Egypt's Marseilia Egyptian Gulf Real Estate Investment Group announced on Wednesday that it is planning to build hotels and houses on the Northwestern coast of the Arab country within a partnership agreement signed this week.
In a stock exchange statement, the company said the project would be spread over an area of around 861,000 square metres and involves an investment of nearly 6.5 billion Egyptian pounds ($414 million).
Residential, commercial, and services areas would account for 60 percent of the project's land area.
The company's chairman, Samy Abdel Rahim Fouad, said the project would generate revenues of at least 13 billion pounds ($828 million) and that the firm's share is about 65 percent.
Fouad did not name the partner but said the project would be completed over four years and that the company would soon appoint a consultant to undertake project designs.
"The company will act as a real estate developer in the partnership agreement, which involves the construction of hotels as well as housing and services units," he added.
Sherif El-Saftawy, Assistant Chairman and Managing Director, told Zawya Projects that the company's main focus areas this year include residential and resort projects on the North Coast; forays into medical, education, and water desalination sectors, and expand business activity in Egypt's new cities like the New Administrative Capital.
(1 US Dollar = 15.71 Egyptian Pounds)
(Writing by Nadim Kawach; Additional reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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