Egyptian developers plan $1.7bn tourist resort on Mediterranean coast

Two Egyptian developers have announced plans to build a tourism resort on Egypt’s Mediterranean coast to the west of Alexandria.

Jumeirah Real Estate Investment and Sakan Developments say the Jumeirah Bay Ras el-Hekma project will be built across 6 million square metres, and will cost up to $1.68bn.

"The project features a waterfront and a panoramic view of the sea and a 2,000m-long beach," said Sherif Helyo, the chairman of Jumeirah, reports Daily News Egypt. He added: "It also will provide thousands of job opportunities and attract investments to develop this promising area."

He added that a masterplan would be published in the near future.

The project will consist of three phases. The first will include 980 units and will be completed by December 2019. When complete, the project will have 3,500 units grouped into seven neighbourhoods.

A promotional video for the project, released on YouTube earlier this month, promises a five-star hotel, floating restaurants, 270,000 square metre lagoon and a marina.

The Egyptian government has been keen on encouraging the private sector to develop tourism projects in the North Coast area.

Fifty kilometres to the west, a new city is being planned at El-Alamein. On 11 July the Ministry of Planning said that the first phase would require an investment of up to $337m, which would come from the state budget.

El-Alamein City will consist of a downtown retail area as well as some residential developments. Full details of the project have not been released, but it is understood that the state will finance the infrastructure and rely on the private sector to build the rest of the development.

Image: A rendering of the final scheme (Jumeirah Bay Ras el-Hekma)

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