Metawee Group, a leader in real estate and tourism investments in Egypt, has launched a new project valued at EGP750 million ($95.4 million) and featuring 700 residential resort units, a report said.

The project named “Blue Blue” is located in Ain Sokhna over an area of 121,000 sq m and the residential units will range from 100 sq m to 300 sq m in area, according to the Daily News Egypt report.

The project is self financed, Mohamed Metawee, CEO of the group, was quoted as saying in the report.

Metawee added that the project will utilise 120 supervisors and engineers until completion, while 5,000 daily jobs will be offered during project operations.

Metawee said the registration for the project starts this month, offering instalments starting from 10 per cent, with payments made over up to five years.

The delivery will take place within three years, whereby the project is divided into four areas, including: Lake View; Water Front; Sea View; and Island, the report said.