Egypt’s property developer Amer Group Holding has announced its intentions to soon launch Porto Garawlah project in Marsa Matrouh, Invest-Gate reports.

The residential compound will comprise 2,750 housing units directly overlooking the Red Sea, according to a company’s bourse filing on February 20.

Meanwhile, Amer Group has earlier announced its plans to open a five-star hotel in Port Said, comprising 180 rooms, before the end of the first quarter of 2019, according to a previous statement.

In April 2018, Chairman of Amer Group Mansour Amer has signed a contract with Major General Adel Al Ghadban, governor of Port Said, to establish a 90-acres integrated touristic project in Western Port Said, with an initial investment of EGP 3 bn.

Amer Group posted profits of EGP 74.7 mn during 2018 versus profits of EGP 92.9 mn in the prior year, after considering minority interests. While the company’s revenues fell to EGP 1.9 bn during 2018, compared to EGP 2.15 bn in 2017.