Emaar Properties has won an auction to purchase a 7 km strip of prime luxury tourism real estate on Egypt's Mediterranean coast for $175 million. The 6.2 million sq m development will feature two five-star hotels, a marina, luxury golf course, shopping centres, a mosque, helipad and sports facilities.
Shafiq Gabr, an agent of Emaar in Egypt, stated the firm would invest $1.74 billion to develop the site, and estimated the project would be completed five years after receipt of the land.
