Hamptons International, the Dubai-based global property services company, has partnered with Egypt-based Kimidar Group to serve as the exclusive UAE agent for the company’s residential tourism project in Egypt.

Hamptons will initially launch the up-and-coming Golden Park Resort & Spa, which is already 60 per cent complete, to customers through a roadshow planned in March in Dubai.

Located on the Red Sea Riviera Coast in Golden 5 City, Hurghada, Golden Park Resort & Spa comprises a collection of residences developed to world-class standards in an integrated neighbourhood featuring varied lifestyle amenities.

Also, Hurghada is one of the leading holiday destinations in Egypt, with its natural splendour and marine leisure pursuits adding to its appeal.

“Our partnership with the Kimidar Group complements the expansion plans of Hamptons in Egypt, where we will soon be opening a corporate sales office,” said Nasser Abdul Rahman Rafi, managing director, Hamptons International – Middle East.

“Through the exclusive partnership for the UAE, we are further strengthening our product portfolio and offering Kimidar Group the opportunity to showcase their projects to a wide customer base of high net worth individuals. With the Resort already being 60 per cent complete, it represents a secure investment in an off-plan environment,” he added.

“The Golden Park Resort & Spa is the first of several Red Sea based projects being developed by Kimidar Group,” Rafi continued.

“The unique location in Hurghada, the world-class diving and the lifestyle amenities will suit the requirements of residential tourism clients, which continues to grow led by the potential for tourism offered by Egypt.

“A key emerging market in North Africa, Egypt promotes residential property sector through investor-friendly legislations including safe title deeds. With current estimates of 20 per cent per annum capital appreciation, properties by the Red Sea also assure excellent rental yields and long-term value. Each owner is offered a fully furnished home with a guaranteed rental of seven per cent for at least five years.”

Mohamed Kamal Aboul Khier, chief executive officer, Kimidar Group said: “Kimidar Group has a long-history of association with the Egyptian tourism sector, and our expansion to leisure-driven property is aimed at leveraging on the potential offered by the residential tourism market.

“The Egyptian government, through several public and private ventures, is shaping a new tourism dynamic in the Red Sea region. Several golf courses, marinas and other lifestyle amenities are being developed apart from large investments in developing the infrastructure.

“Hamptons International has established itself as one of the premier property service companies in the Gulf region, and its international network of customers gives us immediate access to high net worth investors.”

“The exclusive sales representation for the UAE will open doors to investors from the Gulf as well as Europe and Asia – a growing market for Egyptian residential tourism sector,” Khier noted.

In its recent report ‘Global Megatrends 2009,’ Ernst & Young has projected Egypt as one of the potential rivals to the BRIC (Brazil, Russia, India and China) nations in terms of growth potential offered. The country is also acknowledged as one of the least vulnerable economies to the global financial crisis.

Tourism is one of the pillars of the economy’s growth with a record 12.8 million tourists reported in 2008, up 15 per cent over 2007. It contributes $10.8 billion, accounting for 6.5 per cent of the GDP.

The growth of the educational sector has further supported the real estate market with attractive rental returns, while investments in air and land connectivity have further boosted tourism arrivals.

The Golden Park Resort & Spa builds on the country’s touri