Emaar of the UAE and Saudi Arabia's Golden Coast launch project in Egypt
Over 10 million square meters, with expected investments of approximately EGP 900 billion
Emaar Properties of the UAE and Saudi Arabia's Golden Coast signed a contract to develop the Soma Bay project on the Red Sea coast in Egypt, covering an area of approximately 10 million square meters.
Emaar Misr for Development clarified in a disclosure to the stock exchange today that its joint project with Golden Coast Hotels and Tourist Villages in the Red Sea region has expected investments of approximately EGP 900 billion.
Fahima Zayed, our correspondent in Cairo, said that the project includes the construction of hotels and tourist resorts as part of Egypt's plans to develop areas in the Red Sea and the North Coast. Last February, the company announced that Sky Tours Real Estate Development, in which Emaar Misr Development is a shareholder, signed a strategic partnership agreement with Golden Coast Hotels and Tourist Villages to develop an integrated tourism project in the Red Sea.
In another context, the government is scheduled to launch the "National Narrative for Economic Development," Egypt's post-IMF economic vision until 2030, according to Fahima Zayed. The "Narrative" includes five main chapters, including macroeconomic stability, foreign direct investment, industrial development and foreign trade, labor market efficiency and flexibility, and regional planning for localizing economic development.
The "Narrative" serves as an economic reform program and a mechanism for promoting the pillars of the Egyptian economy. It reflects policies and structural reforms that support growth and attract investment, highlights promising opportunities, and translates structural reform priorities into a consistent set of quantitative targets within the macroeconomic framework by 2030, according to statements made by Egyptian Planning Minister Rania Al-Mashat last week.
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