2 days ago
El Gouna Unveils Newest Red Sea Addresses During UAE Showcase
El Gouna, the striking coastal town on Egypt's Red Sea, took centre stage in the UAE during a special showcase by Orascom Development. The showcase, part of the 4th Annual Private Wealth Middle East Forum, introduced two of El Gouna's latest waterfront real estate projects: Fanadir Shores and North Bay. Designed to offer a laid-back coastal lifestyle, the projects were unveiled at an evening reception where regional investors, partners, and industry leaders had gathered.
Fanadir Shores features 57 residential units along a private lagoon with direct access to the Red Sea, while North Bay offers larger standalone villas and penthouses set around open lagoons and boat docks. Both projects are scheduled for delivery within two years. El Gouna, Egypt (Supplied) El Gouna, Egypt (Supplied)
Fanadir Shores is located beside Fanadir Marina and La Maison Bleue Boutique Hotel. The development includes seven low-rise buildings offering 2- to 4-bedroom apartments (averaging 220 sqm), each designed to maximise sea views and promote sustainable living. La Maison Bleue Boutique Hotel (Supplied) Fanadir Marina (Supplied)
North Bay's newest phase, Highland , features villas, duplexes, and penthouses with architectural design by Victor Legorreta. Prices range from $1.8M to $3.2M depending on unit size. A central feature of this neighbourhood is The Pavilion , a public space designed to host community events and social gatherings.
El Gouna delivered 371 units in 2024 and is on track to deliver 410 units in 2025. In the same year, Orascom Development recorded real estate sales of USD 905 million, up 16.1% from the previous year including USD 274 million from El Gouna alone, marking an 11.6% year-on-year rise.
With over 35 years of experience developing destinations across Europe, the Middle East, and North Africa, Orascom Development leveraged the UAE event to present its wider vision for placemaking. Attendees experienced El Gouna virtually through an immersive VR showcase. El Gouna – Red Sea Diving (Supplied) El Gouna, Egypt (Supplied)
Omar El Hamamsy, Group CEO, commented: 'As regional investors increasingly seek diversification opportunities with both lifestyle attributes and strong returns, El Gouna by Orascom Development offers a compelling blueprint for the future of destination investment – with its multicultural community of residents from more than 50 nationalities, a USD-denominated investment scheme that provides currency stability, and a comprehensive ecosystem of amenities including four world-class marinas, international education and healthcare facilities.'
Mohamed Amer, CEO of El Gouna by Orascom Development, added: 'There's been a surge of interest in integrated coastal living, and we're pleased to see the UAE community embracing the lifestyle concept we've helped define over decades. Fanadir Shores and North Bay mark the next chapter in [Orascom Development's] legacy, bringing our distinct blend of lifestyle, sustainability, and unique architecture to live by the beautiful Red Sea.'
