Egypt’s Al Ahly for Real Estate Development says it plans to implement a new project in North Coast early 2018, with investments worth 4.8 billion Egyptian pounds ($270.1 million).
It will be a hotel housing project spanning over 300 feddans, Ahmed Sabbour, Al Ahly’s Managing Director, further told Amwal Al Ghad on Saturday.
Al Ahly will establish the project in partnership with a real estate investment firm El-Dar Global, which owns the land plot, Sabbour said.
The Egyptian official referred that Al Ahly has started implementing the fourth phase of Amwaj project in North Coast.
“We have so far carried out 40 percent of the fourth phase and promoted around 60 percent of the units,” Sabbour noted.
The phase is executed on 61 feddans, to include 650 villas and chalets, with investments totalling around 450 million pounds, he added.
“The company will complete the phase by summer 2019,” he concluded.