Egypt’s Madaar Development has launched a new resort project Azha North on the North Coast at an initial investment of 16 billion Egyptian pounds ($847 million).

Gasser Bahgat, CEO, Madaar Development told Zawya Projects that Azha North is beng built on 250 acres of land in Ras Al-Hikma Bay.

Azha North located at Kilo 212 Alex-Matrouh Road in the Ras El Hekma Bay area, 73 km from Marsa Matrouh.

Bahgat said the project features apartments and serviced villas, a 5-star waterfront hotel, a 650-metre beach, a sports club, and 40,000 square metre shopping and entertainment complex, adding that WATG and Crystal Lagoon are the main consultants.

(1 US Dollar = 18.90 Egyptian Pounds)

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@lseg.com)