01 November 2003

Egyptian Resorts Company (ERC) has awarded RTKL Consortium of the UK and US the master-planning contract for the construction of a multi-billion dollar 32 million sq m neighbourhood project located on the Red Sea area of Sahl Hasheesh 20 km south of Hurghada International Airport.

Sahl Hasheesh will be developed in three phases, the first and second are 6 million sq m and the third consists of 20 million sq m.
Construction of Phase I began on July 1997 and some parts of it will be ready by September 2004. The entire Phase I will be completed by 2007 when Phase II will be launched.

A total of 13 sites are allocated for hotels with a total capacity of nearly 3,000 rooms. There are currently six hotels under construction as well as two golf courses. 15 per cent of the area will be built up while the rest will be well laid-out landscape. ERC will be setting up the electricity, desalination and sewage plants.

The project involves $125 million investment in infrastructure, $55 million in a hotel, $50 million in a golf course and an additional $400 million in other hotels. ERC is composed of National Bank of Egypt (9 per cent share), Al Ahli Insurance (5 per cent) and 600 ordinary shareholders.

Once the three phases have been completed, the project will offer a unique tourism destination with a satellite beachfront town including specially-designed and boutique hotels, shopping boulevards, a marina villas and recreational facilities.

One of the unique features of the project is the recreation of an underwater town full of pharaonic-style architecture and statues of Sahl Hasheesh, which gradually sank in the sea.

KPMG carried out the feasibility study of the resort project. Bechtel International won the project management contract.
The project serves as a retail, entertainment and service centre for the entire Hurghada-Safaga region.

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