Dh60b Red Sea project unveiled by Damac
Dubai-based property developer Damac Properties recently unveiled a Dh60 billion residential and tourism township on the Red Sea coast of Egypt, signifying the firm’s foray into the country.
Gamsha Bay has been billed as the largest township development in the Middle East, according to Khaleej Times. Spread across 320 million square feet, and located 80km north of Hurghada town, the project comprises 5,000 villas, an 18-hole golf course and a marina.
"We at Damac are delighted to enter this exciting new market, and are grateful to the Egyptian government for their confidence in us, lending their support and enabling our vision for Egypt," said Damac Group's chairman Hussain Sajwani.
"Gamsha Bay, with its environmentally conscious design, innovation and architecture will surely set a benchmark for the real estate marketplace in the region and will further influence economic development," he added.