Damac pushes plans in Egypt

Damac Properties has announced its first foray into Egypt with the US $16.3 billion (AED60 billion) Gamsha Bay development.

Damac Properties has announced its first foray into Egypt with the US $16.3 billion (AED60 billion) Gamsha Bay development.

The 29.7 million m2 project, located along 39km of coastline and close to Hurghada, Sharm El Sheikh and El Gouna, will include a mix of housing, entertainment venues and recreational facilities along with a theme park.

The project will be built in five phases over 10 years, with the initial components of the first phase expected to be completed within the next five years.

“Damac is delighted to enter this exciting new market, and is grateful to the Egyptian government for their confidence in us,” said Hussain Sajwani, group chairman, Damac.

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