Damac to invest Dh60b in Egypt development

Dubai: Dubai-based developers Damac Properties will invest Dh60 billion in Egypt to set up the region's largest development, Gamsha Bay, a 320 million square foot project.

Egyptian Minister of Tourism Zoheir Garranah and Hussain Sajwani, Chairman and Founder of Damac Holding Group, signed a construction agreement during the Arab Strategy Forum in Dubai in the presence of Egyptian Prime Minister Dr. Ahmad Nadeef.

Gamsha Bay, 60 km north of Hurghada, will offer residents a wide array of housing, entertainment venues and recreational amenities including an innovative extreme sports adventure theme park.

The project will be divided into 9 zones - Gamsha Marina, Marina Park, Coral Golf Course, Sea View Crescent, Creek Retreat, Gamsha Bay, Peninsula Luxury Villas, Downtown Gamsha and Extreme Sports World Theme Park. It will be built in five phases over 10 years, with the initial components of the first phase completed within the next five years.

"Damac is delighted to enter this exciting new market, and is grateful to the Egyptian government for their confidence in us," said Hussain Sajwani, Damac's Group Chairman.

"The Gamsha Bay project will offer residents an open scenic environment with 39 km of coastline and 25 km of beaches, Customers will have over 55,000 units that include villas, townhouses, retail establishments, shopping centres, marinas, apartments and several other amenities to choose from," he added.

"I am sure this world class development will boost the economy of this region and create new attractions for tourists. The other important aspect of this project is on the employment front as this mega project will require several hands to put the masterpiece together," added Sajwani.

Gamsha Bay will include spa resorts, a world class golf course, a marina village, educational facilities, cinemas, shopping boulevards and scuba diving facilities. "Gamsha Bay, will set a benchmark for the real estate marketplace in the region and will further influence economic development," he added.

"Within driving distance of Cairo, and close to Sharm Al Shaikh, Hurghada and El Gouna, Gamsha Bay will offer the very best of Egypt - with its coral reefs, hills and beautiful coastline," Sajwani said.