The major factor influencing the Cairo real estate market in Q1 has been the devaluation of the Egyptian Pound (EGP). On 14 March 2016, the Central Bank of Egypt announced a 14.5% devaluation

in the official value of the EGP from its previous level of EGP7.73: US$1 to EGP8.85.Cairo’s office supply

 reached approximately 941,000 sq m GLA, with the completion of Citadel Plaza in the Mokattam Area adding nearly 20,000 sq m to the current office stock.In another move to boost investor confidence and revive the economy, the government announced a Ministerial reshuffle towards the end of the quarter.The appointment of ex-private sector figures in key ministerial positions is an acknowledgement of the increased role that the private sector will play in the coming period.No additional hotels were completed in Q1, with limited construction activity in this sector. We are expecting an additional 1,300 rooms to be added in 2016, with the St. Regis Cairo being one of the hotels to be delivered in the downtown area.