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Madaar plans EGP 15bn investments in Azha Ain Sokhna

Madaar plans EGP 15bn investments in Azha Ain Sokhna
Red Sea resort

By: Abdullah Bedeir

Cairo – Mubasher: Madaar Development is planning to invest EGP 15 billion in the Azha project, spanning over 404 feddans (1.7 million square metres), in Ain Sokhna, the CEO, Gasser Bahgat, said.

The property developer targets EGP 18 billion in total contractual sales, Bahgat revealed in a press conference on Monday.

A total of EGP 3 billion has already been invested in the project, with additional EGP 1.5 billion expected to be injected in 2021, he added.

Madaar has achieved about EGP 6 billion in contractual sales until now, Bahgat noted, expecting generating EGP 2.5 billion in sales the next year.

The CEO further revealed that the company plans to invest EGP 5 billion in establishing seven hotels in the project with 1,500 rooms.