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New Egypt Housing Starts Portfolio Review
Egypt New Housing and Development Company has valued its real estate assets at 66.267 billion Egyptian pounds, noting some observations regarding the incomplete application of accounting standards, particularly in measuring the fair value of properties and investments. The company mentioned contracting real estate appraisers to assess its assets and following legal procedures to recover outstanding receivables. It is also working on developing unused lands and implementing plans to utilize them effectively. Additionally, reviews were conducted on bounced checks, promissory notes, and overdue debts, with efforts underway to improve work systems and governance, and to activate the Enterprise Resource Planning (ERP) system. Among the challenges facing the company are undeveloped lands worth billions of pounds, accumulated debts, and unused assets. The company is making efforts to address compensation issues for properties that Cairo Governorate demolished, and has plans to update data and achieve better financial results.
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