            Iraq Targets 38,000 MW Power Boost with Siemens and GE Deals to Tackle Energy Shortages

            Iraq Allocates $763.5 Million to Expand Residential Solar Energy

            Iraq Allocates $763.5 Million to Expand Residential Solar Energy

            Al Bilal Group Secures Licenses for 525 MW Solar Projects in Iraq

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              Middle East Hotel Construction Activity Rises 8% in Q1 2025

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              Business Travel in MENA Projected to Hit $270.8 Billion by 2030

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              Qatar Ranks Second in UN Tourism Online Academy Participation

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                Qatar’s VFarms Sets Record with Solar-Powered Lettuce Grown from Air and Sunlight

                Qatar’s VFarms Sets Record with Solar-Powered Lettuce Grown from Air and Sunlight

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                MENA’s Processed Meat Market Set to Hit $62B and 17M Tons by 2035

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                  World Bank Projects 4.7% GDP Growth for Lebanon in 2025 After Years of Decline

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                  Iraq Unveils Two Major Industrial Projects in Basra

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                  Oman Unveils USD 260 Million Investment in Logistics Sector

                  Iraq Rises to Fourth Largest Economy in the Arab World

                  Iraq Rises to Fourth Largest Economy in the Arab World

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                  Iraq’s GDP Grows 35% Amid Surge in Investment Spending

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                  Empowering Oman’s Future: Turning AI Vision into Practical Impact

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                  Iraq Targets $60.4 Billion in Non-Oil Revenues by 2028

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                    Oman Commits $670 Million to Enhance Muscat–Dhofar Connectivity

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                    Qatar Launches $4 Billion Power and Water Project to Meet Rising Demand

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                      Cisco VP: GCC Must Bridge AI Readiness Gap with Investment in Infrastructure, Skills, and Security

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                      How AI Is Shaping the Workforce of Tomorrow

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                      How AI and Digital Labour Are Reshaping the Future of Work in the Middle East

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                      Why the Middle East’s AI Strategy Needs More Than Just Large Language Models

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                      Middle East Businesses Ramp Up AI Investments as 91% Expect Productivity Gains

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                      Driving Middle East Growth: Accelerating AI and Cloud Adoption for Smarter Governance

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                      How AI Drives the Success of MENA’s Mega Projects

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                        Iraq Targets 38,000 MW Power Boost with Siemens and GE Deals to Tackle Energy Shortages

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                        Iraq Allocates $763.5 Million to Expand Residential Solar Energy

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                        Africa and Middle East Set to Add 2.9 GW of Onshore Wind Capacity in 2025

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                        Iraq’s Solar Energy Push Draws Interest from 150 Companies

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                          Middle East Hotel Construction Activity Rises 8% in Q1 2025

                          Middle East Hotel Construction Activity Rises 8% in Q1 2025

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                          Qatar Leverages Sports to Fast-Track 2030 Tourism Goals

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                          GCC Hospitality and Food Service Market to Grow at 9.25% CAGR Through 2029

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                          Baghdad Welcomes Major Hotel Opening Ahead of Arab Summit

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                          Unlocking Growth: Key Opportunities in the Middle East Hospitality Market

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                          Oman Charts a Visionary Course Toward Tourism-Driven Growth and Economic Diversification

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                          Qatar Set to Welcome Record 5.3 Million Tourists in 2025

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                          Business Travel in MENA Projected to Hit $270.8 Billion by 2030

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                          Qatar Ranks Second in UN Tourism Online Academy Participation

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                          Egypt’s Economic Renaissance: Mega projects

                          Mondaq

                          June 26, 2018
                          in Economy, Infrastructure
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                          For the last four years, Egypt has made significant and multifaceted efforts to grow its economy by both attracting foreign investments to a wide range of economic activities as well as developing its export capabilities. This has made Egypt a prime emerging market location for regional as well as global investors, especially given recent developments in the Suez Canal that has expanded Egypt's ability to become a transit hub for transportation. An area making significant strides, due to the rush of foreign investments, is real estate and hospitality and this article considers the plans for expansion and legal framework in further detail. In recent years, Egypt has made continuous efforts to expand its economy and population beyond the established cities and hubs. This effort has included trying to dilute the effect of overpopulation by building independent urban centers and establishing industrial and economic zones that spur growth and increase productivity.

                          Not only is the creation of new cities allowing for more investments, it also creates new destinations for tourists. Given the fact that tourism is a major source of revenue for Egypt and, indeed, a great source of pride for Egyptians, the development of the tourism industry beyond the traditional destinations is an extremely effective way to attract tourists with different preferences. In addition, the creation of new cities including the new administrative capital aims to relieve Cairo's congestion and bureaucracy. In our view, the most important real estate projects currently in construction are the new administrative capital, New Alamein City and El Galala City, both of which we consider below.

                          The New Administrative Capital

                          In early 2016, the first phase of construction on the ambitious new capital began on over 700 square kilometers of land. The new capital is located between Cairo and Suez, where it will house parliament, ministries, governmental bodies, the presidential offices and embassies. Moreover, it will enjoy a plethora of facilities including schools, universities, parks, hospitals, clinics, an international airport, a theme park larger than Disneyland, an electric railway that connects to Cairo, solar farms and over 40,000 hotel rooms. Once completed, the new capital is expected to attract over five million residents.

                          The new capital will also house a 0.5 square kilometer central business district, which will be financed and built by the China State Construction Engineering Corporation (CSCEC) creating investments expected to be valued at over US$ 3 billion. The central business district will include a 345-meter high skyscraper, the would-be highest building in Africa, twelve business complexes, five residential buildings and two hotels.

                          The CSCEC construction of the new business district is run by a private special purpose vehicle with shareholders including the Egyptian New Urban Communities Authority and the Armed Forces.

                          New Alamein City

                          Land for constructing the New Alamein City was allocated earlier this year. This new city is located on the coast of the Mediterranean Sea where many tourist resorts and gated communities already exist. It is a popular destination for local tourism but this new project aims at internationalizing its appeal and making it accessible for all sectors of Egyptian society.

                          The New Alamein City is not only going to be a tourist hub but a complete urban center that stretches over 200 square kilometers and can house over 400,000 inhabitants. From a tourism perspective, once complete there is expected to be 25,000 hotel rooms which include three new hotels being operated by Marriott International.

                          El Galala City in El Ain El Sokhna

                          El Galala City is part of the government's plans to expand its tourist attractions as well as its urban living spaces to presently unpopulated areas. El Galala Mountain is located on the Red Sea between El Ain El Sokhna and El Zaafarana and construction has already begun on the project, which is planned to extend to approximately 70 square kilometers. It is expected to be a prime tourist destination with many resorts and tourist villages and a city, which links the New Administrative Capital to the Red Sea governorates.

                          Mondaq
                          26/06/2018

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