The Ministry of Investment is preparing an integrated strategic plan to develop the area of Maamoura in Alexandria within the next three years, according to Minister of Investment Ashraf Salman.
Through its plans, the ministry aims to reduce reliance on the implementation of real estate projects. It plans to give more attention to offer integrated services to implement these projects and achieve an added value for the economic activity in general and real estate in particular.
In coordination with the concerned government authorities, the ministry is working on the provision of the facilities and services required for the development process, according to Salman. The decision aims to enhance the yield on the different assets of the state, according to Salman.
“Work is ongoing to raise the efficiency of the nine public sector companies through the state’s Asset Management Committee that is affiliated to the ministry,” Salman said.
Salman hopes that the revenue generated from the state’s nine holding companies will exceed EGP 10bn in the fiscal year (FY) 2016/2017.
The ministry is studying the establishment of a new 2.1km bridge in Maamoura, with an estimated cost of EGP 35m, which will ease traffic congestion during rush hours, according to an official at the Ministry of Investment.
Chairman of El-Maamoura Company for Construction and Tourism Development Mustafa El-Sayad said the current strategy aims to develop and increase the efficiency of Maamoura’s security, roads, gates, and sand beaches. The company will also build an international restaurants complex, water games centres, and a sanitation system.
“The company looks forward to establishing full-service tourism projects in Maamoura as well as Alexandria with self-financed funds and other funds from the banks,” El-Sayad said.
El-Maamoura is currently involved construction works for the Land of Cinema and Taverna on an area of 7,000sqm, while the third and fourth phases of Ibrahimya project will be on an area of 10,000sqm, and the exhibition land project on an area of 3,700sqm.