Cairo – Mubasher: Abu Soma Development Company, the developer of Somabay, and REDCON Construction teamed up to implement a series of major construction projects in the Red Sea region at an investment of EGP 1.70 billion.

The memorandum of understanding (MoU) covers several residential and commercial developments at Somabay, including Blanca, Bay West Valley, Bay Central, Reef Town, Coves 2, and Nautilus.

The agreement encompasses several fast-track developments including restaurants, beach clubs, schools, and various other facilities besides the residential projects, according to a press release.

Under the joint deal, REDCON Construction will establish a dedicated Building Information Modeling (BIM) unit for the Red Sea region to facilitate the management and execution of all projects.

Ibrahim El-Missiri, Group CEO Of Somabay, noted: “This partnership aims to accelerate the development of over 2,000 residential units and multiple luxury hotels, further solidifying Somabay’s status as a leading integrated resort and residential community on the Red Sea.”

“The projected work volume this year is about EGP 500 million, expanding to EGP 1.20 billion in 2025. Additionally, this partnership is also poised to extend into subsequent years, contingent upon the successful execution and satisfactory performance by REDCON Construction,” El-Missiri added.

Tarek El-Gamal, Chairman of REDCON Construction, said: "The success of this joint cooperation will positively impact REDCON Development's operations in the Red Sea region, in line with our vision of driving innovation and excellence in every project we undertake.”