PROJECTS: Egypt's Sobek Developments to launch mixed-use project in the North Coast in Q2 2021

Company is planning new hospitality, residential and medical tourism projects

  
Image used for illustrative purpose. View Of Cityscape With River In Foreground.

Image used for illustrative purpose. View Of Cityscape With River In Foreground.

Getty Images/Saif Alsadoon

Egyptian developer Sobek Developments will launch a 750 million Egyptian pounds ($48 million) mixed-use project in the North Coast in the second quarter of 2021, the company's CEO said.

Sayed Mohamed told Zawya Projects that the 10-acre development would include residential units, a mall and a 3-star hotel, and would be delivered by 2024.

Other projects being planned include a one-billion pound ($63.7 million), 15-acre hospitality project in Ain Sokhna; a 12-acre residential project in the 6th of October City and medical tourism projects in Fayoum governate and on the Red Sea coast, Mohamed disclosed but declined to elaborate further.

(1 US Dollar = 15.72 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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