06 December 2018
Egyptian developer Misr Italia Properties plans to build a 20-acre wellness resort within Mousa Coast luxury development on the Red Sea at cost of 600 million Egyptian pounds ($33.46 million), the company Chairman said.
Hany Al Assal told Thomson Reuters Projects that the project, targeted at Arab, local and foreign tourists, would be developed in cooperation with the Romanian companies specialised in this field.
He said the company has received building permits for the project, which would be constructed over a three-year period.
Assal didn't provide a detailed construction timeline but said the resort would be operated by foreign experts and also include a training academy.
Last month, Thomson Reuters Projects reported that the company had launched its second residential project Vinci in the New Administrative Capital with an initial investment of $501 million. The report noted that the company had, in the same month, sealed a partnership deal with El Mostakbal for Urban Development for the co-development of a 268-acre land plot within the El Mostakbal City.
(1 US Dollar = 17.94 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
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