MG Developments announced its acquisition of Ain Sokhna Hospitality Services Company, a step that aligns with its plan to strengthen its presence in Ain Sokhna and expand its project portfolio in one of the most vital areas with strong client demand.
Mohamed Metawee, Chairman of MG Developments, stated that this strategic move aims to enhance the company’s presence in the Ain Sokhna area and broaden its real estate project portfolio, especially after the remarkable success of its flagship project, “Blue Blue,” in Ain Sokhna, which bolstered its reputation as a distinguished real estate developer in the region.
Aya El-Shenawy, Executive Director of the Commercial Sector and Board Member, stated that this acquisition is expected to support MG Developments’ expansion plans. The group intends to develop new projects on the land owned by Ain Sokhna Hospitality Services Company, aligning with its strategy to increase investments in the Egyptian real estate market.
El-Shenawy noted that the group is implementing an ambitious plan to expand its investment portfolio in Ain Sokhna, which also includes a new project in the North Abu Darag area with investments amounting to approximately EGP 1.5 billion. The project is set to be announced soon. She emphasized that this acquisition represents a significant milestone in the company’s journey to achieve its expansion goals and strengthen its position in the Egyptian real estate market, particularly in coastal areas that are experiencing growing demand for residential and tourism projects.
She added: “This step aligns with MG Developments’ strategy to deliver exceptional services in the hospitality and tourism sectors by developing integrated hotel projects that meet the needs of the growing market. The acquisition aims to enhance the quality of hospitality services provided, with a strong focus on achieving the highest standards of excellence.”
She revealed that plans are underway to develop a tourist resort with hotel services on the newly acquired land. Development and design studies are currently being conducted in collaboration with renowned architect Yasser El Beltagy (YBA). The project is expected to be officially announced in 2025.
