Egypt’s leading real estate developer, Wadi Degla Developments and Misr Tourism has signed a partnership agreement to develop Magawish Village in Hurghada yesterday.
The touristic village is owned by Misr Tourism, which is a subsidiary of the Holding Company for Tourism and Hotels (HCTH); it is sprawled over 375.000 meter with total estimated cost of 3 billion Egyptian pounds
The agreement includes bottom-up development from infrastructure to housing, tourism, commercial, and entertainment projects.
The project is based on partnership, and the firm is entitled to develop the village, in return for a financial share estimated by 670 million Egyptian pounds cut from sales revenues that will go to Misr Travel.
Wadi Degla is also in agreement to build a 400 room hotel in Blumar El Sokhna Ain Al Sokhna for the Holding Company; then its owner ship will be transferred completely to Misr Tourism.
In November 2015, , Wadi Degla has won a bid to develop Magawish Village, after a fierce competition with 3 big companies operating in real estate and tourism.
