Informed sources told Daily News Egypt that the inclusion of the Misr Insurance Holding Company (MIHC) into the Sovereign Fund of Egypt (TSFE) instead of the Ministry of Business Sector may take over a year, until the required procedures are completed. 102 of 2023 to transfer ownership (100%) of the shares of Misr Insurance Holding to TSFE. The sources confirmed that the plans to offer Misr Insurance and Misr Life Insurance in EGX or a strategic investor will proceed as is. Last March, Ayman Soleiman, CEO of TSFE, said in a statement that IHC is a group of very successful companies and therefore can be developed faster. Transferring its ownership to the Fund is only normal and aims to maximize their value and exploit their assets, and the plan to offer the subsidiaries of Misr Insurance in EGX will proceed normally.

SODIC halted its real estate sales in early 2023 in order to review its unit prices amid hiking construction costs. The company, of which 85.5% is owned by Aldar-ADQ consortium, has recorded total sales of EGP 2.78bn in the first quarter (1Q) of 2023, compared to EGP 3.74bn in the same period last year. The decline in sales during 1Q 2023 on an annual basis is due to the limited launch of new projects in 2023 compared to the same period of 2022, according to the financial results of the company in 1Q 2023. Following the acquisition, SODIC achieved EGP 21.3bn in development sales in 2022 which represents an 87% year on year growth. That performance has spilled over to 2023 with EGP 3.1bn recorded in sales and reservations in 1Q 2023, which shows the resilience and attractiveness of the real estate market in Egypt.

The Housing and Development Bank offered a new savings certificate for a period of 3 years, with a fixed return of 20%, to be spent annually, and 18.5% for monthly payment. The minimum price for purchasing the certificate is EGP 100,000 and its multiples, and the return is calculated starting from the day following the purchase, and it is automatically renewed unless the customer requests not to renew. The bank allows the customer to retrieve the certificate after 6 months have passed from the date of purchase, so that 11% is deducted if it is redeemed before the first year, 10.5% in the second year, and 10% in the third year. A report by the bank’s board of directors revealed that the individual deposits portfolio increased by 21.36%, to record EGP 27.2bn at the end of 2022, compared to EGP 22.4bn at the end of 2021. The corporate deposits portfolio also witnessed a growth of 53.9%, to record EGP 62.2bn, compared to about EGP 40.5bn.

He added that there must be online information and specific and accurate data about New Urban Communities Authority's controls for real estate development companies. Mohamed El-Taher, CEO of the Saudi Egyptian Company for Development, highlighted the need to digitise procedures for registering real estate units and lands, as well as primary contracts to facilitate the export and sale of real estate units. This will be done through a strong technology system based on a strong technological infrastructure to facilitate disigalisation of property registration systems. He stressed the importance of facilitating real estate registration procedures for foreigners, starting with new cities and New Administrative Capital, and contributing to the legalisation of conditions. Mahmoud called on the Ministry of Housing to establish a window for real estate developer companies that provides a database that includes all projects and lands available for the advancement of the real estate sector.

Extrucoat21 has participated for the fourth time in a row in the Windoorex 2023 Cairo exhibition, the largest industrial forum in Egypt and the Middle East for glass, aluminum, U-PVC, facades, doors, and windows, which runs from 6 to 8 May 2023. Extrucoat21 aims to open new markets, especially the African continent, as well as the Middle East and Arab countries and European countries. The company owns markets in several African countries, including Libya, Morocco, Nigeria, Kenya, Uganda, and Zambia, and it also has clients in Lebanon and Europe. Managing Director of Extrucoat21 Mohamed Omar said: “We plan to increase exports to reach 15% of the production capacity, and we seek to increase it next year, especially in light of the current circumstances and the difficulties in managing the currency that we face in exporting and the challenges in applying a strict system in quality control.”Omar added that the company aims for increasing its exports during the coming period. Extrucoat21 was established in 2016, specializes in extrusions and paints for the aluminum sectors with investments worth EGP 900m.

Foreign Minister Sameh Shoukry has pressed for an activated Arab action to solve Arab issues away from global polarization. Egypt is keen on reaching an Arab solution to the Syrian crisis, Shoukry said during the opening of an extra-ordinary session of the Arab League Council on Sunday. “Arab solutions are needed to solve Arab issues,” Shoukry told his Arab counterparts, who gathered in Cairo to discuss the situation in Syria. He, once again, stressed that a political solution is the only way to solve the Syrian crisis and achieve national consensus. Shoukry hailed as “an important step” the participation of Syria in an Amman meeting on May 1, believing it served as a good will gesture.

Samih Sawiris, the founder of Orascom Development, stated:“O West is the first Orascom Development town in Cairo, characterized by integration between all project elements and supported by global expertise spanning more than 33 years.”Omar El Hamamsy, Group CEO of Orascom Development Holding, stated:“At Orascom Development, we deliver more than just results; we're building a bridge of trust with our customers by creating vibrant integrated towns. We continually strive to raise the bar by adhering to high standards while following through on our commitments to deliver projects on schedule as a global developer of integrated towns in Europe, Middle East and Africa.“Tamer Dewidar, CEO of O West, Makadi Heights and Byoum, commented:“We are delighted by the level of progress and success that O West has achieved to date, reaching more than EGP 17bn in real estate sales since project launch till end of 2022.”He highlighted the town's commitment to accelerating construction for timely delivery of units, affirming today's delivery as evidence with 1,000 units on track to be delivered this year alone. Dewidar added,“Our customers' confidence in O West is evident from the higher-than-expected demand for residential units, reinforcing our commitment to delivering quality homes ahead of schedule.”O West has recorded EGP 5.7bn in sales in 2022, a 44.3% increase from 2021, and a total of EGP 17.34bn real estate sales achieved since project launch until the end of 2022.

