Mohamed Khaled El Assal, CEO and Managing Director of Misr Italia Properties, announced that the company will invest a total of EGP 11bn in 2025, having already injected EGP 5bn, with the remaining EGP 6bn to be deployed in the coming months.
El Assal highlighted the company’s flagship Solare project in Ras El Hekma, which spans 386 feddans and consists of eight phases comprising around 3,000 residential units — 70% villas and 30% chalets. “We are allocating EGP 1.5bn from our 2025 investments as part of a total EGP 30bn plan to develop Solare, envisioned as a vibrant, integrated destination in the heart of Ras El Hekma. Within just nine months of contracting with Redcon Construction, we have achieved progress covering more than 723 units with direct sea views,” he said.
He added that Misr Italia has dedicated more than EGP 10bn to the hospitality component of Solare, aiming to deliver around 1,000 hotel units. “This reflects our strategy of offering real estate products that blend upscale living with world-class hospitality services, reinforcing the North Coast and wider region as premium lifestyle and tourism destinations,” El Assal noted.
For his part, Tarek El Gammal, Chairperson of Redcon Construction, said the Northwestern Coast — particularly Ras El Hekma — has emerged as one of Egypt’s leading tourist and investment hubs, driven by a strong wave of urban development.
During a site tour, Misr Italia launched Olive Oasis, the project’s second phase following Hilltop. Olive Oasis features 60,000 sqm of swimmable lagoons with a private beachfront stretching 3.4 kilometres, and offers a range of units including villas, townhouses, and twin houses.
Solare is being developed over seven years with a three-kilometre seafront, as part of Misr Italia’s long-term strategy to transform the North Coast into a year-round living destination. The project comprises eight phases with around 3,000 residential units, of which 82% will overlook water features.
The first handovers are scheduled to begin in 2027. In addition to the residential offering, Solare will include 800 hotel rooms, aligning with the government’s plan to expand Egypt’s national hotel capacity to 500,000 rooms by 2030.
