Orascom launches new project at Makadi Bay

CAIRO – 1 April 2018: Orascom Development Egypt launched the Makadi Heights project on the Red Sea governorate’s Makadi Bay, on an area of 3.7 million square meters and 70 meters above sea level.

The project is similar to the nearby El Gouna, coming out as a fully integrated resort town that takes into account all tastes, according to CEO and Managing Director of Orascom Development Khaled Bishara.

Bishara added that the first phase of Makadi Heights is one million square meters with investments of LE 3 billion, including constructing 3,000 units on an area of 400,000 meters, and will start selling on April 14.

At a round table held by Orascom Development Egypt on Sunday, Bishara said that the project meets all the needs of the family members, providing shopping malls and an entertainment area.

El Gouna covers 10 kilometers of shoreline on the Red Sea coast with a total land area of 36.92 million square meters, 15 million square meters of which have so far been developed.

Established in 1995, Orascom Development Egypt is a public company listed on the Egyptian Exchange (EGX) since June 1998.

It operates within the Consumer Services sector focusing on hotels, resorts and cruise lines with 52 subsidiaries operating across Northern Africa, Middle East and Southern Europe.