Koun is located in the North Coast, 201 kilometers from the Alex-Matrouh road in the West North Coast. CEO of Mabany Edris Mohamed Edris commented:“Every project we work on aims to provide our clients and their families with all they need. Koun is the first residential, entertainment, and tourism project for Mabany Edris in the North Coast, it is designed into three phases with a mix of twin houses, townhouses, chalets, duplexes, and standaloneunits. The project is a part of the company's plan to develop various projects that meet clients' needs and demands in coastal cities. The project's consultant Ismail Habrouk said:“Our company always aims to enhance architectural awareness in Egypt and the Middle East by diversifying the modern architecture.

Bailey was speaking to journalists on the margins of a conference organized Sunday by the International Cooperation Ministry to launch the World Bank Group's Country Partnership Framework (CPF) with Egypt for FY2023-2027,Thanks of its strategic location, the Suez Canal, green hydrogen potential, as well as wind energy and solar energy productions, Egypt has promising opportunities for British companies to pump investments, added the senior British diplomat. As for the impacts of the devaluation of the Egyptian pound and inflation on British investments, Bailey urged the Egyptian government to move forward with its IMF-backed economic reform program by setting clear economic policies and laws that enable them to make profits without worrying about inflation and exchange rate.

O West, one of the towns of Orascom Development in West Cairo has announced the start of its first deliveries of residential units in Whyt and Tulwa phases this month. Plans for 2023 are on track for the town to deliver more than 350 villas in the Whyt, which vary between standalone villas, twin houses, and townhouses, with areas spanning between 195 square meters to 610 sqm. As for Tulwa, about 1,650 fully finished apartments will be delivered this year, ranging from 100 square meters to 455 sqm. Samih Sawiris, the founder of Orascom Development, stated: “O West is the first Orascom Development town in Cairo, characterized by integration between all project elements and supported by global expertise spanning more than 33 years.”Omar El Hamamsy, Group CEO of Orascom Development Holding, stated: “At Orascom Development, we deliver more than just results; we’re building a bridge of trust with our customers by creating vibrant integrated towns. We continually strive to raise the bar by adhering to high standards while following through on our commitments to deliver projects on schedule as a global developer of integrated towns in Europe, Middle East and Africa.

The Sixth of October City Authority organized a campaign to eliminate stray dogs through vaccination and sterilization. The authority said in a statement that the move also aims to preserve the health and lives of citizens from the spread of diseases as a result of the widespread number of street dogs in the city. Authority head Adel al-Nagar explained that a cooperation protocol was signed between the city’s authority, and the Animal Welfare Association in Cairo to control the spread of street dogs through sterilization and vaccination. The aim of this campaign is to sterilize stray dogs, which will reduce their population and the ferocity of the dogs in general. The dogs are also being vaccinated against rabies, which is one of the most dangerous diseases that can affect humans through a dog bite.

New Delhi CNN — Ethnic violence in the Ethnic violence in the Indian state of Manipur has killed more than 50 people, left hundreds hospitalized, and displaced 23,000, according to hospital officials and the Indian army. The two ethnic groups have been clashing in the streets of Imphal in India’s east and elsewhere. Indian army troops have been deployed to the streets and a five-day mobile internet blackout is in force. The mother was trying to protect the son, she was killed too.”A vehicle set on fire during an outbreak of ethnic violence in Imphal, the capital of India’s Manipur state, on May 4. Stringer/AFP/Getty ImagesCNN reached out to the state government of Manipur and the Indian army for comment on Sunday.

Opponents of the strike cite the last strike of writers in 2007, which lasted 100 days and cost the Hollywood entertainment industry and Los Angeles economy an estimated $2bn. US media and Hollywood insiders noted the most immediate effects of the strike. The Los Angeles Times pointed out that a long strike could have a ripple effect on not only film and television production but also the Southern California economy. Without writers, scripted television shows will struggle to continue filming and live late-night shows will stop immediately,” the biggest newspaper on US West Coast noted. “Far fewer feature film scripts are being bought now and the trend is for smaller TV 'writers rooms' with fewer writers per series and very low residuals.

Egypt’s real estate developers discussed new technologies to boost sales, namely the digitalisation of the local property market as a means of regulating the market, in a press conference last week. He added that there must be online information and specific and accurate data about New Urban Communities Authority’s controls for real estate development companies. Mohamed El-Taher, CEO of the Saudi Egyptian Company for Development, highlighted the need to digitise procedures for registering real estate units and lands, as well as primary contracts to facilitate the export and sale of real estate units. He stressed the importance of facilitating real estate registration procedures for foreigners, starting with new cities and New Administrative Capital, and contributing to the legalisation of conditions. Mahmoud called on the Ministry of Housing to establish a window for real estate developer companies that provides a database that includes all projects and lands available for the advancement of the real estate sector.

CAIRO – 7 May 2023: Egypt welcomed the preliminary talks between the representatives of the Sudanese Armed Forces and the Rapid Support Forces that kicked off Saturday in Saudi Arabia's Jeddah. The statement released by the Ministry of Foreign Affairs expressed hope that the meetings would produce a comprehensive permanent ceasefire, which is necessary to preserve the lives and wealth of the Sudanese people, and facilitate the delivery of humanitarian aid to those affected by the armed conflict. The ministry also hailed the efforts deployed by Saudi Arabia as well as other regional and international parties, as they resulted in encouraging warring sides in Sudan to engage in dialogue.