Misr Italia Properties has completed 35 percent of the work on a new LE2 billion project in Suez’s Ain al-Sokhna, the company’s Chairman Hany El Assal said, according to Egyptian website al-Borsa. The project includes the establishment of a 180-room hotel and 300 housing units for tourists. Misr Italia Properties, which funds the project, anticipates finishing construction in the next three years, Assal added, clarifying that building for the project is being done on a 150,000 square kilometer plot of land. The Ras al-Hekma project includes the construction of a 200-room hotel, as well as 2,000 housings units for tourists, coming in at a cost of LE7 billion. Construction of Egypt’s first-ever “vertical forest” is part of the IL Bosco project in the New Administrative Capital.

Source: Egypt Independent November 20, 2019 12:11 UTC