Egypt-based Abu Soma Development Company has signed contracts worth E£300 million ($19.4 million) for the construction of Sheraton Soma Bay Resort which will come up on the Red Sea coast, said a report.

Some of those contracts worth E£200 million were signed earlier this month; while others were signed late 2016, reported Amwal Al Ghad, citing its top official.

The resort will also comprise 200 units including villas, apartments as well as chalets with areas ranging between 100 and 400 sq m, revealed CEO Ibrahim El Missiri.

The company has already developed 2.5 million sq m out of the 10 million sq m of land at Soma Bay and is poised to complete the development of the resort within the next 10 years, noted El Missiri.

Soma Bay will consist of five hotels; the Westin Cairo Golf Resort and Spa, Katameya Dunes, the Breakers Diving and Surfing Lodge, Robinson Club Soma Bay, and Kempinski Hotel Soma Bay, he added.