During the ceremony, “The Ras El Bar area is qualified to become a hub for attracting investments in the real estate sector of coastal touristic projects,” Dr. Mahmoud Al-Adl said.

Cairo – November 8, 2024: MBG Developments, a leader in the real estate development sector, celebrated the commencement of construction on the “Doray Bay” project in Ras El Bar, which is considered the first integrated tourist and residential project in the area, aimed at ensuring the delivery of units to customers on time and according to the agreed schedules. The project supports Egypt’s plan to increase hotel capacity to meet tourism growth, as well as its plan to achieve urban development across the country.

During the ceremony, which was held on November 15, 2024, Dr. Mahmoud El-Adl, Chairman of MBG Developments, laid the foundation for the first phase of the 33,000 square meter project, which is set to be completed by 2025. The event was attended by numerous MBG clients who were part of the groundbreaking celebration.

Dr. El-Adl expressed gratitude to the Minister of Housing, Utilities, and Urban Communities, Eng. Sherif El-Sherbiny, and the Ministry’s leaders for their support, facilitating the rapid issuance of permits and offering investment opportunities to developers. This backing enabled MBG to secure the necessary approvals for “Doray Bay” from the Ministry of Housing, Utilities, and Urban Communities.

MBG Developments recently obtained the ministerial decree that approves the master plan of the “Doray Bay” project. This came after MBG Developments qualified to enter into a partnership with the Urban Communities Authority to develop the “Doray Bay” project, thanks to its credibility and the trust the government has in it. This project contributes to the growth of the real estate market in Ras El Bar and offers distinguished investment opportunities in the tourism sector.

The “Doray Bay” project is being developed on an area of 42 acres, with investments exceeding 10 billion EGP. MBG Developments has contracted with major consulting and construction companies, such as ACE Consulting Engineers Moharram Bakhoum, for overseeing the construction works and ensuring the project is implemented according to the highest quality standards and meets customer requirements.

The project includes a variety of residential units, such as palaces, villas, and apartments, as well as recreational and commercial units. It also features the first tourist promenade in the Delta, stretching 1,100 meters, a pier extending into the sea, a kids club, a clubhouse, and a range of cafes and restaurants, along with several swimming pools and artificial lakes.

MBG Developments has expanded its investment portfolio to EGP 50 billion, thanks to its projects in Ras El Bar and the New Administrative Capital.