PROJECTS: Egypt's Tatweer Misr to start construction of D-Bay project in Q1 2022

$447mln water-front project is located in the North Coast

  
Image used for illustrative purpose. construction equipment's silhouette on sunset

Image used for illustrative purpose. construction equipment's silhouette on sunset

Getty Images/ Chaiyaporn Baokaew

Egyptian developer Tatweer Misr will start constructing its 7-billion Egyptian pound ($447 million) D-Bay project in the North Coast next year, the company CEO said.

Ahmed Shalaby told Zawya Projects that the 200-acre project, overlooking the Mediterranean Sea, would be developed in partnership with Kayan for Real Estate Development.

"D-Bay will include a 200-key five-star hotel, 700 hotel apartments, and 900 residences. Construction will start in the first quarter of 2022 after governmental approvals," he said.

The water-front project, he said, would be developed in five phases over six years.

"The first phase, comprising 250 units spread across 50 acres, would be delivered by 2026," Shalaby said, adding that the project would be an extension of the Fouka Bay master plan.

He said the new project is in line with the Egyptian government's 2052 vision to transform the North Coast from a summer destination to a year-round destination.

Tatweer Misr's real estate portfolio includes the 18-billion-pound ($1.1 billion) Il Monte Galala in Ain Sokhna; the 4-billion-pound ($255 million) Fouka Bay in Ras El Hikma, North Coast, and the 28-billion-pound ($1.8 billion) Bloomfields in Mostakbal City.

Shalaby disclosed that the company is planning a new residential project in Sheikh Zayed, 6th October City, with details to be announced in 2022.

(1 US Dollar = 15.68 Egyptian Pounds)

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

(anoop.menon@refinitiv.com)

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