Egyptian developer Wadi Degla Company has won a tender to develop Magawish village, located a few kilometers off the coast of Hurghada. The village, owned by state-run Misr Travel, is on area of 800.000 feddans.
The project to develop Magawish village is with investment cost of 3 billion Egyptian pounds (US$383 million).
Maged Helmy, the company’s CEO, said the Magawish project is considered to be an added value to the Egyptian tourism industry thanks to its unique location.
Works in the village is to start as soon as possible, Helmy added.
The project is one of the partnership projects with the Egyptian government. It is expected to generate total revenues of 2.3 billion pounds.
Within three years, Wadi Degla will deliver Misr Travel 4-star two hotels, of 200-room capacity in Magawish, Ras El Hekma, Sidi Abdel Rahman, or Ain Sokhna.
