Abu Soma Development Company, the developer of Somabay, and REDCON Construction have officially signed a Memorandum of Understanding (MoU) to trigger a series of major Red Sea projects anchored by a significant EGP 1.7 billion investment.
According to Industry sources, this MoU establishes a framework for the building a diverse array of residential and commercial developments at Somabay, including Blanca, Bay West Valley, Bay Central, Reef Town, Coves 2, and Nautilus.
Ibrahim El Missiri, Group CEO Of Somabay stated “This partnership aims to accelerate the development of over 2,000 residential units and multiple luxury hotels, further solidifying Somabay’s status as a leading integrated resort and residential community on the Red Sea. The projected work volume this year (2024) is about EGP 500 million, expanding to EGP 1.2 billion in 2025. Additionally, this partnership is also poised to extend into subsequent years, contingent upon the successful execution and satisfactory performance by REDCON Construction.”
For his part, Eng. Tarek ElGamal, Chairman of REDCON Construction, commented “We are delighted to expand our cooperation with Somabay on this significant development journey. REDCON is committed to apply the latest construction technologies, especially Building Information Modeling (BIM). This technology has revolutionized our industry, providing a more efficient and effective way to design, construct, and manage buildings, and we are confident that our projects will exceed expectations. The success of this joint cooperation will positively impact REDCON Development’s operations in the Red Sea region, in line with our vision of driving innovation and excellence in every project we undertake.”
In addition to the residential projects, the MoU displays numerous fast-track developments including restaurants, beach clubs, schools, and a variety of other facilities, further enhancing Somabay’s capabilities & status as a leading integrated resort.
Industry sources added that REDCON Construction will play vital role in the realization of these projects by establishing a dedicated Building Information Modeling (BIM) unit for the Red Sea region. This unit will facilitate the management and execution of all projects under the MoU.
