Pioneers, HC, Cairo Capital, EY promote Egypt Tourism Projects in March Summit

Egyptian government has tasked three investment banks and one firm for financial investments with promoting the tourism projects, which will be presented during the country’s Economic Summit next March.

Egyptian Ministry of Tourism announced earlier this month the list of tourism projects to be presented in the summit scheduled for mid March in Sharm El-Sheikh. The list encompasses five projects with investments worth 5.26 billion Egyptian pounds (US$689 million).

Speaking to Amwal Al Ghad on Wednesday, Ibrahim Ashmawy – Investment Advisor to Egyptian Tourism Minister – announced that the 3 mandated banks are Pioneers Holding, HC Securities & Investment, and Cairo Capital Group in addition to Ernst & Young Company (EY).

Around 3,500 investors and financial institutions from 120 countries are expected to participate in the conference.

The projects will be: a tourism resort in Hurghada worth EGP 1.076 billion; a resort on the North Coast worth EGP 318 million; two further resorts in Marsa Allam worth EGP 1.215 billion and EGP 663 million respectively; and a sports resort in south Safaga worth EGP 1.989 billion.