Libra Holidays Group will build an $800 million resort in Egypt after signing a deal with the Egyptian minister of tourism Mohammed Zohier Garana.
The deal, struck at World Travel Market, will see the development of five million square metres of land near the Red Sea resort of Marsa Alam and is part of a larger Egyptian scheme to develop the area for tourism.
Set to be completed by 2014, Libra will own the majority of the staged development, with the rest shared between unnamed investors.
Libra Europe managing director Chris Amastassiou said: “We’re keen to get started on the project and now we have been given the allocation of the land, we will choose the site within the next two weeks.
“Egypt is keen to further develop its tourism and the development of Marsa Alam by the government will be undertaken in a planned way. Despite the past bombings, we believe Egypt is very resilient and will continue to be popular.”
The site will feature hotels, with overall capacity to be in the thousands, as well as a marina, golf, spa and sporting activities, markets and a water park among other elements. Amastassiou said the site’s architecture will reflect that of its surroundings.
Libra Holidays Group chief executive Andreas Drakou added: “The different elements within this project can operate independently of each other as a single service or combine to develop new products, targeting a wider market segment.
Amastassiou added the development’s facilities would be available for other tour operators to package up and sell, while travel agents can create dynamic packages, and he expects the majority of the resort’s guests to be from the UK.
He added: “Libra is already vertically integrated, but this will add another dimension.”