Cairo – Mubasher: Arab Developers Holding announced that its subsidiary, "Porto Dead Sea," signed a contract to transfer the ownership of the first phase's beachfront plot of the Porto Dead Sea project with the Jordanian Free and Development Zones Group in the Hashemite Kingdom of Jordan.
According to the company's disclosure to the Egyptian Exchange (EGX) today, the contract covers an area of 8,000 square meters for a total amount of $2.6 million, as part of completing the legal and regulatory procedures in preparation for executing the project's timeline.
The total area of the project is approximately 800,000 square meters, with the beachfront plot spanning approximately 20,000 square meters and the mountainous plot spanning 720,000 square meters.
A touristic, entertainment, and hotel project is scheduled to be established.
The company added that the expected investment volume is estimated at approximately $362 million.
