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WATERFRONT DEVELOPMENT

Jumeirah Real Estate to launch $1.7bn Egypt project

CAIRO, July 14, 2016

Egypt-based Jumeirah Real Estate Investment & General Trading Company has joined hands with Sakan Developments to launch a major mixed-use waterfront project in the heart of Ras El Hekma bay on North Coast at an investment of E£15 billion ($1.68 billion), said a report.

The Jumeirah Bay Ras El Hekma project, to come up on a six million sq m area, will be developed in three phases and boast of seven diverse residential areas, reported Daily News Egypt.

The project will provide a total of 3,500 housing units surrounded by green spaces and open areas, it stated.

The Jumeirah Bay Ras El Hekma will offer a diverse and comprehensive range of services and facilities including a global luxury five-star hotel, marina park, shopping mall, popular market, private beach, swimming pools, restaurants, cafes, and a club on the beach.

Work is scheduled to begin in the final quarter of 2016. In the first phase, a total of 980 housing units will built and it will be handed over to the owners by December 2019, stated the report.

This project will contribute to revitalising the tourism real estate sector in Egypt, it stated.

Jumeirah chairperson Sherif Helyo said: "The project features a waterfront and a panoramic view of the sea and a 2,000 m long beach. It also will provide thousands of job opportunities and attract investments to develop this promising area."

A masterplan will be announced in due course with the schedule for the following stages, he added.




Tags: Egypt | project |

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