Gulf Egypt for Hotels and Tourism has announced a mixed-use tourism development in Sharm El Sheikh valued at more than EGP 20bn.
The project covers about 354,458 square metres with 750 metres of beachfront near Sharm El Sheikh International Airport. It will include a luxury hotel, two branded residential communities, an internationally branded beach club, and facilities for retail, leisure and wellness.
Gulf Egypt signed a cooperation protocol with Al Montazah Tourism & Investment Company to acquire the land after completing planning studies. It also engaged HVS and JLL to provide market research and master planning support.
Tarek Elshazly, CEO of Gulf Egypt, said the company aims to create integrated destinations that align with Egypt’s tourism plans. Sameh Shoaib of Al Montazah noted the partnership will advance tourism infrastructure in the area. The announcement coincides with Gulf Egypt’s 50th year in the Egyptian market.