Category: Daily News Egypt

M squared awards EGP 1bn construction contract to REDCON for Masyaf Ras El Hekma

Posted on by 2026news

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Egyptian real estate developer M squared has awarded a construction contract worth EGP 1bn to REDCON Construction to execute and complete 59 residential buildings at its Masyaf Ras El Hekma project on the North Coast.

The 18-month contract covers the delivery of 376 residential units, including lagoon townhouses, twin houses, and chalet buildings, as part of the project’s first development phase.

This marks the first collaboration between M squared, the real estate arm of Intro Investment Holding, and REDCON Construction, which has been appointed as a main contractor for the scheme.

The agreement comes as M squared continues to accelerate on-site progress at Masyaf Ras El Hekma, where construction momentum has picked up in recent periods. The project has already recorded early deliveries, with a portion of units handed over in 2025.

Planned as an integrated coastal destination, the development combines residential offerings with hospitality, retail, and service facilities designed to support year-round utilisation.

Karim Malash, Chairperson and CEO of M squared, said the partnership reflects the company’s strategy of working with contractors capable of delivering large-scale developments while maintaining quality standards and timelines. He added that cooperation with REDCON is expected to extend into future phases of the project.

Omar El Gamal, CEO and Managing Director of REDCON Construction, noted that the partnership enables close coordination across engineering, construction, and finishing stages, supporting efficient project execution. He added that the agreement could open the door for further collaboration in upcoming phases.

The contract primarily covers lagoon-facing residential units, which form a key component of the project’s broader product mix.

Masyaf Ras El Hekma is being developed under a comprehensive model that integrates residential, commercial, hospitality, and wellness elements, alongside supporting infrastructure and service components. The project also involves multiple partnerships across asset management, finishing, and infrastructure works as part of its phased rollout.

The agreement underscores continued construction momentum along Egypt’s North Coast, where developers are increasingly fast-tracking execution and adopting integrated development models that blend residential and service-oriented offerings. https://www.dailynewsegypt.com/2026/03/17/m-squared-awards-egp-1bn-construction-contract-to-redcon-for-masyaf-ras-el-hekma/

120,000 taxpayers voluntarily join simplified tax system: Finance Minister

Posted on by 2026news

Egypt’s Minister of Finance Ahmed Kouchouk said that the Egyptian government is maintaining direct communication with investors to tackle tax, customs, and financial challenges through practical, actionable solutions. Speaking at the annual conference of the Federation of Small and Medium Enterprises Investors, which brought together entrepreneurs from across the governorates, Kouchouk praised the open dialogue with “ambitious investors” seeking to expand and grow.

“Last year, we promised the first package of tax facilitation measures, and together we delivered on that promise,” Kouchouk said, noting that the positive results confirm that “betting on the private sector always pays off.”

He explained that 120,000 taxpayers have voluntarily joined the simplified tax system. Additional financing initiatives have also been introduced to encourage further participation in this advanced and incentivised framework. Under the programme, taxpayers voluntarily submitted around 660,000 new and amended tax returns, reported business volumes amounting to EGP 1trn, and paid approximately EGP 80bn in additional taxes.

“We are proud of this valuable trust from our partners in the tax facilitation journey,” Kouchouk added. He also noted that a second package of tax facilitation measures will be presented to the House of Representatives after Eid Al-Fitr.

The Finance Minister highlighted that the government continues efforts to stimulate economic activity, expand initiatives in industry, tourism, and exports, and reduce customs clearance times to ease costs and burdens on investor partners.

Khaled Hashem, Minister of Industry, emphasised the ministry’s commitment to strengthening communication with owners of micro, small, and medium enterprises (MSMEs), describing them as a vital link between large-scale projects and micro-enterprises, and a cornerstone of the productive economy system. He noted that sustainable industrial development requires integration and coordination across all sectors.

Hashem stressed the importance of accurate data on markets, commodities, and industrial activities. The ministry is developing mechanisms to collect and analyse economic data scientifically and systematically, linking it within an integrated knowledge framework. This will allow the private sector to utilise data for investment planning and production expansion while supporting policymakers in setting industrial priorities, identifying production gaps, and targeting investments toward high-growth sectors.

