Abraj Misr Urban Development plans to pump EGP 2.5bn in a project for sea linking, in order to build two marinas on the east and west coast of the Gulf of Suez, according to Ali Rabei, Chairman of the Board of Directors.
This will take place after receiving the approvals necessary for the projects from the South Sinai governorate and the National Council.
Rabei expects that the approvals for building the two marinas in Ain Sokhna and Ras Sedr will be received by the end of May, adding that all the necessary procedures for the project will be complete this month.
Last year, Abraj Misr acquired land in Ras Sedr with an area of 370,000 sqm, and the marina on the western beach of the Ain Sokhna port, with land space at 155,000 sqm.
The price of the metre of land in Ras Sedr amounted to $20, with a total cost of $7.4m, while the total price of land in Ain Sokhna amounted to $7.750m.
The project will add to tourist projects in Egypt in the Gulf of Suez area, as well as be an added value for a vast space of land in Ras Sedr, according to an official at the Ministry of Tourism.
Ras Sedr includes seven sectors that involve 59 projects on 25.9m sqm; eight projects north of Oyun Musa on 1.5m square metres with a hotel capacity as well as touristic housing units accredited at 2,723 and 2,441 respectively, according to the official.
The official believes the National Council for the Development of the Sinai Peninsula is close to completing the final permissions for the project. He also expects that the company will start the project’s constructions beginning from the second half of the year.
The official also expects that the project will work on reviving hotel projects after suffering a terrible tourist decline over the past four years in Ras Sedr, which will help in relocating touristic density from the west (Ain Sokhna) to the east (Ras Sedr).
The investments of Abraj Misr amount to EGP 8m, according to the Chairman. The Gate Project, which was signed by the company along with six other companies, has investments amounting to EGP 4.5bn.
Abraj Misr is further aiming to offer 15% of its ownership in the Egyptian Stock Exchange (EGX) for tender starting from the beginning of next year, and will be selecting the consultant regarding this issue starting from June.