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Egypt has invited investors to build hotels in a new city under construction on the Northeastern coast of the Mediterranean Sea, a newspaper has reported.
The hotels will be built on a 40,000-square metre land plot in the New Mansoura City, which is located nearly 50km north of the Old Mansoura, the Egyptian Arabic language daily Addustour said quoting the project manager Yassir Abdul Halim.
Interested investors will be offered land price discounts provided they agree to complete the hotel projects within five years, said Abdul Halim, Chairman of the New Mansoura City Authority, a subsidiary of the Government’s New Urban Communities Authority (NUCA).
“We have decided to allocate 16 acres (40,000 sqm) for hotel projects this month…execution must be completed within five years or at least one year,” Abdul Halim told the paper on Sunday.
Officials said in early 2023 the 24-sq km New Mansoura City would cost nearly $3.7 billion and would accommodate around 1.5 million people.
(Writing by Nadim Kawach; Editing by Anoop Menon)
