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Improved political and economic stability has resulted in restored confidence in the Cairo real estate market. The untroubled passage of the recent presidential election has resulted in assurance that the new government will be able to enact some of the tough decisions required to restore growth in the Egyptian economy. The clearest evidence of this is the decision to follow the IMF recommendation and gradually remove subsidies on energy between now and 2017. Accordingly, we are witnessing the resumption of a number of projects previously placed on hold, such as the approval for Palm Hills Development Company (PHDC) to commence the development of two land plots totalling 57 acres in East Cairo as an integrated residential project (October Village Garden).
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22 July 2014