Egypt's Al Bawaba for Development and Tourism Investment is planning to invest 100 million Egyptian pounds ($6 million) in a mixed-use project in Fayoum governorate, Company CEO and founder Emad El Tarabishy told Zawya Projects.

He said the first phase of the project in Fayoum City would comprise of a 60-acre farm and a floating hotel on Qaroon lake, which will be completed by 2023, while a residential project would be built in the second phase but didn't elaborate further.

The company was recently awarded the management contract for the newly renovated Club Nuweiba hotel, located in South Sinai on the Red Sea coast.

The 130-key hotel, spread over an area of 200,000 square metres (sqm), is owned by Sina Hospitality.

"We are planning to increase the total number of rooms to up to 1,000 by 2025," said Tarabishy.

He said the hotel's total land area 750,000 sqm is being developed in three phases up to 2025 with Club Nuweiba's renovation constituting the first phase, while the second phase, a 30,000 sqm beach club, will be launched by mid-2020.

"The 5 million pounds ($321,070) beach club will include a dive centre and the first medical spa in the region," said Tarabishy.

Meanwhile, Sina Hospitality is building a 500 cubic metres/day (m3/day) desalination plant and 1,000 m3/day sewage treatment plant to cater for the proposed expansion.

"The two plants will be opened within two months," the Al Bawaba CEO said.

He said the third phase would involve building more hotel rooms and development of a 6-acre organic fruit and vegetable farm.

(1 US Dollar = 15.57 Egyptian Pounds)

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

© Thomson Reuters Projects News 2020