Misr Italia Properties Invests EGP 30 Billion in “Solare” Project at Ras El Hekma
Misr Italia Properties has announced total investments of EGP 30 billion in its flagship coastal development, Solare, located in Ras El Hekma. The announcement came during a site visit organized by the company, where CEO and Managing Director Mohamed Khaled El Assal highlighted the project’s progress and future plans.
El Assal confirmed that the company is injecting EGP 11 billion in 2025, of which EGP 5 billion has already been spent, with the remaining to be invested over the coming months. He added that EGP 1.5 billion of this year’s investments are dedicated to Solare as part of the long-term development strategy.
After only nine months since contracting Redcon Construction, the project has achieved significant milestones, with more than 723 units already under advanced construction, most featuring direct sea views.
A major focus of the project is its hospitality component, with over EGP 10 billion allocated to deliver around 1,000 hotel units, aiming to position Solare as a premier tourism and investment destination in Egypt’s North Coast.
During the visit, Redcon Chairman Tarek El Gammal emphasized the strategic location of Solare overlooking Ras El Hekma, noting its high tourism and investment value. He highlighted that client needs are the main driver in selecting brands and services within the project, adding that facilities such as the “Etre” restaurant have already become a draw for international visitors.
Mohamed Abdel Ghany, Chairman of engineering consultancy firm ECB, praised Solare as a transformative project for Ras El Hekma, introducing new benchmarks in planning, execution, and modern design. He noted that 85% of the terraces have already been completed within just nine months.
As part of its expansion, Misr Italia launched “Olive Oasis,” the second phase of Solare following the success of “Hilltop.” This new phase spans over 60,000 sqm of swimmable lagoons with a 3.4 km private beachfront, offering villas, townhouses, twin houses, and exclusive waterfront villas designed to balance luxury living with sustainability.
Spanning 386 acres with a 3 km beachfront, Solare will be developed in eight phases over seven years, comprising about 3,000 units — 70% villas and 30% chalets. With 82% of the units overlooking water features, the project integrates 16 distinct lifestyle concepts, with first deliveries scheduled for 2027. Plans also include 800 hotel rooms in alignment with Egypt’s goal of expanding hotel capacity to 500,000 rooms by 2030.
Currently, around 1,200 workers are employed in the project, reflecting its economic significance.
With a track record spanning over 25 years, Misr Italia Properties holds a portfolio of 11 residential projects, 9 commercial developments, and 5 luxury hotels, covering more than 7.1 million sqm. Landmark projects include IL Bosco, La Nuova Vista, Garden 8, Cairo Business Park, Kai Sokhna, and Solare Ras El Hekma.