Land acquired for first project — Sahl Hasheesh — at an average price of USD 1.32/m²


Incorporation, concept development and master planning for Phases I and II by RTKL

1996 - 1997

First plot sold for USD 37/m²

  • Infrastructure work begins with Bechtel as project manager
  • Aggressive marketing to counter tourism industry crash
  • Appreciation of overall financial climate led to practical and market leading sales terms and development schedules

1999 - 2003

Accomplished unprecedented sales bringing in new investors

2004 - 2007
  • First regional four-star hotel begins operation followed by three other five-star hotels
  • Sahl Hasheesh community management vision takes shape
  • ERC begins considering additional land holdings to replicate business model

2008 - 2009
  • Detailed development of community services and utilities reticulation model
  • Third regional five-star hotel begins operations
  • The Old Town receives its first tenant
  • OHD acquires equity stake in ERC

2010 - 2012
  • The company ramps up marketing efforts with a view to capturing increased market share as the tourism recovers
  • ERC signs a beach and restaurant management agreement with Italian investment group Lu Lu
  • ERC signs an exclusive contract to provide transportation within Sahl Hasheesh. ERC also signed a non-exclusive contract to provide car rentals and a bus service
  • ERC’s Jamaran sells out, earning the company EGP 100 mn in unit sales
  • Company achieves USD 11.4 mn in land sales

  • Company achieves unprecedented land plot sales
  • ERC and Palm Hills Developments jointly launch Tawaya, a beachfront apartments project in Sahl Hasheesh
  • KarmSolar signs an agreement with ERC to begin building a solar-powered electrical power station

  • Strengthen marketing campaigns to attract domestic visitors and second-home owners
  • Continue to place emphasis on value-adding land sales to sub-developers
  • Push forward with cost control schemes and proactive cash flow management
2017 & Beyond

ERC has transformed itself from a tourism based master developer to a diversified real estate developer. Our aim in the long run is to become a regional master developer of International standard mega communities. Working at a world class level and international standards, we plan to masterfully design, develop and deliver our projects in order to redefine Egyptian urban planning.


To make our shareholders proud of the company’s standards, reputation, operational performance and financial performance by creating memorable destinations and by being a reliable partner to our sub-developers and investors.