Egypt’s Pyramisa negotiating AED40 mln AAIB loan for Dubai project

By Yomna Yasser On Jul 4, 2016

Egypt’s Pyramisa Hotels and Resorts announced Monday ongoing talks to obtain around AED 40 million ($11 million) loan from the Arab African International Bank (AAIB) – Dubai office.

The loan is to finance resumption of works on Pyramisa’s Dubai-based project Pyramisa Suites Hotel Dubai.

The completion of Pyramisa Hotel Dubai still requires AED 85 million of which AED 45 million will be self-financed, the company added in a release to the Egyptian bourse on Monday.