• Somabay to Develop Over 2,000 Residential Units and Luxury Hotels, Cementing Its Status as a Premier Integrated Resort and Residential Community on the Red Sea
  • Projected Investments for 2024 is Expected to Reach EGP 500 million, growing to EGP 1.2 billion in 2025

Cairo, Egypt – Abu Soma Development Company, the developer of Somabay, and REDCON Construction have officially signed a Memorandum of Understanding (MoU) to kickstart a series of major construction projects in the Red Sea region, anchored by a significant EGP 1.7 billion investment.

The MoU establishes a framework for the construction of a diverse array of residential and commercial developments at Somabay, including 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, stated. “The projected work volume this year (2024) is about EGP 500 million, expanding to EGP 1.2 billion in 2025. Additionally, this partnership is also poised to extend into subsequent years, contingent upon the successful execution and satisfactory performance by REDCON Construction.

For his part, Eng. Tarek ElGamal, Chairman of REDCON Construction, commented "We are delighted to expand our cooperation with Somabay on this significant development journey. REDCON is committed to apply the latest construction technologies, especially Building Information Modeling (BIM). This technology has revolutionized our industry, providing a more efficient and effective way to design, construct, and manage buildings, and we are confident that our projects will exceed expectations."

“The success of this joint cooperation will positively impact REDCON Development's operations in the Red Sea region, in line with our vision of driving innovation and excellence in every project we undertake," ElGamal added.

In addition to the residential projects, the MoU encompasses several fast-track developments including restaurants, beach clubs, schools, and a variety of other facilities, further enhancing Somabay’s capabilities & status as a leading integrated resort. On the other hand, REDCON Construction will play a pivotal role in the realization of these projects by establishing a dedicated Building Information Modeling (BIM) unit for the Red Sea region. This unit will facilitate the management and execution of all projects under the MoU.

-Ends-

About Somabay:

Soma Bay is a prime touristic destination in Egypt, idyllically situated on the Red Sea’s coast (just 20 minutes drive from Hurghada International Airport and only a 4-hour flight from Central Europe).

Nestled on 10 million square meters of landmass, the self-contained community of Somabay is surrounded by sea on three sides. Home to 5 luxury resort hotels and a signature portfolio of residential properties, Somabay’s one-of-a-kind settings with its full complement of premium amenities are the stage for incomparable experiences alongside friends and family.

Somabay is celebrated for its stunning sandy beaches, stretching 11 kilometers along the pristine Red Sea shoreline.

Soma Bay offers world-class golf courses designed by Gary Player, in addition to the Marina panoramic views that seamlessly blend the sea, the majestic mountains, and the serene surrounding desert into a picturesque masterpiece.

About REDCON Construction:

With over 30 years in the market, REDCON Construction is a leading force in Egypt's EPC industry. Established in 1993, the company’s diverse portfolio spans construction, aluminum and glass façades, steel production, ready-mix concrete, technology infrastructure, and real estate development. Operating through affiliated companies like REDCON Spain, REDCON Saudi, REDCON Steel, Cemento, REDCON PROPERTIES, and Wajha, REDCON manages a total project volume of USD 3 billion across more than 200 projects.

The company employs over 3,000 staff and utilizes more than 350 pieces of equipment. Committed to regional and international growth, value engineering, and innovative design, REDCON also prioritizes safety with strict protocols and trained teams ensuring a safe and healthy work environment. Aiming to become the Green Builder of Choice and secure a place among the ENR top 250 global construction firms, REDCON is dedicated to delivering high- quality projects and advancing the industry with excellence and forward-thinking solutions.