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Wadi Degla postponed developing Hurghada's Magawish village

Wednesday 01 August 2018 05:03 PM

Touristic Villages
Touristic Villages

By Doaa Mahmoud
Misr Travel decided to postpone the development of Hurghada's Magawish village  to early 2019 citing higher prices of raw materials, according to chairman Rashad Refae.
" Wadi Degla Developments, entered into agreement with Misr Travel back in 2016, requested delaying developing the village owing to  investment costs jumping to USD2.2bn," Refae told Al-Mal newspaper.
Partnership with Wadi Degla over demolishing and re-building the village, provides Misr Travel with up to EGP670mln return, with a minimum of EGP450mln, a year, he added.
The development of the 465,000 sqm Magawish village was the subject of a tender initiated by Holding Co. For Tourism, Hotels & Cinema with the contract being awarded to Wadi Degla out of three other bidders.
The contract obligates Wadi Degla to develop the village through building full infrastructure and amenties inclusive of swimming pools, up-scale residence, entertaiment, commercial facilities, and a sporting club, in addition to constructing 4-star hotels with 400 rooms in Ain Sokhna, given ownership of hotels and lands to be transferred to HTHC eventually.
"Upon the finalization of constructions at the village in the span of 5 to 8 years, world-class companies will be invited to manage the village with Rixos Hotels Co.  expressing interest in taking up the job."