By: Abdullah Bedair

Cairo - Mubasher: The Land Developers (TLD) plans to invest EGP 500 million in a residential project in Red Sea Governorate’s Sahl Hasheesh.

The project spans 10.70 feddans (45,000 square metres) and includes 85 villas and 60 hotel units, TLD Chairman and CEO, Ahmed El-Tayebi, said in a recent press conference.

So far, TLD’s portfolio has reached EGP 4 billion with a 52-feddan land portfolio, El-Tayebi revealed, adding that the company aims to expand during the coming period in tandem with the state’s urban development efforts.

For his part, Omar El-Tayebi, TLD’s Chief Operating Officer (COO), stated that the project’s construction work will commence next month with an expected business volume of EGP 200 million during 2023 and is set to complete within five years.

The project will drive real estate export, boost tourism, and attract foreign capital, the COO noted.