Tatweer Misr to pump $169 mln into two major projects in 2017

Egypt-based property developer, Tatweer Misr plans to inject investments worth 1.5 billion Egyptian pounds ($169 million) next year into its flagships Fouka Bay and IL Monte Galala projects, its managing director said Monday.

The money will be distributed as 1 billion pounds for IL Monte Galala and 500 million pounds for Fouka Bay, said Ahmed Shalaby told Amwal Al Ghad.

Shalaby added that Tatweer Misr achieved 25 percent of dry works in both projects amounting to about one million cubic metres in its two projects.

The company plans to accelerate works to complete 250,000 cubic metres monthly, the official said.

Tatweer Misr is set to carry out excavation works worth one billion pounds in IL Monte Galala project.

Shalaby further added that his company put out the execution of 1200 units in IL Monte Galala project to tender for contractors.The company will be considering offers submitted by contractors within the coming period to start execution in the next December, he stated.

Rolling out on 1 million sqm of land, Fouka Bay conveniently situated in Ras Al Hekmah 210 km west of Alexandria and 70 km from Marsa Matrouh.

IL Monte Galala is a mixed-use mega development that spans over 2.2 million sqm of the Galala Mountain in Ain Sokhna, approximately 120 km (74.5 miles) east of Cairo. The project is positioned to become a local and international destination of choice, offering unparalleled activities and lifestyle options based on their unique vision of building value that goes beyond the integration of Ain Sokhna’s unique natural beauty into the project’s urban design.