Egypt’s hospitality and property developer ALDAU Development, member of Sami Saad Holding, has unveiled its plans to invest EGP 3 bn in its projects in Red Sea’s Hurghada, while aiming to set up a new hotel and condominium complex in 6th of October City, west Cairo, during the forthcoming period, state-owned Al Ahram Al Iktisadi news website reports.

The company is currently building the second phase of a Red Sea project named ALDAU Heights, which consists of three phases with EGP 2 bn worth of investments, Senior Director of Operations and Commercial Sector at ALDAU Development Mohamed Salem told Al Ahram Al Iktisadi on December 27.

ALDAU Heights encompasses 1,063 fully-finished housing units with varying modules and includes the largest open commercial mall across a land area of 22,000 square meters in Hurghada, which is dubbed “ALDAU Village Mall.”

The company also has “ALDAU Strand,” a compound that spreads over 25,000 square meters and is situated in the first tourist walkway in the Red Sea resort. It comprises 384 luxury finished units, with distinct modules and at a total investment cost of EGP 1 bn.

According to Salem, the Egyptian real estate sector is one of the most vital locomotives of the country’s economy, whereby the property developer was keen to implement as many projects and even raise the volume of its investments in Egypt to EGP 2 bn.

ALDAU Development is well aware of the size and impact of the tourism sector in Egypt’s economic equation, aiming to be deemed an added value for this sector, and thus, the property developer has been endeavoring to support of the Egyptian economy through the implementation of its distinct projects, the senior director elaborated.

In late December, the company has opened its newest talent hub and the first walkaway in Hurghada, ALDAU Art Promenade, which is aimed at becoming a support for innovation, creativity, and local artists