Crystal Lagoons involved in $5bn worth of projects in Egypt
With 13 contracts signed, and 10 at various stages of negotiation, Crystal Lagoons has revealed that it is involved in $5bn worth of projects in Egypt
Crystal Lagoons has revealed that it is currently involved in $5bn (EGP89.9bn) worth of projects in Egypt.
The artificial lagoon manufacturer has signed a total of 13 contracts in the country, and is in the process of negotiating 10 others in Cairo, the North Coast, Ain Sokhna, and Hurghada.
Owing to Egypt’s status as Crystal Lagoons’ top market in the Middle East and North Africa (MENA) region, the firm plans to open its new regional headquarters in the country later this month.
Carlos Salas, Crystal Lagoons’ MENA regional director, will have responsibility for the new base. Commenting on the move, he said: “Egypt is a key market for us and, as such, we have opened new headquarters in Cairo to facilitate the huge number of projects and deals we are currently working on with Egypt’s most prominent developers.”
Crystal Lagoons’ current Egyptian development portfolio includes a large-scale installation on Bo Island. The company’s biggest project in Egypt to date, this contract will involve the construction of 32ha of artificial lagoons within Maxim Real Estate’s $1.8bn (EGP32.3bn) mixed-use community. Phase 1 of the project will cost an estimated $455m (EGP8.2bn) to develop, and is expected to complete in Q1 2018.
The company is also working on a $250m (EGP4.5bn) contract in Egypt’s Sokhna mountain range; a project within Tatweer Misr’s $117m (EGP2.1bn) Fouka Bay development; and its second Sharm installation, following the completion of its Guinness World Record-holding $500m (EGP9bn) Citystars Sharm El Sheikh lagoon.
Crystal lagoons currently boasts more than 600 projects in 60 countries around the world.