Egypt's El Gouna launches Fanadir Shores project, targets 2027 delivery
Orascom Development announced on Monday the launch of Fanadir Shores, its latest residential project within the El Gouna integrated city on the Red Sea coast.
Construction is expected to take one year, with delivery planned within two years, the company said in a press statement.
The luxury residential project features 57 units spread across seven buildings with direct access to the sea and a private lagoon for boats, according to the statement. Unit sizes average 220 square metres with prices starting from $2.6 million to $4 million.
In 2024, El Gouna recorded 11.8 billion Egyptian pounds ($234 million) in sales, up 63.8 percent from the previous year. Revenue rose 25.6 percent year-over-year to reach EGP 6.3 billion ($125 million). The developer delivered 371 units in 2024 and plans to deliver 410 units in 2025.
(Writing by Marwa Abo Almajd Editing by Anoop Menon)
(anoop.menon@lseg.com)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Business
2 hours ago
- Arabian Business
Dubai's ultra-luxury property market hits new heights with $77m Bulgari Lighthouse penthouse sales
Dubai's luxury real estate market continues to defy global trends, with Driven | Forbes Global Properties completing the sale of the final two penthouses at the Bulgari Li g hthouse for a combined total exceeding AED282m ($77m). The deals reinforce the emirate's status as one of the world's most resilient and in-demand ultra-prime residential destinations. The first penthouse, a five-bedroom residence spanning 11,657 sq ft, was sold for AED146.6m ($40m), while the second fetched AED136.25m ($38m) —both among the highest-value apartment sales recorded in Dubai this year. Bulgari Lighthouse in Dubai Designed by acclaimed Italian architects Antonio Citterio and Patricia Viel, the Bulgari Lighthouse is located on Jumeirah Bay Island. The tower features a coral-like façade, panoramic views of the Arabian Gulf and Downtown Dubai, and interiors finished with Italian marble, hand-laid silk panelling, and warm oak accents. Each residence includes private infinity pools, double-height salons, and expansive terraces, merging resort-style luxury with urban privacy. Every detail is curated in partnership with the adjacent Bulgari Resort Dubai, offering owners hotel-level services—from private chefs and curated events, to concierge-managed experiences. The landmark sales were brokered by Lina Allaoa and Kianoush Darban, founders of The Private Collection at. Known for consistently setting area records—including the highest price per square foot and most expensive villa sale on the island—the duo has become synonymous with Dubai's high-end property elite. Lina Allaoa said: 'Dubai offers our international clients two things they value most: a secure place to allocate their capital and an unbeatable way of life. Bulgari Lighthouse unites those advantages in a single address, blending sound investment with everyday opulence'. Kianoush Darban added: 'Scarcity drives value. With fewer than 40 residences in the tower, and amenities that rival a private resort, Lighthouse is arguably the most coveted address in Dubai.' Their success is emblematic of the wider market. The emirate recorded AED62.4bn ($17bn) in real estate transactions in April 2025, a staggering 95 per cent increase year-on-year, driven largely by demand for trophy waterfront homes and limited-edition inventory. Analysts expect this ultra-prime momentum to continue into 2026 as supply remains tight and international capital continues to flow.
