Egypt’s Misr Italia Properties (MIP) will invest 10 billion Egyptian pounds ($206 million) in the hospitality component of its Solare Ras El Hekma development on the North Coast, the company’s chief executive said.

CEO and Managing Director Mohamed Khaled El Assal told Zawya Projects that the project, spread over 400 acres, includes 3,000 residential units, of which 1,000 are serviced units.

He said construction work began in October 2024, with around 15 percent of the project completed to date.

El Assal said part of the hospitality element will become operational by 2026, while first residential handovers are scheduled for 2027.

During a media tour of the project, he revealed that the company is currently in negotiations with leading international hotel operators to manage these units. He added that Solare will feature three hotels, with the brand names expected to be unveiled in the coming period.

The broader Solare Ras El Hekma project, which entails EGP 30 billion ($618 million) in total investments, will be self-financed, El Assal said.

The CEO also confirmed that MIP has allocated EGP 1.5 billion ($31 million) for construction works during 2025. Last year, the company awarded Redcon Construction contracts covering 100 acres of the project’s total 400-acre masterplan. 

MIP has partnered with international and local firms for the design and planning of the project. These include EDSA and Whitespace Architecture for the master plan, urban design and landscape architecture, while Synthetic and Design Avenue contributed to architectural designs alongside local talent.

(1 US Dollar = 48.58 Egyptian Pounds)

(Reporting by Eman Hamed; Additional reporting by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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