Egypt invites investors to build hotels in New Mansoura

Egypt invited investors to build hotels in New Mansoursa City Northeast of the Mediterranean Sea, Addustor reported on Sunday.

The hotels will be built on a 40,000-sqm land plot, the Egyptian daily Addustour said quoting the project manager Yassir Abdul Halim Chairman of the New Mansoura City Authority, a subsidiary of the Government’s New Urban Communities Authority (NUCA).

Investors who are interested will be offered land price discounts once they agree to completing the hotel projects in five years, said Abdul Halim,

“We have decided to allocate 16 acres (40,000 sqm) for hotel projects this month…execution must be completed within five years or at least one year,” Abdul Halim told the paper on Sunday.

In early 2023, officials said the 24-sq km New Mansoura City will cost nearly $3.7 billion and will accommodate around 1.5 million people.