Egypt’s Al Ahly mulls assigning its 4 new hotels to an int’l company

Egypt’s property developer, Al Ahly For Real Estate Development Company is studying the possibility of assigning the management of four touristic hotels in North Coast to an international company operating in hotel management.

The four hotels will be with total investments worth 750 million Egyptian pounds ($84.4 million); while Al Ahly will start establishing these hotels in 2018 and finish them within two year, its chairman Hussein Sabbour said Sunday.

The main purpose to establish the four hotels is to service the company’ Amwaj North Coast project, sabbour noted. Amwaj is one of the newest developments coming up on the North Coast, Sidi Abd El Rahman area, it includes 800 residential units. The project is carried out on area of 200 feddans; the first phase has been delivered last year with total investments worth 2 billion pounds.

Moreover, Al Ahly Real Estate Company is currently going through number of offers from international companies to manage the four hotels.

Al Ahly Real Estate Development Company engages in the development and management of commercial, residential, office space, recreational, and touristic projects in Egypt. It also develops and sells villas, twin houses, apartments, and chalets for second home projects. Al Ahly Real Estate Development Company has a strategic partnership with Dar Al-Ma’ali. The company was founded in 1994.