The Egyptian Housing Ministry has signed a memorandum of understanding (MoU) with global hospitality group Nikki Beach Hotels to operate and manage a hotel resort as well as a residential project in New Alamein, in a bid to increase the number of foreign investments and developments in the new coastal city, Invest-Gate reports.

The MoU was signed between Deputy Minister of Housing for National Projects Khaled Abbas and Managing Director of Nikki Beach Hotels Jihad Khoury, in the presence of Prime Minister and Minister of Housing, Utilities, and Urban Development Mostafa Madbouly as well as Minister of Tourism Rania Al-Mashat, according to the Egyptian cabinet’s official Facebook page on November 21.

The resort will encompass some 200 rooms, suites, and villas by the beach, as well as an exclusive clubhouse “Nikki Beach,” in addition to a number of branded residences and villas being marketed to a group of local and international tourists, with a distinctive design and world-class entertainment facilities, and will be managed by the foreign company, Abbas stated.

For his part, Madbouly reaffirmed the state’s keenness in luring more foreign investments into many of Egypt’s promising sectors -namely the tourism sector- taking advantage of the resources and potentials possessed by Egypt in this vital sector.

Commenting on the agreement, Khoury underscored that the decision to invest in New Alamein city is deemed one of his company’s important decisions, as the new city is one of the few areas that have the specifications for the establishment of this mega tourist destination with high standards to become one of the world’s most important tourist hubs, according to the cabinet’s statement.