Egypt’s MG Developments Company says it has submitted a request to the country’s Tourism Development Authority (TDA) to allocate 100 feddans in Ras El Hikma area in North Coast resort.
These feddans are set to be assigned in order to carry out a new residential and touristic project there, MG’s chairman Mohammed Metawee told Amwal Al Ghad on Thursday.
“The authority has a pioneering role in supporting and reviving real estate and tourism investment,” Metawee further said, adding that MG has also a various bundle of residential and touristic flagships.
Moreover, the Egyptian official referred that his company plans to start delivering the first and second phases of its tourism and entertainment project Blue Blue Resort in Ain Sokhna, 120km (74.5 miles) east of Cairo, within summer 2019.
“The project will be completely executed within 2021,” Metawee stated, saying MG has implemented 80 percent of the first phase and 60 percent of the second phase, with investments exceeding 400 million Egyptian pounds ($22.3 million).
