Misr Italia executing Kai project in Egypt’s Ain Sokhna

Egypt’s real estate developer Misr Italia Properties says it has started carrying out its flagship Kai Sokhna, with investments worth one billion Egyptian pounds ($55.7 million).

The project is being executed in Ain Sokhna in three phases within a timeframe of two years and a half, the company’s co-chief executive Mohamed Hany El Assal said on Monday.

Kai Sokhna will include a hotel along with 360 units, El Assal said, adding that the hotel is being run by Hilton Worldwide Holdings, with a capacity of 180 rooms.

“We have so far achieved sales of 700 million pounds from the project,” he said. The accomplishment rates reached around 30 percent, he concluded.