Latest from Economic Key
Economic Key
a day ago
- Business
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Contact Financial Holding's Insurance Arm Reports Stellar 1Q 2025
Contact Financial Holding ( Egypt's leading non-bank financial services provider, announced today its consolidated financial results for 1Q25. The Group delivered a strong start to the year, boasting a solid 30% y-o-y increase in consolidated operating income, to reach EGP 475 mn, while net income surged by 306% y-o-y closing the first quarter at EGP 59 mn. 'Contact's strong first-quarter results reflect the impact of our strategic pivot toward higher-margin products and the resilience of our business model, supported by gradually improving economic conditions, The Group net income surged by an impressive 306% y-o-y increase, coupled with the exceptional performance from our insurance division, which recorded a 767% increase in net income to reach EGP 43mn.' commented Contact Financial Holding management. The financing division achieved strong results, with operating income growing by 14% y-o-y to EGP 372mn, Additionally, the division's net profit rose to EGP 27 mn, marking an impressive 33% y-o-y increase compared to the same period last year. Meanwhile, the insurance division continued to deliver record-breaking results. Insurance revenue surged by 73% y-o-y to reach EGP 619mn during Q1 2025, while gross written premiums (GWPs) grew by 54% y-o-y to EGP 1.07 bn, maintaining exceptional performance supported by strong results across both Sarwa Life and Sarwa Insurance. This growth contributed to a 242% y-o-y increase in the division's operating income to EGP 109mn, while net income from the insurance division recorded a remarkable 767% y-o-y surge, nearly 9x fold, to 43mn. Contact made strong strides in fintech, with ContactNow app, Egypt's first comprehensive digital financial platform. This momentum reflects the growing demand for Contact's digital financial solutions. A newly launched purchase journey now empowers customers with access to a broad range of financing products, enabling them to apply for loans directly through the app. Flexible payment options, both cash and installments, are also available, supported by strategic partnerships aimed at streamlining the overall user experience تم نسخ الرابط
Economic Key
12-06-2025
- Business
- Economic Key
Rock Developments Launches New Eco-Friendly Project in New Heliopolis
Rock Developments is set to announce its latest project in East Cairo soon—a brand-new residential development in a prime strategic location in New Heliopolis. The project offers a balance between tranquility and easy access to major landmarks and main roads, with full details expected to be revealed by the end of the month. Eng. Emad Doss, Managing Director of Rock Developments, stated that the new project marks another step in the company's expansion strategy to deliver fully integrated residential communities. The development stands out as a purely residential compound with no commercial activity, offering a premium living experience focused on privacy, green spaces, and quality of life—ensuring the highest levels of comfort and quiet for residents. He added that the new residential project spans over 17 feddans, with a low building footprint of no more than 15%, dedicating more than 85% of the area to gardens and open spaces, along with distinctive water features that enhance the overall aesthetic. Doss noted that the project is surrounded by several upscale residential compounds, as well as key educational and healthcare facilities, positioning it as one of the most promising destinations for a fully integrated lifestyle in the heart of New Heliopolis. Doss pointed out that the project will feature a variety of residential units and private villas with elegant, modern designs in diverse sizes—catering to the needs of a broad segment of customers seeking a contemporary lifestyle. He explained that the new residential project will be equipped with a comprehensive range of amenities and services, including jogging and walking tracks, children's play areas, co-working spaces, reading zones, a sports area, and dedicated spaces for pets, in addition to 24/7 security and maintenance services. The company's managing director revealed that the first phase of the project is scheduled to be launched soon at competitive prices, with expected delivery in 2029. Rock Developments is the real estate arm of El Batal Group for Investment. Its portfolio includes several residential and commercial projects in Egypt and Canada under the 'Rock' brand, such as: Rock White in New Heliopolis, Rock Yard in Sheraton, Rock Eden in 6th of October, Rock Capital 1 in the New Administrative Capital, and both Rock Vera and Rock Gold Mall in New Cairo. ظهرت المقالة Rock Developments Launches New Eco-Friendly Project in New Heliopolis أولاً على المفتاح الاقتصادي.
