Achnah Urban Development Company has announced a strategic partnership with Al Manara for Tourism Development and Investment aimed at developing the fourth phase of the 'Carnelia' project in Al Galala City, located in Ain Sokhna. This move reflects the state's direction to enhance development along Egypt's coasts, particularly on the Red Sea, and to foster fruitful partnerships between companies.
The partnership seeks to leverage the extensive expertise of both companies in the real estate development sector, aiming to deliver distinctive products that meet the needs of both Egyptian and foreign clients. Eng. Osama Shalaby, Chairman of Achnah, stated that the company received numerous offers from real estate development firms, but the fruitful collaboration with Al Manara had the most significant impact on the decision to partner.
Event Details
Under the agreement, Al Manara will be responsible for developing and marketing the fourth phase of the 'Carnelia' project, while overall project management will remain under Achnah's supervision. Shalaby explained that the collaboration between the two companies will contribute to accelerating the construction pace, allowing for project completion a year or more ahead of schedule.
Shalaby noted that the total investment in the 'Carnelia' project has currently reached 30 billion Egyptian pounds. For his part, Eng. Ahmed Omar, Chairman of Al Manara, affirmed that this partnership represents a real addition to the real estate market due to the credibility and expertise of both companies.
Background & Context
The 'Carnelia' project spans an area of 100 acres and features a beachfront facade that extends up to 400 meters with an elevation of 160 meters above sea level. The project includes 1,800 fully finished units, with sizes ranging from 55 to 265 square meters, all enjoying direct sea views of the luxury yacht marina.
The project encompasses exceptional recreational facilities, such as swimming pools covering more than 9,000 square meters, in addition to artificial water bodies spanning 12,000 square meters, and four clubhouses, with vast green spaces comprising 83% of the project's area.
Impact & Consequences
The area that Al Manara will develop exceeds 150,000 square meters, equivalent to 35 acres, with completion scheduled within 4 years. Sales from the fourth phase of 'Carnelia' are targeted at approximately 5 billion Egyptian pounds, with an estimated 500 million Egyptian pounds to be invested in construction this year.
The plan for the fourth phase has been developed in coordination between the two companies, with a variety of unit sizes ranging from 55 to 150 square meters, including studios and chalets, while increasing green and water spaces to achieve the highest level of comfort and privacy for clients.
Regional Significance
The 'Carnelia' project represents a model for sustainable development in the region, contributing to enhancing tourism and investment in Egypt. This project is expected to create new job opportunities and stimulate the local economy, thereby strengthening Egypt's position as a distinguished tourist destination.
In conclusion, this strategic partnership between Achnah and Al Manara reflects the commitment of Egyptian companies to enhance real estate development, contributing to achieving national goals towards the development of Egypt's coasts.