Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    SCZONE showcases investment opportunities to eight Japanese companies    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Wadi Degla wins bid to develop 800,000 sqm village
Revenues going to Wadi Degla will amount to EGP 1.1bn
Published in Daily News Egypt on 08 - 11 - 2015

Wadi Degla Developments (WDDs) won a contract to develop Magawish Village in Hurghada, the company announced Sunday.
Chairman Maged Helmi said investments will total EGP 3bn.
"The project, which relies on a form of partnership, obligates WDDs to develop the village, which is owned by Misr Tourism, in return for a specified amount of money (cash share) or a contribution in kind," the company said.
"The total revenues expected from the project amounts to EGP2.3bn, out of which EGP 1.2bn is made up of cash as well as shares in kind, will go to Misr Travel."
The village will be renovated along with all the existing facilities and establish tourist units, entertainment, and trading services. WDDs will also build four star hotels with a 200 room capacity over a three year period.
"An EGP 30m advance will be forwarded to WDDs upon receiving the award letter," Wadi Degla said. "Another EGP 75m will be given to Misr Travel this fiscal year and EGP 640m in the span of five years."

During the Cityscape conference in September, Wadi Degla announced two new projects, one in Ain Sokhna and another in New Cairo.

A new residential project in New Cairo is expected to contain 14,000 units over 2.5m sqm with total investments of EGP 13bn. Revenues from the project are expected to total EGP 20bn.
The project will be implemented in four years and will be developed over four stages. Its main target is middle-income citizens, who represent the largest growing demand for housing in the country.
The Ain Sokhna project, called Morano, will be constructed over a 470,000 sqm area and contains 2,000 units that vary from apartments, villas, and duplex units. The volume of investment amounts to EGP 1.5bn. The project also comprises a four-star hotel with a 110-bed capacity.
The real estate company is seeking to grow by 60% by the end of 2015.
Wadi Degla Developments' projects are divided into two groups: resorts and residential projects. The resort projects of the company include the project of Marina Wadi Degla, on an area of 628,335 sqm, 132,892 sqm of which are for the buildings.
That project started in 2005 with 1,298 units and achieved a volume of sales amounting to 100%. The company also has the Blumar Sidi Abd El-Rahman project on an area of 273,211 sqm, 119,380 sqm of which are for the buildings, with 914 rooms. That project was launched in 2008 and achieved a sales rate of 89%.


Clic here to read the story from its source.