People & Places (P&P), an emerging community developer renowned for its visionary real estate projects, is delighted to announce a new construction agreement with Alubuilders Egypt (ABE) to expedite the progress of its flagship North Coast venture, The Med Ras El Hekma, Invest-Gate reports.

The focus of the contract is to accelerate the concrete works and external finishes for The Gray Beach Hotel and Residences, as well as The Mediterranean Villas.

With a total investment of EGP 7.3 bn spread across a 162,659 square meter land area, this phase of The Med signifies a significant milestone for P&P. By engaging ABE alongside other contractors, P&P is dedicated to ensuring punctual delivery and exceptional quality.

The Mediterranean Villas, a luxurious residential segment of The Med, is progressing as planned with Phase 1 and 2 encompassing nearly 91 villas slated for initial delivery in 2026. Meanwhile, The Gray Beach Hotel and Residences are advancing swiftly, with Phase 1 and 2 including 110 cabanas and The Gray Hotel featuring 40 rooms, both set for completion in 2025.

“We are excited to collaborate with ABE to expedite construction at The Med,” stated Karim El Assal, Founder of P&P. “This partnership underscores our commitment to delivering top-tier projects that surpass our customers’ expectations. We are confident that ABE’s expertise, combined with the efforts of our other contractors, will significantly contribute to the successful and timely completion of The Gray Beach Hotel and Residences and The Mediterranean Villas.”

Mohamed Hussein, Chairman of ABE, expressed enthusiasm for partnering with People & Places, a leading developer in Egypt. Abdel Moneim Ghita, CEO of ABE, shared the company’s ambition to broaden its business scope through a strategic alliance with such a prominent industry player.

As P&P’s inaugural and flagship project, The Med Ras El Hekma has attracted considerable attention. For the second consecutive year, The Gray Beach Club will open its doors this month, providing exclusive hospitality by the pristine waters, accompanied by world-class amenities and unparalleled service for clients and community members.

The company’s substantial land holdings of 2 million square meters and a total investment portfolio exceeding EGP 110 bn, covering both The Med and Hills of One, solidify its standing as a key player in the Egyptian real estate sector.