Marsa Alam for  Development Tourism SAE (MATD), a state-run Egyptian  company, is planning an EGP 70 million project in the North Coast, Al Borsa News reported.

The new touristic project will be in the Sidi Abdel Rahman district on the North Coast, at the 140th kilometer point on the Alexandria-Matrouh Road. The project will be built on a total area of two acres, according to Amwal Al Ghad.

MATD is currently conducting feasibility studies to estimate the costs following the pound’s devaluation against the dollar.

The land bought is worth EGP 6 million, and upon the project’s completion is expected to have 130 residential units and 90 hotel rooms.

Upon completing the procedures associated with the purchased land, the company will start the development process. The project is scheduled for delivery three years after its start date.

MATD, formerly known as Marsa Alam for Touristic Development, is a member of the Kuwait-based Kharafi Group and specializes in developing touristic communities and villages.  One of its projects is Port Ghalib Resort, which includes cafes, restaurants, bars, residential units, hotels, and the associated infrastructure.