Dubai's Emaar Properties has won a bid to buy a 7km strip of prime luxury tourism real estate on Egypt's Mediterranean coast for $175mn. The 6.2 million square metre development would include two five-star hotels, a marina, luxury golf course, shopping centres, a mosque, helipad and sports facilities.Shafik Gabr, a representative of Emaar in Egypt, said the firm will spend $1.74bn to develop the site, and estimated the project would be completed five years after receipt of the land.