Economic Key
03-06-2025
- Business
- Economic Key
Egyptian Developers Achieves EGP 800 Million in Contracted Sales Led by Flagship Project Attracta
Egyptian Developers for Real Estate Development and Project Management, announced that it has achieved EGP 800m in sales across its projects over the past six months—a strong performance led by its flagship project, Attracta. This reflects the company's success in delivering integrated developments that align with the needs of its target customers. Eng. Abdelrahman Abo Zeid Founder and Chairman of Egyptian Developers for Real Estate Development and Project Management, stated that these strong sales figures demonstrate customers' trust in the brand and the company's credibility. He highlighted Egyptian Developers' ability to deliver projects that add real value to the real estate market and support its expansion plans to offer fully integrated commercial properties. He noted that the company thoroughly studies all project details before launching them, which drives strong demand. Abo Zeid added, 'Achieving such strong sales in a short period confirms our understanding of the real estate product and the payment systems that suit our target customer. It also proves that the market still demands well-planned projects that meet clients' needs in terms of design, location, and payment plans.' He explained that the strong sales performance is driven by the company's flagship project, Attracta, which has witnessed significant customer demand since its initial launch. This reflects clients' strong interest in the project and the company's success in effectively communicating its vision and philosophy to its target audience. The company's chairman noted that this demand is the result of the project's strategic location, modern design, and the trust clients place in the company. He also pointed out that the company plans to launch a new phase of the project soon, which will feature upgraded unit specifications, more comprehensive services, and competitive advantages in terms of design and payment systems. The project stretches over 13,000 sqm, with a layout of ground floor plus four stories. It is a mixed-use development—commercial, administrative, medical, and recreational—offering unit sizes ranging from 30 to 600 sqm to suit various client needs. 'The Attracta project is strategically located in El Shorouk City, on Gamal Abdel Nasser Axis and the third entrance of El Shorouk. It is also situated directly opposite Al-Farouk Mosque, on two main roads—Gamal Abdel Nasser Axis and Geneva Road—and overlooks three streets at the entrance to El Shorouk 3. The project is just 5 minutes away from the LRT electric train station, 3 minutes from the Suez Road, 1 minute from the Ismailia Desert Road, and only a few minutes from Madinaty and the New Administrative Capital,' he explained. He concluded that Egyptian Developers remains committed to delivering high-quality real estate projects that meet customer aspirations, keep pace with market changes, and offer strong investment value for both the company and its clients. تم نسخ الرابط
Economic Key
02-06-2025
- Business
- Economic Key
Alarinova Real Estate and Tourism Investment Launches Innovative Concepts Focused on Sustainability
Alarinova Real Estate and Tourism Investment – a British investment – has announced the launch of its operations in Egypt's real estate market. The company aims to bring about a qualitative shift in the concept of urban development in tourism communities through integrated architectural designs that blend luxury, Egyptian heritage, and cutting-edge technology. Dr. Architect. Alaa Nasser, Chairman of Alarinova Real Estate and Tourism Investment, emphasised that the company brings a different, non-traditional vision to Egypt's real estate market. Alarinova is committed to developing exceptional tourist resorts that combine minimalist architectural design with innovative cultural innovation rooted in heritage, and equipped with world-class amenities. He noted that the company seeks to redefine the concept of luxury in its projects by integrating modern architecture with natural landscapes, while emphasizing cultural heritage and sustainable technologies. This approach allows Alarinova to implement innovative architecture that embodies authenticity, sustainability, and modernity. Nasser added, 'At Alarinova, we aspire to offer a new experience that goes beyond construction — one that earns international environmental certifications, fosters meaningful connections, and inspires a conscious lifestyle that respects the environment while serving people and embracing modern standards in both design and function.' He affirmed that the company aims to drive change in Egypt's real estate sector by creating integrated environments that combine wellness, heritage, and innovation. Through innovative design and smart solutions, the company seeks to reshape the future of real estate – one that balances architectural quality, positive community and environmental impact, while preserving cultural heritage. He explained that the company's first project, set to launch in Ain Sokhna, will bring its vision to life by incorporating sustainability and smart technology. The innovative development is set to launch in the second half of this year. The company's leadership team brings extensive expertise through its founders and executives: Dr. Architect. Alaa Nasser serves as Chairman, Dr. Kawthar Nasser as Vice Chairman, Dr. Noha Nasser as CEO, and Dr Nevine Nasser as Head of Innovation. تم نسخ الرابط
Economic Key
01-06-2025
- Business
- Economic Key
Hometown for Development Signs Agreement with Savills Egypt
