Mar 31 2009 |
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Egypt industry: Fate of planned Gamsha Bay tourism development is uncertain
FROM THE ECONOMIST INTELLIGENCE UNIT
The fate of a massive tourism development planned by Damac Properties at Gamsha Bay, north of Hurghada, has come into question following the decision of the Dubai-based firm to join forces with a local bank on one of its other projects in Egypt. The Housing and Development Bank announced at the end of February that it had signed a Memorandum of Understanding (MoU) with Damac Properties for Development Company (a local affiliate of the Dubai developer) whereby the bank and two partners, Egyptian Land Bank and the state-owned Holding Company for Investment and Development, will take a 60% stake in the firm, subject to the completion of due diligence. This particular affiliate of Damac has one project under way in Egypt, a 6.1m-sq metre tract of New Cairo, to the northeast of the capital.
Damac is also involved in a real estate project in 6 October City, southwest of Cairo, as well as in Gamsha Bay. Damac has not offered an explanation for its decision to seek financial backing from Egyptian banks, but the move suggests that its regional expansion strategy is being affected by the troubles that have afflicted its home market— Damac was one of the first Dubai-based firms to lay off staff when the downturn started last October. Its projects around Cairo are dwarfed by Gamsha Bay.
SOURCE: Business Middle East
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