Tatweer Misr in­vests EGP 16bn in Il Monte Galala in Ain Sokhna

The Daily News Egypt - - FRONT PAGE -

By Shaimaa Al-Aees Ahmed Sha­l­aby, CEO of Tatweer Misr, re­vealed that the in­vest­ment cost of its Il Monte Galala project in Ain Sokhna in­creased to reach EGP 16bn as a to­tal cost un­til project com­ple­tion.

Sha­l­aby ex­plained that this increase in cost is due to the float­ing of the Egyp­tian pound, com­pared to EGP 8bn at the be­gin­ning of the project.

He added that the to­tal in­vest­ment di­rected to the project since its launch un­til now reached

EGP 4bn.

Sha­l­aby added dur­ing a tour of Il Monte Galala’s site that the com­pany plans to de­liver the first part of the project’s first phase by De­cem­ber 2019 with a to­tal of 24 units.

Sha­l­aby pointed out that the whole phase will be de­liv­ered in 2022 with a to­tal of 3,600 units of var­i­ous ar­eas.

“The com­pany aims at speed­ing up the rates of im­ple­men­ta­tion of the project to com­ply with the con­tract’s schedule.The com­pany has di­rected EGP 2bn dur­ing the cur­rent year,” Sha­l­aby noted and fur­ther elab­o­rated,“it is planned to es­tab­lish elec­tronic lifts and trans­port to link all parts of the project and con­nect them with the sea.Also, in­dus­trial lakes are be­ing de­vel­oped by Crystal La­goons com­pany.”

He com­mented that the project is planned to be among the most im­por­tant tourist des­ti­na­tions at the lo­cal and global level, which pro­vides a range of in­te­grated ac­tiv­i­ties and ser­vices.

The com­pany has al­ready mar­keted 60% of the project’s first phase, Sha­l­aby said, adding that 50 units of the first phase were sold to for­eign­ers.

He an­nounced that the com­pany tar­gets mar­ket­ing 25% of the project’s to­tal units to for­eign­ers.

In Fe­bru­ary,the owner of Il Monte Galala and Fouka Bay,Tatweer Misr, of­fi­cially part­nered with Liver­pool FC to market its coastal projects to for­eign­ers.

Il Monte Galala is spread over an area of 2.2m sqm and will in­clude three ma­jor entertainment ar­eas.

Ahmed Sha­l­aby, CEO of Tatweer Misr

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