By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
    TikTok updates its community guidelines
    March 23, 2023
    IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
    IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
    March 23, 2023
    Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
    Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
    March 23, 2023
    EFG Hermes records EGP 11bn revenue in FY22
    EFG Hermes records EGP 11bn revenue in FY22
    March 23, 2023
    Egyptian Environment Minister discusses cooperation with WFP representative in Cairo 
    Egyptian Environment Minister discusses cooperation with WFP representative in Cairo 
    March 23, 2023
  • Politics
    PoliticsShow More
    Egypt's Health Minister discuss bilateral cooperation with an Italian delegation 
    Egypt’s Health Minister discuss bilateral cooperation with an Italian delegation 
    March 23, 2023
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    March 22, 2023
    Turkish President  Recep Tayyip Erdoğan and Egypt President Abdel-Fattah Al-Sisi met in Doha
    Opinion| Türkiye and Egypt: For better times with many opportunities
    March 22, 2023
    Drought caused 43,000 deaths in Somalia in 2022: UN
    Drought caused 43,000 deaths in Somalia in 2022: UN 
    March 22, 2023
    Opinion| The Chinese dragon occupies America's place in the Middle East
    Opinion| The Chinese dragon occupies America’s place in the Middle East
    March 22, 2023
  • Interviews
    InterviewsShow More
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    December 27, 2022
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Yafa Mac to invest EGP 1.5bn in phase 2 of Emirates Heights
Share
Notification
Latest News
Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
TikTok updates its community guidelines
Business
Strong representation of women in TV series of Ramadan 2023
Strong representation of women in TV series of Ramadan 2023
Culture Cinema
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
Business
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Business
EFG Hermes records EGP 11bn revenue in FY22
EFG Hermes records EGP 11bn revenue in FY22
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Real Estate > Yafa Mac to invest EGP 1.5bn in phase 2 of Emirates Heights
InterviewsReal Estate

Yafa Mac to invest EGP 1.5bn in phase 2 of Emirates Heights

Hamada Ismail
Last updated: 2017/04/04 at 6:06 PM
By Hamada Ismail 3 Min Read
Share
Samy Al-Quraini, chairperson of Yafa Mac Touristic Co
SHARE

Samy Al-Quraini, chairperson of Yafa Mac Touristic Co., said that the company plans to inject EGP 1.5bn of new investments in the second phase of the Emirates Heights project at the North Coast, next to building a yacht harbour.

He explained that the second phase of the project includes 3,000 hotel units in varying spaces, as well as three 5-star hotels. Negotiations to determine the managers of these hotels are still ongoing. The second phase is expected to be completed within four years from the start date.

Yafa Mac had previously initiated negotiations with the Marriott and an Emirati-English company to manage the three hotels. But the negotiations stopped following the problem that faced the company. Yafa Mac relaunched negotiations after the problems were solved.

Al-Quraini noted that the company will not implement the hotels before signing the managing contract, as each company will require different specifications.

Meanwhile, he said that Yafa Mac targets sales of EGP 1bn from the units of the second phase of the Emirates Heights project in 2017, as a result of a huge promotion campaign.

He pointed out that the company completed 80% of the first phase, where it aims to deliver 700 units of that phase during the second half of 2017. The remaining units will be delivered in 2018. The company will continue furnishing the first phase units and implement the services and entertainment aspects of the project.

The company delivered 500 units during 2016 and early 2017.

Al-Quraini said that the company had undergone a complete restructuring of all its departments following the recent crisis and amid a challenging economic environments and a decline in tourism. The stability of the economy recently put the company back on track, where it is now working hard to win the confidence of its clients and complete handing over the units to the clients.

He pointed out that the company cancelled 30% of its contracts in the first phase as several clients did not pay the agreed instalments and only paid 10-20% of total unit price after the flotation of the pound.

Yafa Mac has signed contracts with consulting offices to prepare for the third phase of the project to begin its new Emirates Heights Elite phase.

Al-Quraini noted that Emirates Heights investments jumped from EGP 4bn to EGP 7bn following the flotation of the pound. The project is located on an area of 1.25 million square metres. The company developed 50% of the area and is working to complete the remaining parts.

Furthermore, he pointed out that the undeveloped lands portfolio of the company reached 850,000 square metres, aside from Emirates Heights in the North Coast, Alexandria, Borg El Arab, and Maamoura.

You Might Also Like

TMG declares EGP 400m in dividends for 2022

Strong presence of Egypt’s real estate developers in MIPIM in Cannes

Raaed Developments launches ROOTS compound in New Sohag with EGP 1.8bn investment

Tatweer Misr signs MoU with Saudi Arabia to facilitate investment opportunities in Kingdom

DNE Awards honours Saudi Egyptian Developers for “Best diversified 50 landmark projects developed within 50 years”

TAGGED: Emirates Heights, Samy Al-Quraini, Yafa Mac Touristic Co.
Share this Article
Facebook Twitter Email Print
Previous Article Trump’s plan for banks draws Fed’s criticism
Next Article Renewable energy & socioeconomic changes
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
TikTok updates its community guidelines
Business
Strong representation of women in TV series of Ramadan 2023
Strong representation of women in TV series of Ramadan 2023
Culture Cinema
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
Business
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?