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Bloomberg: Saudi Centers Launch 40B Pound Tourism Project Near Hurghada
Majid Reza Group for Real Estate Development, a subsidiary of the Saudi Fawaz Al Hokair Group, plans to develop a massive tourism project in Soma Bay, located on the Red Sea coast near Hurghada, with an expected total value of up to 40 billion Egyptian pounds. The project will include residential and hotel units, as well as commercial facilities spread over approximately 100 acres. Its aim is to meet the rising demand for tourism and real estate in the area, with a plan to put it up for sale before the end of 2026. The project is part of the company's expansion strategy in the Egyptian market and focuses on developing integrated tourist destinations that cater to both local and international markets.
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