Orascom Development Egypt will launch the Makadi Heights project located on Makadi Bay in the Red Sea Governorate next April.
Spanning 3.7 million square metres, the new project is part of the company’s strategy in providing various projects that target different segments of the Egyptian community, CEO of Orascom Development Khaled Bichara said in a statement on Sunday.
The project will provide guests with all comfort and recreational means, he added, noting that it is 20 minutes far from Hurghada International Airport.
Makadi Heights will dedicate special buses for the owners of its residential units to transport them to various spots across Hurghada, Bichara highlighted, pointing out that a bus terminal will be available near the projects’ gates.
He did not mention any further details over the cost of the project.
Orascom Development’s capital amounts to EGP 1.1 billion distributed over 221.6 million shares at a par value of EGP 5 per share.