EGYPTIAN RESORTS INVEST IN SAHL HASHEESH

Egyptian Resorts has joined forces with Orascom Development to build a marina in Sahl Hasheesh.

The construction for the marina project will start in the fourth quarter of 2011 and already has reservations totalling $20 million after Egyptian Resorts started marketing the marina last year.

The news that construction is going ahead this year has attracted investors to Sahl Hasheesh. Egyptian Resorts have revealed they have spent 1.2 billion pounds on infrastructure work so far and plan to spend a further six billion pounds to upgrade infrastructure such as electricity grids and water plants.

Orascom Development and Management signed a nine year agreement in 2010 with Egyptian Resorts to develop a 2.5 million square metres of Egyptian Resorts land in Sahl Hasheesh.

The resort area, which is 11 miles south of Hurghada, will have 1,577 hotel rooms and 679 real estate units. Sahl Hasheesh is becoming a popular place for boutique hotels and residential developments such as the Ocean Breeze, Sun Gate, Paradise Gardens, Sunset Pearl and Mamma Mia Golf and Spa Resort.

Sahl Hasheesh is set to get a huge make-over and investors are seeing an opportunity to buy before the marina project is finished. Sahl Hasheesh has a 12km curved beach-lined bay which attracts thousands of tourists every year and more are predicted to visit the area once the marina project is finished.

Neil Hollingsworth, senior manager at Rivermead Global www.rivermeadglobal.com , commented: “Sahl Hasheesh is getting billions of pounds spent on its infrastructure and this is attracting many investors. Now is the best time to buy before the marina and golf courses are finished and the Old Town opened.”

Source: Reuters