MAK Group’s unit to invest EGP 500m in a new hotel

MAK Investments Holding, a subsidiary of Mohammed Abdulmohsin Al Kharafi and Sons Company (MAK Group), signed a contract to build a new Mövenpick hotel in Port Ghalib on the Red Sea’s western shore.

With total investments of 500 million Egyptian pounds, the new hotel is scheduled for completion within two years.

Port Ghalib consists of three phases, spanning over 30 million square meters, with expected investments of  2 billion . It is expected to be an integrated and unique city.

The city is to include eleven tourist resorts when it’s fully implemented, 23 luxurious hotels, golf courts, administration and commercial buildings, sports and community clubs, restaurants and a shopping zone. The total number of housing units in Port Ghalib is recorded at 8,200 units.

Kharafi Group has been operating in Egypt for 50 years now, investing in multiple sectors such as contracting, industry and food industries, facilities and services, and IT as well as educational services