The Egyptian Ministry of Tourism authorized the Tourism Development Authority (TDA) to hand over the land boundaries of the Gamsha Bay area.
The on-site survey took place on 8 March 2007, 60 kilometers north of Hurghada. It was attended by a delegation of officials from the TDA as well as members of DAMAC Egypt’s team.
DAMAC Properties, the Middle East’s largest private-sector luxury property developer, sealed the Gamsha Bay agreement with the Egyptian government in December 2006. The land hand over is an essential step towards planning and implementing the project.
‘We are very pleased with the onset of procedures towards the handover. This allows us to move forward with our development plans for Gamsha Bay,’ said Mr Hussain Sajwani, Chairman and Founder of DAMAC Holding. ‘The Egyptian authorities have been extremely supportive and we value the Egyptian government’s confidence in DAMAC. In turn, we are very proud that the immense development plans outlined for Gamsha Bay will support the local economy and generate many employment opportunities for Egyptians,’ he added.
Billed as the largest development in the region, the Gamsha Bay project will be implemented on an area covering almost 320 million square feet (30 million square meters) with total investments expected to reach US$ 16 billion over the next 10 years. It will offer residents a wide array of housing options, entertainment venues and recreational amenities including an innovative extreme sports adventure theme park.
‘When we decided to expand regionally in 2005, we knew that Egypt would be an intrinsic part of our plans. We chose Gamsha Bay in particular from among a number of potential sites on the Red Sea for its unsurpassed natural beauty and we will work diligently ensure its preservation by implementing an environmentally conscious design,’ said Mr Sajwani. ‘The Gamsha Bay project will set the benchmark for real estate development in the region in line with DAMAC’s consistent tradition of convenience and luxury,’ he added.
DAMAC Properties won three prestigious awards at the CNBC Arabian Property Awards 2006. The property developer received the best development award for ‘Oceanscape’, best architecture award for ‘Ocean Heights 2’ and the best website award for the company’s website. In 2005, the company was honored with three prestigious Bentley International Awards in the categories of Best UAE Development for Marina Terrace, Best Architecture for Ocean Heights-1 and Best Developer Website at a ceremony in London.