Update From The Recent IPI meeting

Hopefully all investors have by now received the minutes of the recent meeting held on November 16th. Here is a summary of some of the information provided by IPI in the Question & Answer session:

• Funds earmarked for the sea swimming pool are now being utilised for further restaurants and a larger wellness centre.
  
  
• The possibility of using the owner’s allocated of 6 week usage in a single trip by booking 2 apartments for three weeks simultaneously will be considered by IPI. But a minimum of six months would be required to hold this option.
  
  
• A maximum of 6 people can stay in the 2 bed apartments, four adults and two children (under 12 years of age)
  
  
• A maximum of 8 people can stay in the penthouse apartments, six adults and two children (under 12 years of age).
  
  
• Foldaway beds which will be provided on request are suitable for children only. Other furniture/utensils, e.g. plates, are already in place. Extra towels will be provided by the housekeeping.
  
  
• Beach clearing / preparation is being discussed with the Egyptian authorities, currently there will be partial preparation of the beach area. However, there will be areas where it will be necessary to wear suitable foot wear to enter the water.
  
  
• The shuttle service from Cairo is in operation, a similar service from Hurghada can be arranged when the need arises.
  
  
• A jetty of approximately 80 metres long will most probably be constructed. The possibility of locating a large boat on the second reef (located 100m from the shoreline) is also being looked at.
  
  
• The diving school and water sport activities will be managed by Diversity.
  
  
• Best Western will start advertising the resort on their website three months before the opening of the resort.
  
  
• Best Western Zafarana Beach Resort is 5 star resort and will be aimed at the higher end of the market, excluding the East European market.
  
  
• During the rental periods by paying guests the apartments will be cleaned daily. However, the apartments will be cleaned once a week during the owners stay at no cost. Owners can pay for additional cleaning if they wish.
  
  
• The theatre is being relocated to the right side of the beach by the diving school, and well away from apartments. Any noise from the theatre will be minimal.
  
  
• The tennis court will only be available for use in winter. The base of the court is yet to be decided.
  
  
• All two bedroom apartments will be equipped with all required pipes for the installation of air conditioning.
  
  
• If necessary air conditioning will be arranged for paying guests to maintain the resort’s 5 star status.
  
  
• The challenge park is still in the planning; IPI cannot give the location or dates yet.
  
  
• There are no more facts known about the proposed airport at Ain Sokhna.

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Any Questions?

A number of investors attended a meeting arranged by IPI, held in Netherland on 16th Nov 2008.

Hopefully a lot of our questions were answered, and those who were not able to attend look forward to reading the minutes of this meeting.

Meanwhile some questions cropping up in investor circles include

Will the swimming pools be heated?
Any plans to install chilled drinking water outlets at the resort?
When will we receive the minutes from the recent meeting?

Feel free to to comment and raise more questions to this list.

Bram and Connie who attended the meeting were kind enough to provide an update, which can be viewed here.

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Egypt’s market may see ‘readjustment’

Global financial turmoil may be painful for the Egyptian economy, but top real estate executives as well as researchers said on Sunday it could also weed out property and bourse speculators looking for quick cash and help curb spiraling prices.

While few expect to escape unscathed from the worst financial crisis in 80 years, real estate executives told an American Chamber of Commerce conference demand on real estate in the country would continue to grow, albeit at a steadier rate than the giddy days of a booming property sector.

Housing Minister Ahmed El-Maghraby said, the “real estate market in Egypt is unique in its structure. Population will grow 20 million over the next 15 years, and that’s the lowest estimate. This reflects positively on real estate in Egypt. We are talking about a secure market and not a market that needs effort to create demand.”

The minister added that the Egyptian real estate market enjoys 99 percent real demand that is mostly cash-driven and does not rely on mortgages.

“Our real estate market is cash-based and is not overburdened with mortgages, which is a quality that is not present in most countries,” Maghraby said. See link below for full article.

Daily News Egypt, Sherine El Madany, November 23, 2008

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Notes on Ain Al-Sokhna Airport

Opportunities for Arab Investors in Cairo Forum This December
By Noozz, First Published: October 3, 2006

The Egyptian General Authority of Investment and Free Zones has prepared details on infrastructure, construction and tourism investment opportunities that will be offered to 1,000 Arab investors in Egypt. The investors include Arab financial institutions and investment companies.

The move comes as part of GAFI’s preparations for the Cairo Investment Forum organized in coordination with the Egyptian Ministry of Investment and the Economy and Business Group in Lebanon, scheduled for Dec. 10 and 11.

In a press conference Monday with the GAFI Chairman, the Egyptian Minister of Investment announced the date set for the forum, asserting that political leadership in Egypt is interested in the forum which he expected to become one of the most important measures to attract investments in 2007.

According to GAFI Chairman Ziad Bahaa El Din, infrastructure projects will be offered in the Public Private Partnership arrangement, especially for building schools.

Road construction will also be among the package of business opportunities, and the Cairo-Alexandria highway will be offered to Kuwaiti investors during the forum.

Bahaa El Din said that GAFI has coordinated with the Ministry of Civil Aviation to offer certain airports to investors for upgrading under the B.O.T arrangement, including the Ain Al-Sokhna Airport.

source: http://www.dailystaregypt.com/article.aspx?ArticleID=3256
Also see: http://www.propertiesbyopac.com/eygptloc.html

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Aerial Photo by Google Earth

Click image to enlarge

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Scenes Around Zafarana Beach Resort

On the way to Cairo, about 1.5 km from the resort [Photo courtesy of canioeddi]

Windmills in the desert, nearest just under a kilometre from the resort [Photo courtesy of maduss]

Chalet Amr Kamel, about 3 km from Zafarana Beach Resort [Photo courtesy of mohelgindy]

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