Egyptian real estate developers are planning a tourist resort for $ 1.7b billion on the Mediterranean coast
Two Egyptian developers announced a plan to build a tourist resort on the Mediterranean coast to the west of Alexandria.
Jumeirah Real Estate Investment and Sakan Developments shared information that the village Jumeirah Bay Ras el-Hekma will occupy an area of 6 million square meters. meters and will cost 1.68 billion dollars.
“This project is distinguished by its location on the coastline with a panoramic view of the sea and a 2000 meter long beach,” said Mr. Sherif Helyo, chairman of the board of directors of Jumeirah, told Daily News Egypt. He added: “The project will create thousands of jobs and attract investment in building this promising area.”
It is expected that the master plan will be published in the near future.
The project consists of three stages. The first involves the construction of 980 buildings and will be completed by December 2019.In total, 3,500 houses will be built, forming seven housing estates.
Promo video of the project, posted on YouTube at the beginning of the month, promises a five-star hotel, restaurants on the water, a lagoon of 270 thousand square meters. meters and a marina.
Recently, the Egyptian government strongly encourages the participation of the private sector in the development of tourism projects on the north coast. At a distance of 50 km in the western direction, it is planned to build a new city in El Alamein. On July 11, the Ministry of Planning announced that the first stage of work would require an investment of $ 337 million, which would be allocated from the state budget.
El-Alamein City will consist of a central shopping area and residential areas. All the details of the project are not yet known to the general public, but it can already be concluded that the state will finance the infrastructure and rely on the private sector in finding funds for the rest of the development.