Egypt: Urban Development Fund to deliver first phase of 'Darah' in early 2025
Egypt - The Urban Development Fund (UDF) has announced that the first phase of its flagship 'Darah' project will be delivered in the first half of 2025. This phase includes 5,000 housing units across multiple governorates, with infrastructure and utility installations already completed.
The project, valued at over EGP 72 billion, aims to provide integrated communities with residential, educational, and healthcare facilities.
Spanning 1,400 acres across 13 governorates, 'Darah' is part of UDF's broader efforts to advance urban development in line with Egypt's Vision 2030. The second phase of the project will expand into five additional governorates, offering competitively priced housing solutions.
Chairman Eng. Khaled Saddik highlighted UDF's success in real estate, with sales reaching EGP 20 billion in 2024, doubling expectations. He noted strong demand for gated communities in governorates like Sohag, Mansoura, and Kafr El-Sheikh.
Beyond 'Darah,' UDF is advancing key projects, including Fustat Gardens, a 500-acre park in Cairo, and the regeneration of Historic Cairo, a UNESCO-listed site. The fund is also evaluating investment opportunities worth EGP 29 billion, including mixed-use developments in Kafr El-Sheikh and El Mahalla El Kubra.
UDF's expertise has gained international recognition, with Saudi Arabia seeking its support in regenerating urban areas. The fund's expansion into global markets, including Italy, positions Egypt as a competitive real estate investment destination.
As Egypt's largest real estate developer, UDF remains committed to sustainable urban development and improving citizens' quality of life.
© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Post
2 hours ago
- Arabian Post
Gulf Growth Gains Amid Israel–Iran Strains
Gulf economies—led by the UAE and Saudi Arabia—are forecast to sustain stronger growth, underpinned by higher oil output and robust non-oil activity, even as tensions between Israel and Iran add volatility to the region's economic outlook. Capital Economics estimates the UAE economy will expand by approximately 5.8 percent this year, propelled by elevated oil production and expansion in tourism, finance and construction sectors. The non-oil sector continues to account for three‑quarters of national output, demonstrating effective economic diversification and a supportive fiscal framework. In Saudi Arabia, output has received a boost from OPEC+ adjustments. Riyadh, urging increased production, has reversed voluntary cuts of the past five years—liberating more oil onto global markets. This strategic move supports GDP growth, although economists caution it may obscure a weakening non-oil sector if public spending tightens. ADVERTISEMENT The Israel‑Iran confrontation has prised markets into cautious territory. Brent crude spiked above $78 per barrel before cooling slightly, driven by anxiety over possible supply shocks—from disruptions in Iran or through the Strait of Hormuz—though analysts generally see deep disruption as unlikely. Asian refiners, including in India, have shifted toward securing Middle East crude via term contracts, avoiding speculative premiums in spot markets. The UAE's stock markets reflect this duality. Following earlier losses, the Dubai and Abu Dhabi indices rebounded—rising 1.6 percent and 1 percent respectively—as hopes of de‑escalation emerged, buoyed by diplomatic mediation efforts. Nevertheless, Capital Economics warns that if the conflict deepens, Gulf growth advantages could erode. Iran's economy—roughly 0.85 percent of global GDP—might shrink by around 50 percent in a prolonged conflict, impacting trading partners; the UAE's exports to Iran alone represent 1.2 percent of GDP. A wider regional confrontation could trigger oil-price spikes, creating destabilising ripple effects. Yet projections remain cautiously optimistic. Capital Economics outlines a scenario in which hostilities subside within weeks: oil prices normalise near $65 per barrel and Gulf GDP growth remains robust. Oxford Economics likewise suggests that even in more severe oil‑shock scenarios, the macroeconomic impact may be limited and manageable. Longer‑term resilience in the Gulf is being supported by strategic diversification initiatives. UAE's efforts to expand non-oil industries through tourism, financial services and infrastructure are dovetailing with Saudi Arabia's Vision 2030—including privatisation of state assets and SME expansion to lift non-oil GDP share. Nevertheless, analysts assert that non‑oil sectors in Saudi Arabia are showing signs of strain. Early signs of contraction coincide with public spending consolidation, even as oil revenues rise. UAE diversification, in contrast, has maintained momentum, with forecasts rising from 4 percent in 2024 to 4.5 percent in 2025 and 5.5 percent in 2026. Region‑wide growth expectations have been revised upward—GCC economies are now seen expanding around 4.4 percent this year, a 0.4 point upgrade—driven by faster OPEC+ output and sustained non-oil activity in key states. Despite these positive forecasts, cautious tones persist. Market volatility has increased across bonds, equities and currencies. A protracted conflict—which includes threats to Strait of Hormuz oil shipments—could have serious economic consequences.
Zawya
a day ago
- Zawya
Tunisia: FDI up 21% in 2024 (UNCTAD)
Tunis - Foreign Direct Investment (FDI) in Tunisia increased by 21% in 2024, compared to 2023, reaching $936 million, according to the latest World Investment Report published Thursday by the United Nations Conference on Trade and Development (UNCTAD). Along with Egypt, Tunisia contributed «significantly» to the rise in the value of new projects in North Africa, where investments grew by 12% to reach $76 billion, accounting for two-thirds of the continent's total investment spending. Tunisia contributed to this growth with investment announcements worth $13 billion, along with a considerable increase in the number of projects. According to UNCTAD, North Africa was the only region in the continent to record an increase in the value of new projects. It also attracted the highest amount of FDI on the continent, with a value of $51 billion, compared to $13 billion in 2023. Moreover, the report highlighted a significant rebound in FDI flows to Africa, which surged by 75% to reach $97 billion, representing 6% of global FDI flows, compared to 4% the previous year. This increase is largely attributed to an international financing agreement for urban development projects in Egypt, according to the same source. Excluding this boost, FDI in Africa still grew by 12%, reaching about $62 billion, which is 4% of global flows. Efforts to facilitate investment continued to play an important role in Africa, accounting for 36% of investor-friendly policy measures. Liberalisation also remained a key aspect of investment policy-making in both Africa and Asia, representing one-fifth of the measures adopted in 2024. The continent attracted a growing share of global megaprojects in 2024, including seven valued at over $4 billion each. Among the largest announcements was a megaproject in Tunisia's renewable energy sector, worth a total of $6 billion. At the sector level, construction and metal products saw the largest increases in investment in entirely new projects, while electricity and gas supply projects dropped by $51 billion. According to the report, European investors hold the largest stock of FDI in Africa, followed by the United States and China. Chinese investments, valued at $42 billion, are diversifying into sectors such as pharmaceuticals and agribusiness. © Tap 2022 Provided by SyndiGate Media Inc. (
Zawya
a day ago
- Zawya
Egypt: EIUD's board greenlights EGP $296,045 capital raise
Arab Finance: The board members of Egyptians for Investment and Urban Development (EIUD) approved raising the issued and paid-up capital to EGP 165 million from EGP 150 million, according to a bourse disclosure. The company will increase its capital by EGP 15 million, distributed over 150 million shares, with a nominal value of EGP 0.10 per share. Accordingly, EIUD will distribute 1-for-10 bonus shares, financed from the retained earnings account for 2024, valued at EGP 17.531 million. Founded in 1998, the company is engaged in real estate development and construction projects. Its activities include investment in real estate, tourism, construction, land subdivision, tourist villages, hotels, restaurants and territorial division, real estate development.
