MG Developments has finalized the acquisition of Ain Sokhna Hospitality Services Company, marking a strategic expansion in one of Egypt’s most sought-after coastal regions, Invest-Gate reports.

This move supports the company’s plan to strengthen its presence in Ain Sokhna and diversify its real estate portfolio to meet the growing demand for high-quality developments.

For his part, Mohamed Metawee, Chairman of MG Developments, described the acquisition as a pivotal step in reinforcing the company’s reputation as a leading developer in Ain Sokhna. He highlighted the success of “Blue Blue,” MG’s flagship project in the area, which has become a benchmark for the company’s expertise and quality in the real estate market.

Moreover, Aya El-Shenawy, Executive Director of the Commercial Sector and Board Member, emphasized the acquisition’s role in fueling the company’s expansion strategy. She revealed plans to develop new projects on land owned by Ain Sokhna Hospitality Services Company, aligning with MG’s commitment to increasing investments in Egypt’s booming real estate market.

Also, El-Shenawy announced a forthcoming project in the North Abu Darag area, with investments estimated at EGP 1.5 bn. The project will further solidify MG Developments’ presence in Ain Sokhna, catering to the rising demand for residential and tourism properties in the region.

“This acquisition is a milestone for MG Developments as we advance our vision to expand in coastal areas and introduce innovative, high-demand projects,” El-Shenawy added, underscoring the company’s focus on meeting market needs with strategic growth and premium offerings.