Saudi Arabian Al Marasem Development will develop an integrated tourism project in the Ras El-Hekma city, in partnership with a subsidiary of Inertia Egypt, two sources familiar with the matter told Asharq Business.

Al Marasem will handle the development of the project, while the Egyptian firm will provide the project’s land spanning 640 feddans, one of the sources added.

He also noted that Al Marasem will obtain a loan from Banque Misr and Banque du Caire to finance the project, estimating the total expected revenues from the project at EGP 55 billion until 2029.

It is worth mentioning that Inertia owns around 1,280 feddans at the North Coast, half of which will be contributed to the new project.

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