Jordan's Shaheen Business and Investment Group announced it plans to develop a $2 billion tourist resort at Sahl Hasheesh, 21 kilometers south of Hurghada on Egypt's Red Sea coast. Construction will take three years beginning in early 2007, said a Shaheen official. The project will be built on 3 million square meters of land that the Shaheen Group bought from the Egyptian Tourism Resorts Company last month.
The resort, named Serrenia , will include a range of residential accommodation such as palaces, villas (luxurious, large and private), apartments and a 200 bedroom 7-star hotel, a golf course, health centers and a marina.
Foster & Partners, the leading UK architects and designers have designed the Serrenia development.
Shaheen will target a high income clientele, especially from Europe. It will finance the project mainly from its own capital and from off-plan sales of real estate units. It plans to borrow less than 15% of the total $2 billion cost.
At the heart of this huge development is the marina which will be completed in association with Camper & Nicholsons Marinas who are able to draw on their global expertise as Marina Consultants.
Source: MEED Middle East Economic Digest, September 29, 2006
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