Marsa Alam to establish $7.8mn touristic project in Egypt’s Sidi Abdel Rahman

Egypt’s state-run Marsa Marsa Alam for Tourism Development (MMAT) is set to establish a touristic project in Sidi Abdel Rahman, North Coast worth 70 million Egyptian pounds (US$7.8 million).

The company stated in a statement sent to EGX that it finalised purchasing a land plot with total area of 2 acres located in Kilo 140 Alexandria – Matrouh road, North Coast with total cost of 6 million pounds.

The company is now conducting procedures of legalization of the mentioned land in order to start implementing the project.

Moreover, the company intends to finish the project within 3 years from obtaining licenses.

Marsa Marsa Alam for Tourism Development SAE (known as: Marsa Marsa Alam) is a public company, listed on Egyptian Exchange (EGX) since September 2012. It operates within the consumer services sector focusing on Hotels, Resorts and Cruise Lines. Marsa Marsa Alam is based in Giza, Egypt and was established in July 2003