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Home / NEWS / Abraj Misr launches $196.6m 'The Shore' in Egypt

Abraj Misr launches $196.6m 'The Shore' in Egypt

by Neha Bhatia on May 27, 2015


Ras El Hekma bay is situated around the Alexandria-Marsa Matrouh desert road.
Ras El Hekma bay is situated around the Alexandria-Marsa Matrouh desert road.

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Abraj Misr, an Egypt-based property developer, launched a resort project worth $196.6m (EGP1.5bn) for construction in the country’s Ras El Hekma area.

Ras El Hekma lies on Egypt's northern, Mediterranean coast,  260 km west of Alexandria. The nearest airport of note is at Marsa Matruh, 60 km to the west. The Shore project spans an estimated area of 72ha (180 acres).

Aly Rabie, chairman of Abraj Misr, told the Cairo Post: “The Shore comes in line with the Egyptian government's plans to develop the North Coast area."

“Owing to its vital location and unique architecture, The Shore presents a new vision for the seaside resorts in Egypt.”

Rabei remarked the project will revive the economy of the New North Coast area, developing its infrastructure and creating new jobs.

The Shore will include four housing neighborhoods; The Valley, Tuscany, Paphos and Malibu, designed in accordance with international standards, and inspired from Cyprian, Italian and California’s Malibu city.

The Egyptian construction market is set to attract invesments from regional and foreign investors as the country's fundamentals find takers in the global market. 

Sachin Kerur, head of Middle East operations for law firm Pinsent Masons, said: “There is a lot of liquidity around Egypt which is pent up, but hasn’t gone anywhere in a while."

“Egypt’s fundamentals have been well chronicled over time. The country has a massive population and acts as a transport hub through the Suez Canal. With the Canal, it can play into major areas in both, the Middle East and Africa. These factors are extremely important when considering the country’s scope for growth, and these fundamentals will accelerate investment into Egypt,” he explained.

 



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