The tourist city of El Gouna in Egypt, owned and developed by Orascom Development Egypt, aims to add 380 new hotel rooms during the current year through the company’s partners, according to El Gouna’s CEO, Mohamed Amr.
Companies are increasingly focused on increasing hotel room capacity or building new hotels in line with the Egyptian government’s targets to increase the number of incoming tourists to 30 million by 2028.
Orascom Development Egypt, one of the largest real estate developers in Egypt, established El Gouna over 30 years ago on the shores of the Red Sea. It comprises hotels, restaurants, and residential properties. The tourist city gained additional fame by hosting the artistic festival known as the “El Gouna Film Festival.”
The city spans an area of 37 million square meters, with 19 million square meters developed so far, including 18 hotels with a total of 2,800 hotel rooms, as stated by Amr during a recent meeting in Cairo.
El Gouna attracts foreign interest in purchasing units despite European tourism being affected by tensions in the Red Sea. There are disruptions in the Red Sea.
Prices in El Gouna have significantly increased compared to the local market due to pricing real estate units in dollars.
The company primarily focuses on specific clients: foreign customers and Egyptians residing abroad. This explains why the company’s sales are not affected by exchange rate fluctuations in the local market.
The percentage of foreign purchases in El Gouna’s real estate units accounted for 40% of the total sales in the city in the first two months of the current year, compared to 31% of the total sales in the city last year.
Orascom Development Egypt is also developing two projects: “Makadi Heights” in the Red Sea and “O West” in the Sixth of October City.
Source: Destinations