Egypt: Abu Soma Development, REDCON Construction to launch $35mln projects on Red Sea

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Abu Soma Development Company, the developer of Somabay, has signed a memorandum of understanding (MoU) with REDCON Construction to launch a series of major construction projects on the Red Sea with EGP 1.7 billion in investment, as per an emailed press release.

The MoU outlines plans for the construction of a wide range of residential and commercial developments within Somabay. Key projects include Blanca, Bay West Valley, Bay Central, Reef Town, Coves 2, and Nautilus.

“This partnership aims to accelerate the development of over 2,000 residential units and multiple luxury hotels, further solidifying Somabay’s status as a leading integrated resort and residential community on the Red Sea,” Ibrahim El Missiri, Group CEO of Somabay, said.

The expected work volume for 2024 is about EGP 500 million, with a significant increase to EGP 1.2 billion in 2025.

The partnership is expected to continue beyond these years, depending on the success and performance of REDCON Construction.

For his part, Tarek ElGamal, Chairman of REDCON Construction, expressed his enthusiasm for the collaboration, highlighting the company’s commitment to using the latest construction technologies, including Building Information Modeling (BIM).