Kuwait’s MA Kharafi Group has announced that its $2 billion Port Ghalib project in Egypt will have a total of 23 internationally renowned chain of hotels by the end of the second phase.

Currently there are four already operating hotels including ‘The Palace’ by Intercontinental, ‘The Oasis’ and ‘The Sands’ by Crowne Plaza and ‘Marina Lodge’. In addition, a substantial residential offering has also been built and is ready for occupation.

“The tourism industry in Egypt is experiencing a steady growth and we are expecting a large turnout from across the globe over the next two years. This prompted us to increase the number of hotels on our property and we are delighted to state that Port Ghalib will have 23 world class hotels,” said Ibrahim Saleh, vice president of the Kharafi Group – Egypt.

When complete, phase one of the development will also have a yacht club, and several entertainment facilities and services.

The project is now over 40 per cent complete. There are currently a wide range of studio, one, two and three bedroom apartments and villas available at Port Ghalib, with prices starting from $117,000. The homes vary in size from the 517 sq ft studio apartments to the 3391 sq ft Arabian Villas. All come fully furnished coupled with all the housekeeping services.

Port Ghalib International Marina is also the first official international tourist port of entry into Egypt and has been operational since 2002 accommodating up to a staggering 1000 yachts of up to 60 metres in length.

“In addition to investments in service, retail and entertainment businesses, Port Ghalib holds a number of other investment opportunities. These range from participatory opportunities with the main developers in core project components, to land purchases for secondary developers of resort hotels and residential communities,” added Ibrahim Saleh.

MA Kharafi Group, the master developer, is an international conglomerate based in Kuwait with over 50 years of experience in engineering; construction; tourism; leisure and hospitality; banking and investment; real estate and infrastructure development; aviation and food industries.

Port Ghalib is the first integrated community that is being developed by the master developer, with a total area of 8 million sqm. The MA Kharafi Group owns a total area of 30 million sqm, stretching along 18 kilometres of virgin shoreline.

“Port Ghalib can be easily accessed through the Marsa Alam International Airport which is just a few kilometres away from the resort and offers direct flights to a number of European countries including the UK, Germany, Italy, Russia and France. Port Ghalib is also easily accessible by sea, via the new Port Ghalib International Marina, and by road,” added Ibrahim Saleh.-TradeArabia News Service