The contract for the development of Soul Luxury Beach Resort on Egypt’s north coast is valued at 1.9 billion Egyptian pounds ($61.4 million), Orascom Construction said in a statement on Tuesday.
The deal “signifies a commitment … in constructing and bringing to life parcels 3 and 4 (Flow – Breeze) within phase 1A of the resort, to be completed in 1,020 days,” the company said.
Orascom Construction is an engineering and construction contractor primarily focused on infrastructure, industrial and high-end commercial projects in the Middle East, Africa, and the US. It is dual-listed in the UAE and Egypt.
The company has also developed other projects on Egypt’s north coast including Al Alamein Hotel and the Marassi Marina Yacht Club.
"This is an exciting new project that will be a major contributor to the development of Egypt’s North coast and tourism sector,” Osama Bishai, chief executive of Orascom Construction, said.
Egypt aims to attract more visitors to the country and support its tourism sector. It is offering a multiyear visa for the first time and adding more nationalities to visa-on-arrival eligibility, Ahmed Issa, Minister of Tourism and Antiquities, said in March.
The developments are part of a strategy to boost tourism, a crucial source of foreign currency and jobs for Egypt’s economy, which has suffered from the fallout of the Covid-19 pandemic and the Russia-Ukraine war.
The country, which attracted 11.7 million tourists last year, seeks to boost that number by 25 to 30 per cent annually and reach 30 million by 2028.
Eagle Hills, a private developer, has projects in a number of countries, including the UAE, Egypt, Serbia, Bahrain, Morocco, Oman and Jordan, among others. Mohamed Alabbar, founder of Emaar Properties, is the chairman of the company.