Ibrahim El-Missiri, Somabay Group CEO, stated that the company has recorded sales of EGP 7bn so far, with expectations to reach EGP 8.5bn by the close of 2024.
El-Missiri told Daily News Egypt that the company plans to invest between EGP 2.5bn and EGP 3bn this year.
He said that around 3,500 residential units have been sold, with about 800 already delivered, while the remaining units are still under construction, according to El-Messiri. He also mentioned that the company aims to deliver an additional 500 units by the end of this year.
Somabay announces its partnership with Wander Commercial Development to develop, manage, and operate a new commercial hub across the bay. The project is expected to be completed by 2025, serving as a vibrant hub during the renovation of the marina area.
The new commercial project in Somabay, Red Sea, is designed to provide a diverse range of offerings, including retail spaces, food and beverage outlets, workspace solutions, and hospitality services, including good days expansion catering to the needs of Somabay’s community.
He noted: “This project reflects our strategy to enhance the experience of our residents and visitors by providing them with a modern, diverse, and vibrant destination. It will not only complement the unique offerings of Somabay but also serve as a central point of connection and convenience, ensuring our community has everything it needs in one place.”
Salah Eldin El-Mahallawi, Co-Founder and CEO of Wander Commercial Development said: “We look forward to delivering an unparalleled commercial experience in Somabay, which is already recognized as a prime destination for luxury and community living.”
This new commercial development in Somabay will enhance the destination’s offerings and provide a convenient and connected space for the community, further elevating Somabay’s appeal as a top destination for residents and visitors alike.
Spread across 10 million square meters and encircled by the sea on three sides, Somabay is a self-sustaining coastal community.
