Cairo – Mubasher: Misr Italia Properties is planning to launch a tourism resort in Ras Al Hekma, Marsa Matrouh this year, the company’s chairman said.
The project is being built with around EGP 6 billion to EGP 7 billion ($336-392 million) in investments, Reuters reported, citing Hany El Assal.
The company has obtained the project’s million-square metre plot of land in 2016, El Assal added.
He said that the resort will feature tourism units and recreational activities.
The Egyptian real estate firm is currently in talks with a number of banks to finance around 20% to 30% of the project and 50% of the units’ sale and the company will self-finance the remaining cost, El Assal highlighted.
