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Damac Plans $16B Egyptian Project

DUBAI-The mixed-use development will span 3,000 ha of land at the Gamsha Bay Egyption resort on the Red Sea.

By Anita Howarth | Updated on December 05, 2006

DUBAI-Damac Holding Group has revealed that it will start work on a 60-billion dirham ($16.3-billion) residential and tourism project on the Red Sea coast next year. The UAE-based company plans to develop 320 million sf on 3,000 ha at Gamsha Bay, also known as Gemsa Bay, 80 km north of Hurghada town in Egypt. Hussain Sajwani, chairman of the property-development firm, told a press conference that the plans include hotels, 5,000 villas, an 18-hole golf course and a marina.

He added that Damac had bought the land from the Egyptian government and would finance the development partly through the sale of residential properties over the five to seven years that it will take to complete the project. The company will market the villas mainly to Arabs and Europeans on vacation.

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