Egyptian developer Tatweer Misr has awarded Kuwait’s Kharafi National construction contracts worth 1.5 billion Egyptian Pounds ($61 million) in IL Monte Galala project in Ain Sokhna.
The contract covers construction works in 6 phases of the project, Tatweer Misr said in a press statement.
The awarded phases include 16-acre, 504-unit Phia; the 13.5-acre, 58-unit Sistiana and Maesta, the highest point in the project at a height of 210 metres above sea level.
President and CEO Ahmed Shalaby said the construction award is the largest ever in the Tatweer Misr’s history, and is aligned with the company’s business objective to increase the number of delivered units from 1,500 to 2,000 units annually
The Portofino-inspired IL Monte Galala project is located on the Galala Mountains in Ain Sokhna. Spanning an area of 2.2 million square metres (535 acres), the project encompasses 10,000 units, including residential, hotel rooms and serviced apartments.
(1 US Dollar = 24.70 Egyptian Pounds)
(Writing by Eman Hamed; Editing by Anoop Menon)