Tatweer Misr to invest $167 mln in IL Monte Galala, Fouka Bay next year

Egyptian property developer Tatweer Misr plans to invest 3 billion Egyptian pounds ($167.3 million) in IL Monte Galala and Fouka Bay flagships within 2019, managing director said on Monday.

“We will start delivering Fouka Bay’s units next January,” Ahmed Shalaby said.

IL Monte Galala is located in Ain Sokhna over 2.2 million square metres. The project comprises of 8,000 housing units and hotel apartments.

In 2017, Tatweer Misr signed its second contract with multinational water innovation firm Crystal Lagoons to establish a man-made crystal-clear lagoon in Fouka Bay.

The construction works of Fouka Bay, which is located in North Coast, include establishing a number of bridges, roads, and utilities networks.

Moreover, Tatweer Misr has reached final agreement with a bunch of international schools and universities to build new branches in its residential and entertainment project Bloomfields in Mostakbal City, New Cairo, Shalaby added.

Bloomfields is spanning over 325 feddans, Shalaby earlier said, adding that the project is set to encompass 10,000 homes, besides entertainment, and educational units on a space of 90 feddans.

The educational part includes a number of schools over 20 feddans and universities over 70 feddans, Shalaby said.