Egypt's Madar Developments has appointed international architecture firm Benoy to design the Downtown Azha project in Ain Sokhna, it was announced on Monday.

Downtown Azha is the commercial component of the 1.6-million square metre Azha Ain Sokhna waterfront development.

"Azha Ain Sokhna's total investments will exceed the 15 billion Egyptian pounds ($955 million) mark and our partnership with Benoy is a real addition to the project," said Madar's CEO Gasser Bahgat.

He said Downtown Azha would feature more than 100 food and beverage and entertainment outlets, and hotels, adding that the estimated investment for the project is 2 billion pounds ($127 million).

Bahgat said the residential component of Azha Ain Sokhna, comprising of 2,300 units, is being developed in two phases.

"We expect to deliver 1,500 units, as part of the first phase, by the first quarter of 2021. The entire Azha Ain Sokhna is scheduled to be completed by 2028," he said.

The developer also announced on Monday the opening of the 150-key, 5-star Tanoak Hotel, the first hotel within the master development.

Bahgat said four more 5-star hotels are being planned, adding that further details would be announced in 2021.

(1 US Dollar = 15.70 Egyptian Pounds)

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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