The MoU outlines the construction of a range of residential developments, and more. Credit: Sanju Pandita via Unsplash.

Abu Soma Development Company has entered a memorandum of understanding (MoU) with REDCON Construction, initiating a series of construction projects in the Red Sea region. 

This entails an investment of E£1.7bn ($34.98m), according to a press release posted on Zawya.  

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The collaboration is set to expedite the development of more than 2,000 residential units and multiple luxury hotels in Somabay, an exclusive holiday resort destination. 

Somabay Group CEO Ibrahim El Missiri said: “The projected work volume this year (2024) is about E£500m, expanding to E£1.2bn in 2025.  

“Additionally, this partnership is also poised to extend into subsequent years, contingent upon the successful execution and satisfactory performance by REDCON Construction.” 

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The MoU outlines the construction of a range of residential and commercial developments, including Blanca, Bay West Valley, Bay Central, Reef Town, Coves 2, and Nautilus.  

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The agreement also includes the establishment of various fast-track developments such as restaurants, beach clubs, schools, and other facilities.  

REDCON Construction will contribute to the realisation of these projects by setting up a dedicated building information modelling (BIM) unit for the Red Sea region.  

The BIM unit is designed to streamline the management and execution of all projects detailed in the MoU. 

REDCON Construction chair Tarek ElGamal said: “We are delighted to expand our cooperation with Somabay on this significant development journey. REDCON is committed to apply the latest construction technologies, especially building information modelling (BIM).  

“This technology has revolutionised our industry, providing a more efficient and effective way to design, construct, and manage buildings, and we are confident that our projects will exceed expectations.”