Egyptian real estate developer Misr Italia Properties recently signed a EGP 1.3bn agreement with REDCON Construction for contracting and construction work on the Solaré Ras El Hekma project. Involving 386 feddans at kilometer 199 west of Alexandria, this initiative aligns with the company’s efforts to support the Northwest Coast development plan and enhance the real estate sector’s contribution to the national economy.
According to the agreement, REDCON Construction will complete the contracting and construction works for the project within 18 months from the date of signing.
Mohamed Khaled El Assal, CEO and Managing Director of Misr Italia Properties, stated that the Solaré project aims to increase Egypt’s hotel capacity and offer an integrated experience for customers through a unique real estate product, attracting both Egyptians and international tourists. This initiative is expected to boost the country’s tourism revenues. Since its launch 11 months ago, the Solaré project has achieved significant sales, with a total investment of EGP 54 billion, and has seen growing demand from customers.
Tarek El Gamal, Chairman of REDCON Construction, emphasized the shared vision between REDCON and Misr Italia Properties, enhancing the real estate sector’s contribution to the national economy and delivering projects of international quality to the Egyptian market.
REDCON Construction boasts a diverse portfolio, including 11 projects on the North Coast. El Gamal highlighted the need for more contracting companies in Egypt, particularly in the Ras El Hekma area, to meet the growing demand for new projects continuously being announced.
