SUMMARY – EGYPT INVITES INVESTORS TO BUILD HOTELS IN NEW MANSOURA CITY ON THE MEDITERRANEAN COAST. DISCOUNTED LAND PRICES OFFERED FOR COMPLETION WITHIN FIVE YEARS. THE PROJECT AIMS TO ACCOMMODATE 1.5 MILLION PEOPLE WITH AN ESTIMATED INVESTMENT OF $3.7 BILLION.
According to a newspaper report, Egypt has extended an invitation to investors to construct hotels in a newly developed city on the Northeastern coast of the Mediterranean Sea.
The hotels will occupy a land area of 40,000 square meters within New Mansoura City, located approximately 50 kilometers north of Old Mansoura. The project manager, Yassir Abdul Halim, confirmed this information to the Egyptian Arabic language daily Addustour.
To incentivize potential investors, the New Mansoura City Authority, a subsidiary of the Government’s New Urban Communities Authority (NUCA), plans to offer discounted land prices to those willing to complete their hotel projects within five years. Yassir Abdul Halim, Chairman of the New Mansoura City Authority, stated that investors would be allocated 16 acres (equivalent to 40,000 square meters) of land for hotel development. He further emphasized that the project execution should be finished within five years, with a minimum requirement of one year.
Authorities disclosed earlier this year that the development of New Mansoura City, spanning 24 square kilometers, would require an investment of around $3.7 billion. The city aims to accommodate approximately 1.5 million residents.