Local developer Al-Kharafi Group has launched a mixed-use resort project on Egypt’s red sea coast.

The resort, which will be caled Wadi Ghalib, will be made up of residential units including villas, townhouses and apartments, according to a company statement.

Al-Kharafi also announced plans to develop phase two of the Port Ghalib project in the red sea town of Marsa Alam.

When complete, Port Ghalib will comprise 11 areas, 23 high-end hotels, a golf course, commercial and administrative buildings, a retail area, as well as education and training facilities, said the statement.

The total number of residential units planned will be 8,200.

Egypt’s real estate market has been buoyant since the investment conference held in Sharm el-Sheikh in March, with several tourism projects announced in recent months.

A statement from US–based JLL says “the growing confidence in the Egyptian economy in general and the real estate market in particular has resulted in a number of major investment projects with the backing of Arab governments from the GCC”.

Despite this, very few contracts have been awarded so far this year with only $3bn worth projects being awarded in the past 12 months, according to regional projects tracker MEED Projects.