Zawya
8 hours ago
- Zawya
Dubai's luxury real estate boom continues: Final Bulgari Lighthouse penthouses sold for over AED 282mln
Dubai, UAE — Dubai's ultra-luxury property market shows no sign of cooling. Driven | Forbes Global Properties has completed the sale of the last two penthouses at the Bulgari Lighthouse on Jumeirah Bay Island for a combined amount of more than AED 282 million, reinforcing the emirate's place among the world's most resilient prime residential hubs. The first five-bedroom residence, spanning 11,657 sq ft, reached a whopping AED 146.6 million, while the second, achieved AED 136.25 million. Designed by Italian architects Antonio Citterio and Patricia Viel, Bulgari Lighthouse blends contemporary engineering with Mediterranean calm. A coral-inspired façade shields each home while framing uninterrupted views of the Arabian Gulf and Downtown's skyline. Terraces flow into private infinity pools, and double-height salons are finished in Italian marble, warm oak and hand-laid silk panelling. A combination of location, craftsmanship and privacy that has made Lighthouse one of the most wanted addresses in Dubai's ultra-prime market. Every detail of Bulgari Lighthouse, from its infinity pool to lush Mediterranean gardens, is run by the neighboring Bulgari Resort, ensuring a highly private, tailored experience complete with a concierge who can arrange everything from sunset-lawn gatherings to a signature chef's meals. The transactions were brokered by Driven | Forbes Global Properties' Lina Allaoa and Kianoush Darban, founders of The Private Collection, the brokerage's specialist team for ultra-high-end property. The duo is well known for setting several records in the area, from the highest price per square foot, to the most expensive villa in Jumeirah Bay Island. 'Dubai offers our international clients two things they value most: a secure place to allocate their capital and an unbeatable way of life. Bulgari Lighthouse unites those advantages in a single address, blending sound investment with everyday opulence,' said Lina Allaoa. Kianoush Darban added, 'Scarcity drives value. With fewer than 40 residences in the tower, and amenities that rival a private resort, Lighthouse is arguably the most coveted address in Dubai.' Their success mirrors the broader market: Dubai logged a record AED 62.4 billion in property transactions this April, up 95 percent year-on-year, driven largely by trophy waterfront assets. Analysts expect headline deals to keep setting new benchmarks through 2025 as supply of genuine ultra-prime stock remains limited. A member of the Forbes Global Properties network, Driven Properties remains a trusted leader at the pinnacle of Dubai real estate, setting new benchmarks for sellers while opening rare opportunities for discerning buyers. About Driven | Forbes Global Properties Since 2010, Driven | Forbes Global Properties has established itself as one of Dubai's leading real estate brokerages and property management companies, delivering award-winning, bespoke solutions tailored to every client aspiration. Driven | Forbes Global Properties prides itself on its unwavering commitment to innovation, integrity, and building lasting relationships based on trust and credibility. As the sole member of Forbes Global Properties in the UAE, brokerage has played a pivotal role in shaping the city's luxury real estate landscape. Its dedicated team of over 600 specialists with in-depth market knowledge provides invaluable expertise at every step, from property selection to management, ensuring long-term value for investors and developers alike. Driven | Forbes Global Properties has brokered some of Dubai's most prestigious destinations, leaving a lasting mark on the city's skyline. Its portfolio boasts iconic projects like the Sea Mirror Villa on Jumeriah Bay Island and Rixos Financial Center Road Dubai Residences, solidifying its position as a market leader. Looking ahead, Driven | Forbes Global Properties remains dedicated to exceeding expectations and setting new benchmarks for excellence in Dubai's dynamic real estate market. The company is committed to leveraging its expertise, innovation, and unwavering client focus to continue shaping the city's future and pioneering new standards of excellence in the real estate industry. For more information, visit:
Zawya
8 hours ago
- Zawya
World's top solar PV producers plan to open factories in Middle East: Report
Many of the world's top solar photovoltaic (PV) module manufacturers are expected to open production facilities in the Middle East region, according to Wood Mackenzie. These companies are likely to expand into Egypt, Oman, Saudi Arabia, Qatar, and the UAE, the global research consultancy said in its latest global solar PV module manufacturer rankings report. Although China continues to dominate the solar module manufacturing landscape in terms of scale, emerging challengers from India, South Korea, and Vietnam are rapidly closing the gap. Seven of the top 10 manufacturers now operate production facilities in three or more countries, including Cambodia, India, Malaysia, Mexico, and Vietnam. As solar PV module prices remain under pressure, manufacturers will need to strike a balance between cost reduction and ongoing investment in technology and geographic expansion. The industry's future will be shaped by continued expansion into the Middle East and Africa, efficiency gains across various technologies, rising consolidation through vertical integration, and evolving strategies to navigate trade policies and local market regulations. 'Despite financial headwinds, the solar manufacturing industry is quickly repositioning for the next cycle of global growth,' said Yana Hryshko, head of global solar supply chain at Wood Mackenzie. 'Technology leadership, supply chain control, and geographic agility will define the winners in the years ahead,' she said. (Writing by P Deol; Editing by Anoop Menon) (