He added that the availability of a precise database on production volumes, domestic demand, and export demand will help build a clear vision for industrial development, guide investments toward sectors with the greatest need and growth potential, and boost exports.

Hashem also underlined that the ministry will focus on developing productive activities in villages and rural areas to improve household incomes, create jobs, and reduce migration to major cities. Expanding productive activities in rural regions, he said, is a key pillar of balanced economic development across governorates.

Regarding exports, Hashem explained that Egypt’s upcoming strategy will prioritise increasing the local content ratio in exported products, aiming to deepen domestic manufacturing and reduce reliance on imported inputs. Strengthening feeder industries and raising the added value of Egyptian products will enhance the competitiveness of Egyptian exports in regional and international markets.

Alaa Al-Saqti, Chairperson of the federation, noted that the current phase requires coordinated efforts between all state institutions and the business community to support the national economy and expand productive sectors, thereby increasing employment rates.

Al-Saqti praised the Finance Minister’s field-oriented approach, highlighting his ability to understand and address the challenges faced by small investors. He described this as a positive model of direct communication between government and business, and expressed hope that it could be replicated across other ministries.

He also stressed the federation’s aspiration to maintain direct and continuous engagement with the Ministry of Industry, noting that its role extends beyond highlighting challenges to actively contributing to the formulation of solutions. https://www.dailynewsegypt.com/2026/03/17/120000-taxpayers-voluntarily-join-simplified-tax-system-finance-minister/

Investment Minister reviews General Motors’ $530m Egypt expansion plans

Posted on by 2026news

Egypt’s Minister of Investment and Foreign Trade, Mohamed Farid, held talks with Sharon Nishi, Chairperson and Managing Director of General Motors Egypt and Africa, to review the company’s current investments in Egypt and its future expansion plans.

The meeting, held on Tuesday and attended by Jehan Saleh, economic adviser to the Prime Minister, focused on the government’s efforts to localise the automotive industry, increase its contribution to GDP, and align with GM’s expansion strategy in the Egyptian market.

Farid highlighted the government’s broader agenda to localise industrial production, boost exports, attract foreign direct investment, and enhance the competitiveness of the automotive sector and its feeder industries. He underscored the strategic partnership with General Motors, which has maintained a long-standing presence in Egypt and produced more than one million vehicles locally.

The minister noted that GM’s operations have generated around 1,300 direct jobs and over 30,000 indirect jobs, reflecting sustained investor confidence in Egypt’s market and its ability to attract long-term industrial investments.

Discussions also reviewed the status of GM’s investments in Egypt, which exceed $530m, including approximately $50m allocated to robotic systems and advanced manufacturing technologies aimed at enhancing production efficiency.

Farid pointed out that local content levels in some vehicle models now exceed 60%, supporting the state’s strategy to deepen industrial localisation and increase reliance on domestically produced components.

He added that the ministry is working to develop a comprehensive export incentive framework to maximise the advantages of Egypt’s strategic geographic position as a regional production and export hub serving African and Middle Eastern markets. Improving the competitiveness of locally manufactured products, he stressed, remains central to expanding Egypt’s export footprint.

Farid reaffirmed the government’s commitment to continued coordination with General Motors, pledging full support for expanding its investments in the automotive sector and scaling up industrial exports in line with national development priorities.

For her part, Nishi described Egypt as a key pillar in the company’s long-term regional strategy, citing its strategic location and skilled workforce.

She noted that General Motors is implementing a forward-looking plan that includes launching new vehicle models aligned with evolving market dynamics, while expanding production capacity to meet domestic demand and support export growth.

Nishi also highlighted that the company recently marked 100 years of presence in the region, beginning with Egypt, underscoring the country’s central role in its regional footprint and reaffirming GM’s commitment to advancing industrial localisation and positioning Egypt as a regional hub for automotive manufacturing and exports across Africa and the Middle East. https://www.dailynewsegypt.com/2026/03/17/investment-minister-reviews-general-motors-530m-egypt-expansion-plans/?utm_source=rss&utm_medium=rss&utm_campaign=investment-minister-reviews-general-motors-530m-egypt-expansion-plans