US$2 billion Port Ghalib project will have 23 internationally renowned chain of hotels
US$2 BILLION ‘PORT GHALIB’ PROJECT IN EGYPT TO HAVE 23 INTERNATIONAL HOTELS
Studio, one, two and three bedroom apartments and villas available at Port Ghalib, with prices starting from US$117,000
Dubai, UAE, June 13th, 2010: Kuwait’s M.A. Kharafi Group today announced that its US$2 billion Port Ghalib project in Egypt will have a total of 23 internationally renowned chain of hotels by the end of the second phase. Currently there are four already operating hotels including ‘The Palace’ by Intercontinental, ‘The Oasis’ and ‘The Sands’ by Crowne Plaza and ‘Marina Lodge’. In addition, a substantial residential offering has also been built and is ready for occupation.
“The tourism industry in Egypt is experiencing a steady growth and we are expecting a large turnout from across the globe over the next two years. This prompted us to increase the number of hotels on our property and we are delighted to state that Port Ghalib will have 23 world class hotels,” said Eng. Ibrahim Saleh, Vice President of the Kharafi Group – Egypt.
When complete, phase one of the development will also have a yacht club, and several entertainment facilities and services. The project is now over 40 percent complete. There are currently a wide range of studio, one, two and three bedroom apartments and villas available at Port Ghalib, with prices starting from US$117,000. The homes vary in size from the 517 sq.ft. studio apartments to the 3391 sq.ft. Arabian Villas. All come fully furnished coupled with all the housekeeping services. Port Ghalib International Marina is also the first official international tourist port of entry into Egypt and has been operational since 2002 accommodating up to a staggering 1000 yachts of up to 60 meters in length.
“In addition to investments in service, retail and entertainment businesses, Port Ghalib holds a number of other investment opportunities. These range from participatory opportunities with the main developers in core project components, to land purchases for secondary developers of resort hotels and residential communities,” added Eng. Ibrahim Saleh.
M.A. Kharafi Group, the master developer, is an international conglomerate based in Kuwait with over 50 years of experience in engineering; construction; tourism; leisure and hospitality; banking and investment; real estate and infrastructure development; aviation and food industries. Port Ghalib is the first integrated community that is being developed by the master developer, with a total area of 8 million m². The master developer, M.A. Kharafi Group, owns a total area of 30 million m², stretching along 18 kilometres of virgin shoreline.
As per published reports tourism accounts for approximately 6.6 percent of Egypt's GDP and almost a quarter of foreign exchange earnings. A majority of tourists are from Europe and the Middle East.
“Port Ghalib can be easily accessed through the Marsa Alam International Airport which is just a few kilometers away from the resort and offers direct flights to a number of European countries including the UK, Germany, Italy, Russia and France. Port Ghalib is also easily accessible by sea, via the new Port Ghalib International Marina, and by road,” added Eng. Ibrahim Saleh.
Egypt’s tourism market, especially around the Red Sea Riviera, has enjoyed substantial growth over the past few years as increasing numbers of holidaymakers are attracted to the warm, comfortable climate, the vast array of activities and historic sites and the favourable exchange rate offered by the Egyptian Pound. Egypt is currently topping the ranks at Lastminute.com, Thomson, First Choice and ResponsibleTravel.com as the most popular holiday destination for 2010.
- Egypt’s US$2 billion Port Ghalib project to participate at Dubai International Boat Show
- US$2 billion Port Ghalib Red Sea brings ‘Marina Living’ concept to Egypt
- Egypt’s US$2 billion ‘Port Ghalib’ project over 40 percent complete
- KM Properties announces $2.3 billion Sharia-compliant hotel fund
- KM PROPERTIES ANNOUNCES $2.3BILLION SHARIA-COMPLIANT HOTEL FUND