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Egyptian real estate developer Emtelak is planning to carry out a tourist hotel project in Ain Sokhna, around 120 kilometres (74.5 miles) east of Cairo, its managing director Sunday.
Ziad El Emam further said his company obtained a land plot of 120 feddans to carry out the project which would be with investment cost nearing 1.6 billion Egyptian pounds ($180.2 million),
The project will be carried out under the private-public-partnership system (PPP) in cooperation with one of the property developers, El Emam added.
Emtelak will develop and promote the project in return for a portion given to the company that owns the land, he said.
