Jordan's Shaheen Business Investment Group expects to complete in mid-October the revised masterplan for its $2,000 million Red Sea resort development at Sahl Hasheesh near Hurghada. The new plan, which is being carried out by the UK's Foster & Partners, is an adaptation of an earlier scheme, revised after Shaheen acquired additional land for the resort earlier this year. The US' Parsons Brinckerhoff is the project manager. Construction is expected to start in early 2007 with the resort to become operational by mid-2010.
The resort, which will target the high-end tourist market, will cover more than 3 square kilometres and will include a 200-room luxury hotel; a 330-yacht marina; and a 10,000-square-metre retail area featuring boutiques, restaurants, a sports centre, administration areas and a fire station. The resort will also include 736 residential units over a total built-up area of 266,000 square metres. The majority of the funding for the project will come from equity, with about 15 per cent of the finance being raised through debt.