Damac to develop USD 16.3bn complex in Egypt. According to the Khaleej Times, Damac Holding Group Chairman Hussain Sajwani announced that the Damac will develop a 320mn square feet residential and tourism complex north of Hurghada town on Egypt ’s Red Sea coast. Work on the 60bn dirham (USD 16.3bn) project is to commence next year. Plans include the construction of 5,000 villas, meant mainly for Arabs and Europeans, along with hotels, an 18-hole golf course and a marina.