Ajna Developments has signed a strategic partnership with Manara Developments to accelerate the development of Phase Four of its flagship Carnelia project in Galala City, Ain Sokhna, in line with Egypt’s broader efforts to develop its Red Sea coastline and promote high-impact investment alliances.
The partnership is designed to capitalize on the combined expertise of both companies in real estate development, aiming to deliver high-quality, differentiated products that add value to the market while catering to both local and international demand.
Eng. Osama Shalaby, Chairman of Ajna Developments, said the company had received multiple partnership offers from developers for future phases of Carnelia, despite not initially planning to pursue such collaborations.
However, following a successful prior partnership with Manara and strong alignment in vision and objectives, Ajna moved forward with the agreement.
Under the deal, Manara will be responsible for the development and marketing of Phase Four, while Ajna will retain full control over the management and operations of the entire project.
Shalaby added that the collaboration between the two companies, backed by their extensive experience in the real estate market, will accelerate construction progress at the Carnelia project and enable its full completion at least one year ahead of schedule.
Eng. Osama Shalaby further noted that total investments in the Carnelia project have now reached EGP 30bn.
For his part, Eng. Ahmed Omar, Chairman of Manara Developments, said that the partnership with Ajna represents a real value addition to real estate market, given the credibility, development expertise, and shared commitment of both companies to delivering innovative products that achieve the highest levels of customer satisfaction.
He added that the phase to be developed by Al Manara at the Carnelia project spans more than 150,000 sqm—equivalent to approximately 35 feddans—and is scheduled for completion within four years.
Eng. Ahmed Omar noted that targeted sales from Phase Four of Carnelia are estimated at EGP 5bn, with construction investments of around EGP 500m to be injected into the phase during the current year.
He further pointed out that Manara, in coordination with Ajna, has revised the master plan for Phase Four to introduce a diverse range of unit sizes that cater to the needs of various customer segments in the current market. The units will range from 55 to 150 sqm, all designed as studios and chalets.
The plan also includes an expansion of green and water features to enhance comfort, privacy, and provide a healthier living environment for residents, Omar disclosed.
The total number of units in Phase Four of Carnelia stands at 389 units, all offering views of the sea as well as landscaped greenery and water features.
The first sales release within Phase Four is scheduled for mid-May, featuring 100 units starting from EGP 4m per unit, with installment plans extending up to eight years.
Carnelia, located in Ain Sokhna, stretches over 100 feddans and features a 400-meter beachfront, rising approximately 160 meters above sea level.
The development comprises 1,800 fully finished units, ranging from 55 to 265 sqm, all offering uninterrupted sea views overlooking the luxury yacht marina at Galala Tourist Resort, with a capacity of up to 240 yachts.
The project offers a full range of premium amenities, including swimming pools exceeding 9,000 sqm, artificial lagoons covering 12,000 sqm, and four clubhouses, in addition to expansive green spaces that account for around 83% of the total project area.
Construction is progressing steadily, with approximately 90% of Phase One buildings already completed. Deliveries for the first and second phases are scheduled to begin in the fourth quarter of the current year.
