Makadi Heights signs agreement to develop 1.021M sqm seafront plot on Red Sea
Updated 12/8/2025 11:35:00 AM
Arab Finance: Orascom Development Egypt said its subsidiary, Makadi Heights for Tourism Development Company, signed an agreement with the government to develop a land plot measuring 1.021 million square meters directly connected to the existing Makadi Heights destination on the Red Sea coast, as per a disclosure.
The agreement, which takes effect in January 2026, will add the new land to the project’s current master plan, bringing the total area of Makadi Heights to about 4.75 million square meters.
The planned development will include residential units, serviced apartments, commercial areas, and a hotel component to meet demand for integrated coastal destinations.
Under the agreement, the government will receive 50% of the project’s components in kind.
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