PHOTO
El Gouna, the flagship town of Orascom Development Holding (ODH) on the Red Sea coast, has about 58 percent of its land bank now developed or under construction, the CEO of El Gouna said.
Mohamed Amer told Zawya Projects that the company is aiming to deliver 410 residential units this year with 96 units delivered in the first quarter, with the remainder scheduled for delivery within the year.
“Our average selling prices rose by 56 percent year-on-year in the first quarter of 2025,” said Amer. “We recorded 12.4 billion Egyptian pounds ($249 million) in total real estate sales in 2024, up 63.8 percent from the previous year.
El Gouna, spread over an area of 36.92 million square metres (sqm) along a 10-kilometre coastal strip, currently has 9,200 residential units and hosts a population of over 25,000 residents representing more than 50 nationalities. It features 18 hotels, two golf courses, an international hospital, schools, a private airstrip, and four marinas with a combined capacity of 680 yachts, making it the largest private yacht operator in Africa.
ODH recently launched Fanadir Shores, a residential development near La Maison Bleue Hotel and Fanadir Marina. The project includes 57 units across seven buildings, with apartments ranging from two to four bedrooms and an average size of 220 sqm.
“It’s designed to deliver a premium seafront living experience with open to sea lagoons, reflecting El Gouna’s ongoing commitment to luxury, comfort, and community,” said Amer, adding that completion is expected within two years.
On the other hand, Fanadir Marina, covering 30,600 sqm, will accommodate up to 80 yachts and includes a 6,000-sqm commercial area with more than 38 retail and dining outlets and integration with Fanadir Marina Signature Residence.
Amer said El Gouna is also expanding its role as a business hub with multiple zones to support companies, entrepreneurs, and freelancers. The El Gouna Business District offers office space for companies and entrepreneurs, while G-Valley, a planned development, will provide services to SMEs and startups, including banking and government support. G-Space, a flexible co-working hub caters to freelancers and remote workers, and is equipped with modern amenities to support productivity and collaboration.
“To further support the shift to hybrid work models, we partnered with IWG (International Workplace Group), the global leader in flexible workspaces,” said Amer. “Their brands, such as Spaces and Regus, have launched professional, scalable office solutions in El Gouna—reinforcing our position as a progressive destination for business and innovation.”
(1 US Dollar = 49.71 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
