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Misr Italia Properties, a Cairo-based real estate developer led by Egyptian businessman Mohamed Khaled El Assal, plans to invest EGP11 billion ($227.3 million) in Egypt’s real estate market in 2025. This investment will support the expansion of its flagship Solare project in Ras El Hekma, a growing destination on the North Coast.
The company has already invested EGP5 billion ($103.3 million) and will add another EGP6 billion ($124 million) in the coming months. “We are allocating EGP 1.5 billion ($31 million) from our 2025 budget to Solare as part of a EGP30 billion ($620 million) long-term plan,” Mohamed Khaled El Assal said. “In just nine months of working with Redcon Construction, we’ve advanced construction on 723 units with direct sea views.”
North Coast positioned as premium lifestyle and tourism hub
Solare, spanning 386 feddans, is envisioned as a seven-year development with eight phases and about 3,000 residential units — 70 percent villas and 30 percent chalets. More than 82 percent of units will overlook water features, with the first handovers slated for 2027.
The project also includes 800 hotel rooms and 1,000 hospitality units, aligning with Egypt’s goal of boosting hotel capacity to 500,000 rooms by 2030. Misr Italia has earmarked EGP10 billion ($206.5 million) for Solare’s hospitality component, underscoring a strategy to integrate upscale living with world-class tourism services.
“Ras El Hekma has become one of Egypt’s fastest-growing investment and tourist hubs,” said Redcon Chairperson Tarek El Gammal. “Urban development is reshaping the Northwestern Coast into a global destination.”
Olive Oasis Phase adds swimmable lagoons and private beachfront
During a recent site tour, Misr Italia launched Olive Oasis, the second phase of Solare following Hilltop. The new phase features 60,000 square meters of swimmable lagoons, a private 3.4-kilometer beachfront, and a mix of villas, townhouses, and twin houses.
The company is betting on demand for year-round living on the North Coast, transforming Solare into more than just a summer retreat. Its three-kilometer seafront and integrated community design reflect Egypt’s broader real estate shift toward mixed-use destinations.
Strong sales momentum and Forbes recognition
Founded over four decades ago, Misr Italia Properties has delivered 25 projects in New Cairo, the New Administrative Capital, Sixth of October City, Ain Sokhna, and the North Coast. The company’s 7.1 million square meter land bank spans 10 residential and coastal projects, 10 commercial hubs, and five hotels.
The developer achieved $79 million in sales in January 2025 alone, marking a 200 percent surge from a year earlier. In 2024, Misr Italia earned a spot on Forbes’ Top 100 Arab Family Businesses, ranking 99th alongside Mansour Group, Hassan Allam Group, and O Capital.
