Saturday, January 28, 2017

Egyptian group Abu Soma plans Red Sea resort

Egypt-based Abu Soma Development Company has signed contracts worth E£300 million ($19.4 million) for the construction of Sheraton Soma Bay Resort which will come up on the Red Sea coast, said a report.

Some of those contracts worth E£200 million pounds were signed earlier this month; while others signed late 2016, reported Amwal Al Ghad, citing its top official.

The resort will also comprise 200 units including villas, apartments as well as chalets with spaces ranging between 100 and 400 sq m, revealed CEO Ibrahim El Missiri.

The company has already developed 2.5 million sq m out of 10 million sq m of land at Soma Bay and is poised to completely develop the resort within the next ten years, noted El Missiri.

Soma Bay will consist of five hotels; the Westin Cairo Golf Resort and Spa, Katameya Dunes, the Breakers Diving and Surfing Lodge, Robinson Club Soma Bay, and Kempinski Hotel Soma Bay, he added.

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