Egypt’s Abu Soma Development says it plans to pump investments worth 500 million Egyptian pounds ($28.4 million) in its project, Sheraton Soma Bay Resort in Red Sea governorate within 2019.
These investments will be driven by handing over 170 housing units in the project and developing 500,000 square metres there within the current year, said chief executive Ibrahim El-Missiri on Monday.
“We target completing the development of the resort within the next ten years,” El-Missiri earlier announced, adding that it is set to include 200 units including villas and apartments as well as chalets with spaces ranging between 100 and 400 square metres.
Soma Bay will also comprise of five hotels; the Westin Cairo Golf Resort and Spa, Katameya Dunes, the Breakers Diving and Surfing Lodge, Robinson Club Soma Bay, and Kempinski Hotel Soma Bay, he added.
As for Abu Soma, it is a private firm operating in tourism sector for 25 years, by developing and managing hotels in Hurghada, Red Sea governorate, he said.