Tourism Urbanization To Offer Food Court Project To Investors After Eid Holiday

Tourism Urbanization (TOUR), M?venpick Haram Hotel owner, intends to offer its plans to establish a food court on a 42,000 meter area in the hotel to investors from Egypt and United Arab Emirates, said Essam Abdel Hady, Chairman and managing director.

Abdel Hady told Shorouk Newspaper that the company will build a luxurious food court, and estimated the initial cost of the project at LE 70 million, which will be will be recovered after two years of operations, according to the studies conducted by the company.

The company plans to establish 11 commercial shops in the project.

Abdel Hady added that the area is currently leased to a restaurant with an annual rent that does not exceed LE 1 million. However, offering the project will yield good revenue for the company.

The company has posted net losses for the past 3 years, which stood at LE 9 million in the previous year, Abdel Hady noted.

Source: Shorouk newspaper & Arab Finance