Cairo –   First Group for Real Estate Investment is looking to implement two tourism projects in Ain Sokhna and the North Coast with total investments worth EGP 5.2 billion, the company's chairman said on Monday.

An 85-acre project will be built in Ain Sokhna with around EGP 2.25 billion in investments and an estimated sales of EGP 6 billion, Bashir Mustafa told reporters in a press conference.

The project is being designed and is set for delivery in the third quarter of 2018, Mustafa added, pointing out that the project will be built in five years.

As for the North Coast project, he said it is being executed over 94 acres in Matrouh governorate's Fukah district with an estimated investment worth EGP 3 billion and targeted sales of EGP 6 billion.

He noted that 25% of the project will be in the hotel and hospitality sector.

The project will be completed in six years and the first phase will be handed over in 2020, he highlighted.

 

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