Local real estate firm Metawee Group is set to develop a new tourism project in the Red Sea resort of Ain Sokhna called Blue Blue.

The $96m development, which is expected to be completed within three years, will cover an area of 121,000 square metres, according to a company statement. The scheme will be made up of 700 residential units, a beachfront hotel and a shopping centre.

Metawee says the project is in line with the company’s expansion plans, which focus on tourism investment in the north coast and Ain Sokhna. The group is also planning mixed-use and residential schemes in New Cairo, Heliopolis, Sheikh Zayed and 6 October City.

Earlier in July, the local Pact Real Estate group said it plans to develop $217m-worth of projects across the country in the next 10 years. In a company statement, the firm confirmed a plan that involves building tourism and residential developments across Egypt, with a particular focus on the north coast near the second-biggest city of Alexandria.

Work has already started on the company’s flagship project, White Bay, which is a mixed-use development on the north coast. The main construction contract was awarded to the local Redcon Construction earlier this year. 

Pact has also signed an agreement with the National Bank of Egypt to finance a tourism project in Ain Sokhna, according to a company statement.