Cairo – Mubasher: Orascom Construction and Eagle Hills Properties signed a development agreement worth EGP 1.92 billion to carry out the first phase of the Soul Luxury Beach Resort.
The construction and implementation hold a duration period of 34 months from the project’s initiation date, according to a press release.
Located on the North Coast, the Soul project spans 20 kilometres (km) of waterfront, with a five-star hotel resort, villas, and residences.
The development scheme also includes a fitness club and fine-dining restaurants that provide valuable experience for the residents.
Osama Bishai, CEO of Orascom Construction, said: “This is an exciting new project that will be a major contributor to the development of Egypt’s North Coast and tourism sector.”
Bishai added: “We are also pleased to reinforce our position as the leading [engineering, procurement, and construction] EPC player in the transformation of Egypt’s North Coast into a global destination, with projects across all major infrastructure and commercial sectors including hospitality, real estate, water, and transportation.”
Mohamed Al Abbar, Chairman of Eagle Hills, commented: “We are determined to introduce a new and unparalleled concept of leisure tourism in Egypt, which will support the government’s efforts to develop the Tourism and Hospitality sector, especially in the North Coast region.”
Al Abbar also underlined that the company aims to scale up its projects in Egypt in line with the government’s objectives to promote investment in the Arab Republic.
During the six-month period that ended on 30 June 2023, Orascom Construction generated $132.90 million in consolidated net profit, an annual rise from $40.50 million, including minority interest.
