Egyptian Resorts Company to invest EGP 15 bn in new Sahl Hashish marina

INVESTMENT WATCH- ERC to invest EGP 15 bn in new marina complex in Sahl Hasheesh: Egyptian Resorts Company (ERC) is planning a large extension to the south of Sahl Hasheesh at an estimated cost of EGP 15 bn, CEO Wael El Hatow said. The 1.2 mn sqm project — on which ERC is expecting to break ground within one-and-a-half years and complete within eight— will add four or five hotels, 2k residential units, several commercial and service facilities, and a 330-yacht marina to the Red Sea town. ERC will finance the investment through a mixture of equity and new shares to unnamed local and foreign investors. No further details were provided.