Hometown for Real Estate As part of its preparations to launch and operate its pioneering commercial projects in the New Administrative Capital, Hometown for Real Estate Development has signed a contract with Savills Egypt to provide management and operational consulting across these projects. This step aims to ensure the highest standards of operational efficiency and quality and enhance the customer experience in these developments. The agreement was signed by Mr. Diaa El-Din Farag, Chairman of Hometown for Real Estate Development, and Catesby Langer-Paget, Head of Savills Egypt. The signing took place during a press conference organized by the company at one of its projects in the New Administrative Capital, in the presence of several executives from both companies and a number of journalists and media professionals. Mr. Diaa El-Din Farag confirmed that choosing Savills Egypt, one of the leading global companies in real estate consulting, reflects Hometown's commitment to providing the highest standards of quality in operations and management for its clients. He explained that the agreement covers four projects: Zaha Park, La Fayette, La Fayette Village, and Udora. He added: 'This collaboration highlights Hometown's commitment to preserving its clients' investments and trust, ensuring the highest return on investment through professional operations that reflect the identity of the company's distinguished projects. It will also enhance the investment value of these developments as real estate assets that represent wealth to be preserved for clients, the company, and the real estate market.' Farag noted that the four projects for which Savills Egypt will provide advisory services are among the most prominent commercial brands in the New Administrative Capital. They represent a new generation of commercial developments requiring an innovative operational strategy, which Savills Egypt will provide. He also pointed out that the next phase will focus heavily on implementing smart operating systems and applying international standards in facility and service management to offer an integrated experience for tenants and visitors while maximizing investment returns for owners and investors. He added that the 'La Fayette' project is a commercial and entertainment development covering 43,000 square meters, located in a prime downtown area directly opposite Al Masa Hotel, specifically at Plot No. 1 in downtown next to the monorail central station. The project consists of a ground floor and five upper floors, in addition to two basement levels. The 'Udora' project is strategically located in a vital area in the heart of the New Administrative Capital, directly opposite Al Masa Hotel and just two minutes from key landmarks such as the central station and the financial and governmental district. This makes it an ideal destination for shopping and entertainment. The company has achieved high completion rates for construction on these projects, reaching up to 95% in some. As for the ZAHA PARK project, it is located in the MU23 area of the New Administrative Capital directly on Al Amal Axis between residential neighborhoods R2 and R3. It will be the first commercial project to be delivered in that area and consists of 10 floors. The project will serve nearly 25,000 residential units, and the electromechanical infrastructure for the project has been completed. The La Fayette Village project is positioned as an entertainment destination in the heart of downtown, and the company has made strong construction progress on it. Diaa El-Din Farag emphasized that this collaboration sets a new model reflecting the direction of real estate development companies in Egypt toward adopting professional and advanced operating methods that ensure project sustainability and optimal investment returns. This enhances the New Administrative Capital's position as a prime investment and commercial destination in the region. Catesby Langer-Paget, Head of Savills Egypt, stated: 'We are pleased to collaborate with one of the key players shaping the real estate and commercial markets in the New Administrative Capital. Through this agreement, we aim to support the operational strategy and customer experience in the four projects through a comprehensive approach, incorporating modern practices aligned with Hometown's vision of effective and sustainable project operation, which supports the goals and vision of the New Administrative Capital.' He pointed out that, according to the signed agreement, Savills Egypt's responsibilities include providing integrated consulting to prepare assets from an operational perspective, setting management and operational strategies, developing a comprehensive leasing strategy that includes tenant mix, occupancy rates, tenant incentives, and detailed financial models covering expected revenues, operational costs, and expense plans. Additionally, Savills will offer innovative insights for revenue generation from common areas (commercialization), prepare operational models, and establish plans for security, cleaning, waste management, parking management, and more. It will also review contracts and lease/sale clauses to ensure long-term protection of the owner's interests. Langer-Paget highlighted that Savills is recognized globally for its expertise in management and operational consulting, with an extensive track record both within Egypt and internationally. Founded in 1855 in the United Kingdom, Savills is a global leader in real estate consultancy, with over 700 offices in more than 70 countries. Its service offering includes asset management, real estate advisory, valuation, leasing, marketing, and property management. Savills began its journey in Egypt several years ago, offering operational, management, strategic consultancy, building & project management, valuations, facility management and marketing for some of the most prominent real estate projects. It is renowned for its advanced expertise in managing and operating mixed-use real estate developments. تم نسخ الرابط
