After Ras El Hekma… Partnerships between businessmen in Egypt on the North Coast

United Arab Emirates Dubai (CNN)– Egypt’s high businessmen have turned to forming partnerships to develop residential and tourism tasks within the northwest coastal area, to reap the benefits of the rising demand for the world, which has turn out to be the costliest in Egypt, with a median worth per sq. meter within the vary of 80-100 thousand kilos ($1,708-2,135), amongst … Count on new heights throughout the summer season season.

This comes after The Egyptian authorities introduced {that a} contract was signed with corporations linked to the Emirati sovereign wealth fund to develop the Ras Al-Hikma space. On an space of ​​greater than 170 million sq. meters, for $ 35 billion, divided between $ 24 billion, which was paid in two installments, the primary week after signing the contract , and the second final week, with the receipt of Emirati investments value $ 11 billion to be transformed into Egyptian kilos to be used in main tasks in Egypt.

Businessman Mohamed Abu Al-Enein, Chairman of the Board of Administrators of the Cleopatra Group, stated that the northwest coastal area of Egypt is exclusive as a result of it has many aggressive benefits that need to be a horny vacation spot for world tourism, whether or not he’s probably the most stunning. seashores on this planet that overlook the Mediterranean Sea or a temperate local weather many of the yr, including to the world being the primary vacation spot for vacationers European tourism within the coming interval, particularly after the signing of a contract to develop the Ras El Hekma space, and the implementation of enormous tourism tasks within the area able to attracting vacationers from the excessive revenue sector ..

In 2020, the federal government launched the strategic plan undertaking for the northwest coast, which incorporates 6 fundamental growth areas: El Alamein, Al-Hammam, Sidi Abdel Rahman, El-Dabaa, Ras El-Hikma, East Matrouh, West Matrouh, El-. Negila, and Salloum The plan goals to draw loads of native and overseas investments. To ascertain city communities and agricultural and coastal growth tasks, in accordance with an official assertion.

Abu Al-Enein, in particular stories to:CNN In Arabic, the Cleopatra Group is implementing a significant undertaking within the northwest coast area with a complete funding exceeding 80 billion kilos ($1.7 billion), which incorporates in its first part a home 5-star resort able to function throughout the present summer season season It’s anticipated to obtain company from inside and outdoors Egypt, which can increase the revenue from tourism to Egypt, the undertaking can be developed within the second and third phases in partnership with Palm Hills Growth Firm, with businessman Yassin Mansour, to create a global residence. and tourism undertaking..

Based on a specialist report by The Energy Consulting Firm, the gross sales quantity of the ten largest actual property corporations in Egypt reached 235 billion kilos ($50.2 billion) within the first quarter of 2024, a development fee of 217% in comparison with the identical final quarter . yr, and the variety of items bought elevated to 18.3 thousand items within the first quarter of this yr, with an annual development fee of 51%, and common costs reached 13.5 million kilos ($288.3 thousand) per unit , an annual improve of 115%.%.

For his half, the Chairman of the Development Committee and Vice-President of the Egyptian Businessmen’s Affiliation, Fathallah Fawzi, stated that there’s a rise within the demand for land​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​for land within the north coast to develop residential and tourism tasks to satisfy the demand of the world, which has elevated considerably over the previous two years, in order that corporations The event has achieved larger gross sales in the summertime of 2022 and 2023, including that the Ras El Hekma Metropolis deal added to rising demand for the world, particularly as town plans to turn out to be a vacationer vacation spot that features an airport and marina yacht to obtain vacationers from completely different international locations of the world..

Based on an official assertion, the variety of investments within the growth of Ras El Hekma Metropolis, which has an space of ​​greater than 170 million sq. meters, will attain $ 150 billion throughout the years of undertaking growth, and can embody an airport between -national. and a marina. the brand new city of Ras El Hekma.

Fawzi, in unique statements to:CNN In Arabic, the primary Egyptian actual property growth corporations have tended to kind partnerships with landowners within the North Coast area to develop large-scale residential and tourism tasks within the area, whereas ‘ reap the benefits of the price of shopping for land to develop tasks rapidly, ship them. items for purchasers on time, and meet the demand for the world..

He stated the value per sq. meter on the coast is the costliest in Egypt and is between 80-100 thousand kilos ($1708-2135) in comparison with a number of different actual property growth locations such because the Administrative Capital It reached 40 thousand kilos ($854.4), and Mostaqbal Metropolis 50 thousand kilos ($1,067), and New Cairo 80,000 kilos ($1,708), including that the return on actual property funding in coastal tasks is the best peak in Egypt..

Native media reported stories of the intention of two businessmen, Yassin Mansour and Kamel Abu Ali, to enter right into a partnership to ascertain a tourism undertaking on the northern coast, and a Saudi firm is planning one other undertaking developed in partnership with an Egyptian firm..

Fathallah Fawzi anticipated that the common worth per meter within the North Coast tasks in the summertime season of 2024, which can begin within the coming days, will rise between 80-120 thousand kilos ($2,135-2,563 ), as a result of excessive demand in an space to acquire a excessive return on actual property funding.