Kuwait’s MA Kharafi Group announced that the first phase of its $2 billion Port Ghalib project in Egypt is now over 40 per cent complete.

A large conference centre, several retail and commercial outlets, an international marina, four already operating hotels including ‘The Palace’ by Intercontinental, ‘The Oasis’ and ‘The Sands’ by Crown Plaza and ‘Marina Lodge’, along with a substantial residential offering has been built and is ready for occupation.

When complete, phase one of the development will incorporate a further 19 hotels, in addition to a yacht club, an 18-hole golf course and further entertainment facilities and services.

Port Ghalib has confirmed their participation at GIBTM (Gulf Incentive, Business Travel and Meetings Exhibition) to showcase their conference and exhibition facilities for organisations in the Middle East.

Port Ghalib has hosted several large delegations from international organisations at its massive conference and exhibition centre that can accommodate over 1550 people at a time. The GIBTM event is being held in Abu Dhabi from March 29 to 31 at Adnec.

“There are currently a wide range of studio, one, two and three bedroom apartments and villas available at Port Ghalib, with prices starting from $80,000. The homes vary in size from the 517 sq ft studio apartments to the 3391 sq ft Arabian Villas and all come fully finished and furnished,” said Peter Riddoch, CEO, Port Ghalib.

“In addition to investments in service, retail and entertainment businesses, Port Ghalib holds a number of other investment opportunities. These range from participatory opportunities with the main developers in core project components, to land purchases for secondary developers of resort hotels and residential communities,” he added.-TradeArabia News Service