Misr Italia Properties commits US$206M to hospitality in Solare Ras El Hekma North Coast development

EGYPT – Egypt’s Misr Italia Properties (MIP) has committed an investment of 10 billion Egyptian pounds (US$206 million) towards the hospitality component of its ambitious Solare Ras El Hekma project on the North Coast.

The announcement was made by CEO and Managing Director Mohamed Khaled El Assal during a media briefing.

The vast development spans 400 acres and includes a total of 3,000 residential units, of which 1,000 will be serviced units integrated with the hospitality offerings.

Construction began in October 2024 and the project has already reached around 15 percent completion, underlining steady progress in delivering this large-scale coastal investment.

El Assal revealed that portions of the hospitality segment are expected to become operational by 2026, providing guests with premium accommodation options amid the scenic North Coast.

Meanwhile, the first residential units are scheduled for handover beginning in 2027, signaling phased completion designed to meet market demand.

A notable highlight is that MIP is actively negotiating with globally recognized hotel operators for managing the upcoming hotel units within Solare.

The project will feature three hotels, with brand announcements anticipated soon, further enhancing the destination’s luxury appeal.

The entire Solare Ras El Hekma development carries a total investment of 30 billion Egyptian pounds (US$618 million) and will be fully self-financed by MIP, reflecting strong confidence in the project’s long-term potential.

Specifically, the company has allocated EGP 1.5 billion (US$31 million) for construction activities slated for 2025.

Last year, contracts covering 100 acres of the master plan were awarded to Redcon Construction, which is managing critical building works for the project’s initial phases.

The development benefits from collaboration with international and local design firms, including EDSA and Whitespace Architecture for master planning, urban design, and landscaping, alongside Synthetic and Design Avenue contributing architectural expertise.

MIP’s approach combines innovative design with careful integration of local talent, aiming to establish Solare as a premier coastal resort destination that appeals to both domestic and international visitors.

With its considerable investment and strategic partnerships, Misr Italia Properties is poised to further elevate Egypt’s North Coast hospitality sector, enriching its tourism infrastructure and boosting the regional economy.

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