Cairo – Mubasher: Marsa Marsa Alam for Tourism Development said it plans to develop a tourism project in North Cost, worth EGP 70 million.

The firm said it is in the middle of preparing the feasibility study to determine the project's final estimated cost following the recent remarkable devaluation of Egyptian pound against the US dollar.

Meanwhile, the firm said it bought a land plot spread over 2 acres at Sidi Abdel Rahman that is most famous for its beach located 132 km west of Alexandria and some 30 km west of Al Alamin.

The firm is working on obtaining the required permits as well the approval of Marsa Matrouh governorate to begin establishing the project, which is expected to be completed within 3 years.

The project will comprise 130 residential units, in addition to 90 hotel rooms.