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Bloomberg: Saudi Centers Plan 40B EGP Hurghada Resort
Saudi Centers Company for Real Estate Development intends to develop an integrated tourism project on the Red Sea coast in the Soma Bay area, with an investment cost of approximately 40 billion Egyptian pounds. The project will include residential and hotel units, as well as commercial facilities, and will be built on an area of 100 acres to boost tourism and real estate demand in the region. The project is expected to be put up for sale before the end of 2026 and will be implemented through a partnership with Soma Bay Tourism Development Company. Its goal is to support the company's expansion in the Egyptian market and to benefit from recent tourism developments in the area.
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