Beirut (APD) - The Kuwait-based Al Fawares Construction and Development announced that it will establish a LE 15 billion ($2.61 billion) tourism project in Marsa Alam, Egypt.
A source in the company, who wanted to remain anonymous, confirmed the project to APD but refused to give any details.
The tourism project is comprised of a comprehensive resort with all its facilities like hotels, restaurants and clubs and will cover an area of 30 million square meters, the Kuwaiti al-Rai al-Aam daily reported Monday.
Marsa Alam is located in the south of the Eastern Desert in Egypt on the Red Sea. It is 790 kilometers south of Cairo and about 300 kilometers from Hurghada.
In recent years, Marsa Alam has seen a splurge of development. There are now several three and four star resorts along the beach, with five star facilities soon to open. The city also launched projects to build a marina, a golf course, and other recreation facilities.
An important factor in the city's rise to an international tourism destination was the establishment of the Marsa Alam International Airport, which was developed by Kuwait-based Mohamed Abdulmohsin Kharafi Group under a 40-year BOT contract. Over the past four years, the combination of the new airport and major resort projects nurtured expectations that Marsa Alam would become another Sharm El-Sheikh within a short period.
Al Fawares Construction and Development, which was established in 1983, is involved in construction, real estate development, oil field services, manufacturing, air transport, media, information technology and financial services.
The company has previously invested in Egypt's tourism sector through the Egyptian Real Estate and Development Company, a subsidiary company which was established in 1995 in Cairo.
The Egyptian Real Estate and Development Company is currently executing a major real estate project located in the October 6th City outside Cairo. The project consists of hotel, shopping mall, schools, resort, villas and residential buildings. The company is also involved in executing a major shopping mall in the center of Alexandria City, hotels and resorts projects in Hurghada and Sharm el-Sheikh. [TS]
By Nadim Issa, APD Staff Writer in Beirut
© APD (Arab Press Digest) 2005
