UAE-based Al Habtoor Group to establish $8.5bn project in Egypt

UAE-based Al Habtoor Group is planning to launch a large project worth US$8.5 billion in Egypt, Chairamn Khalaf Ahmad Al-Habtoor said on Wednesday.

The project will comprise a 1,476-roomed hotel over a 3 million square meters area, in addition to 274 apartments and villas, a golf club and an equestrian club, the Chairman told Alarabiya TV satellite channel.

Al-Habtoor also stressed the details of the project will be defined as per the vision of officials in Egypt. He called upon Gulf Cooperation Council (GCC) businessmen to team up with the group in this project as well as other investments in Egypt.

As for the financing method for the project, the chairman said his group would rely on its owned cash flows in phase one, while bank loans may be sought in other phases.

Moreover, he added that project should be located in a prominent place near the city, because it will promote Egypt for the world.