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HOSPITALITY-
El Gouna announced the pre-launch of La Maison Bleue Residences, a set of serviced boutique residences that will be built next to the existing La Maison Bleue boutique hotel that has recently been awarded a Michelin Key. The project is expected to open its doors within two years.
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Why residences? While expanding the original La Maison Bleue was initially on the table, the notion was quickly set aside. “We didn’t want to jeopardize the boutique element, and so the idea for the serviced residences came about,” Mohamed Amer, CEO of El Gouna, told EnterpriseAM.
The first of many to come: With much of the Red Sea coast still underdeveloped, particularly when compared to the North Coast, Amer feels “very bullish” about its future. “I have no doubt about the future growth and opportunities awaiting the Red Sea, and we are very well-positioned for that growth,” he told us. “Branded residences are on the rise, and we have quite an ambitious plan for further residences on a much bigger scale,” he added.
REAL ESTATE-
The Finance Ministry authorized the Urban Development Fund (UDF) to serve as its investment arm for managing state-owned assets, UDF head Khaled Siddiq told Asharq Business.
EVs-
Raya Auto launches Electra: Raya Holding’s Raya Auto launched its new EV charging solution brand Electra in partnership with Chinese energy tech giant Sungrow, Al Mal reports. Electra will offer home, AC, and ultra-fast DC chargers with capacities up to 180 kW. The rollout will start with home and commercial units before expanding to public charging stations across Cairo and major intercity routes.
ENERGY-
The UAE’s Dragon Oil found a new 3k bbl/d oil well in the Gulf of Suez, according to a statement from the Oil Ministry. After the Emirates National Oil Company subsidiary confirms the viability of the site, it will be connected to the production grid, according to Emirati state news agency Wam.
