Tatweer Misr eyes 32bn Egyptian pounds revenues from Il Monte Galala

Tatweer Misr targets 30 billion pounds to 32 billion pounds in revenues from IL Monte Galala project in Ain Sokhna.

The Egyptian real estate firm invests a range between 16 billion pounds and 17 billion pounds in the project over two phases, managing director Ahmed Shalaby said in an interview with Reuters.

Il Monte Galala will feature 8,000 housing units and hotel apartments, and will be delivered by December 2019, Shalaby added.

Spanning 2.2 million square metres, the project is executed with 1.5 billion pounds in investments that will be paid off over 10 years, he highlighted.

Tatweer Misr is working on completing the project to deliver the first phase of Il Monte Galala in December.

Shalaby had previously said that Tatweer Misr was planning to pump 7 billion pounds to 8 billion pounds into its business in 2018.