Misr Italia Properties, one of the leading real estate companies, celebrated the signing of an agreement worth EGP 1.3 bn with REDCON Construction for contracting and construction work in the Solaré Ras El Hekma project, Invest-Gate reports.

The project covers an area of 386 feddans located at kilometer 199 west of Alexandria. This initiative falls within the company’s efforts to support the northwest coast development plan and increase the contribution of the real estate sector to the national economy.

The signing ceremony took place in the presence of key figures from Misr Italia Properties, including Khaled El Assal, Chairman (non-executive); Mohamed Khaled El Assal, CEO and Managing Director; and Karim El Assal, CEO and Managing Director. Additionally, leaders from REDCON Construction attended the event, including Tarek El Gamal, Chairman of REDCON Construction; Amal Abdelwahed, Vice Chairman and CEO; and Ahmed Abdallah, Vice Chairman.

According to the agreement, REDCON Construction will complete the contracting and construction works for the project within 18 months from the date of signing.

Mohamed Khaled El Assal, CEO and Managing Director of Misr Italia Properties, stated that the Solaré project offers world-class quality, along with various facilities and services. Notably, it features an Italian-style commercial area, entertainment services such as a “clubhouse” and sports facilities, and two international hotels.

El Assal explained that the project aims to increase the hotel capacity in Egypt and provide an integrated experience for customers through a distinctive real estate product, attracting both Egyptians and tourists from around the world. This, in turn, contributes to increasing the country’s tourism revenues. The Solaré project has already achieved significant sales since its launch 11 months ago, with a total investment of EGP 54 bn, and has witnessed growing demand from customers.

Tarek El Gamal, Chairman of REDCON Construction, expressed his satisfaction with the collaboration between his company and Misr Italia Properties, highlighting their shared vision of increasing the contribution of the real estate sector to the national economy and providing projects of international quality to the Egyptian market. REDCON Construction has a diverse portfolio of projects, including 11 projects on the North Coast.

El Gamal emphasized that the real estate sector, particularly the Ras El Hekma area, requires an increase in the number of contracting companies in Egypt to implement the new projects that are consistently being announced.