Egypt’s MG Developments says it has invested 400 million Egyptian pounds ($22.6 million) in the first and second phases of its tourism and entertainment flagship Blue Blue Resort in Ain Sokhna, 120km (74.5 miles) east of Cairo.
Blue Blue’s total investments are worth two billion pounds, said MG’s marketing manager Aya El‐Shenawy on Saturday, adding that the project is being carried out in four phases over 30 faddans or 120,000 square metres
“The project is to include 670 units on various spaces ranging between 100 and 422 square metres and a commercial centre as well as a number of apartments, duplexes, restaurants, and villas,” El‐Shenawy stated.
The Egyptian official referred that her company has completed about 60 percent out of Blue Blue’s total construction works as well as 80 percent of the first phase and 60 percent of the second phase.
“These phases (first and second) will be delivered within two years, while the third phase will be handed over within three years,” El‐Shenawy concluded.