Talaat Moustafa to finalise Four Seasons Sharm El-Sheikh expansions in 2019

Big 5

Egypt’s largest listed real estate developer Talaat Moustafa Group Holding (TMG) says it plans to complete the expansion works of Four Seasons Hotel flagship in Sharm El-Sheikh resort within August 2019.

The project is with total investments worth around 4.5 billion Egyptian pounds ($255.5 million), TMG’s chief executive and managing director Hisham Talaat Mostafa said Monday.

“We are finalising all the expansion works and the designs according to the timeframe,” Mostafa further added.

In November 2017, TMG unveiled that it has so far spent about $213 million at Four Session Hotel’s expansion works, while the rest of money that reach $170 million will be pumped to complete the project.

During the first quarter of 2018, TMG’s revenues rose to 1.6 billion pounds from 1.2 billion pounds during the same period in 2017.

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