UAE’s Emaar Bids for EGP2 bln Touristic Project in Egypt

The UAE-based developer Emaar Properties PJSC (EMAAR:DFM) is planning to build a major touristic project in Egypt through taking part in the development of 111 feddans belonged to the biggest state-owned hotel owner in Egypt; the Egyptian General Company for Tourism & Hotels (EGOTH).

Mervat Hataba – acting chairman and managing director of Holding Company For Tourism, Hotels & Cinema ( HOTAC) – stated that her firm is studying an offer made by UAE-based real estate developer Emaar Properties to build a major touristic project through developing 111 feddans owned by EGOTH in addition to another 58 feddan land plot in Suez governorate, according to Al Khaleej newspaper.

The project will comprise a 120-room hotel, shopping mall and a spa.

Talks are underway with Suez Governorate over contributing to the project in return for awarding usufruct to Emaar, Hataba said, adding that a joint venture is being established between EGOTH and the governorate to invest the land.

The top official estimated the project’s investment cost at EGP 2 billion.