FM Shoukry: Egypt seeks to promote relations with Namibia, Somalia    UK supports Egypt in developing 1st action plan on women, peace, security    Art Alert: Cairo Symphony Orchestra celebrates Christmas with Handel's Messiah    'Happy Journey' play tours Egypt starting with Tanta    Art Alert: Film Joker to screen at Tahrir Cultural Centre    Protesters hang gunman in Baghdad square: Officials    U.S. stocks climb ahead of Trump meeting with trade advisors    Hundreds protest in central Algiers against disputed election    Etisalat Misr invests EGP 50bln in Egypt since 2007    Debt: Who benefits and who bears the burden?    Algerians are choosing a new president in contentious poll    Fed keeps rates on hold, points to ‘favorable' economic outlook next year    No one wants to face Liverpool in Champions League last 16: Robertson    Egyptian-US air transport agreement revamped    Egypt's Sisi attends second day of Aswan forum    UK voters go to polls decide the fate of Brexit, again    Egyptian Weightlifting Federation's officials referred to prosecution over doping crisis – ministry    China says in close communication with US on trade as fresh tariffs loom    U.S. sanctions will not affect Ankara's use of Russian S-400s: Turkey    Egypt looks to develop cooperation with Vietnam – minister    Atletico beat Lokomotiv 2-0 to advance in Champions League    Bayern make it six out of six with win over Tottenham    Traditional soup broths have anti-malaria effects    Apple's CEO spotted sampling Singapore's foods in neighborhood market    Mohamed Salah the most mentioned football player in Egypt on Twitter    Dark Waters    All about the future    Egypt's Ahly close to signing former Zamalek, Aves player Kahraba    Here is the full list of Golden Globes 2020 nominations    Health insurance system to be launched in Upper Egypt, South Sinai in March    Even being big, burly one needs his mother    Egypt's Cabinet denies reports on increasing Jan. train fares    Adam Sandler threatens to make ‘so bad' movie if he doesn't win Oscar    Egypt's Tahrir Square among top Reuters photos of a decade    Egypt names 16 new governors ahead of anticipated Cabinet reshuffle    Egypt's MPs back potential return of information minister post in expected reshuffle    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    ACWA Power compares 3 bids to supply production units for Luxor power station    What do you know about gold alloying?    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Al-Sisi honours Egypt's scholars on Science Day    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    12th National Egyptian Theatre Festival fuel up public theatre art scene    Ministry of Environment has a plan for "black clouds season"    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Kuwaiti Kharafi group considers selling a hotel in Marsa Alam
Kharafi largest investors in tourism sector in Egypt, $2.1bn to establish Marsa Alam Airport
Published in Daily News Egypt on 30 - 09 - 2018

Source close to the Kuwaiti Kharafi Group in Egypt said that the company is considering an offer for one of the hotels it owns in Marsa Alam.
The sources added that the hotel the company would like to sell comes with a capacity of 210 rooms, and it is run by Blue Sky Tourism, along with another hotel, and they are both considered two of the largest investments in the region.
A private bank purchased two hotels owned by the group in 2015, worth $125m, and two hotels remained.
The sources said that the company does not plan to exit the tourism activity in the upcoming period, however, it desires to inject new investments through partnerships with tourism development companies in the areas it obtained from the Ministry of Tour
ism, estimated to be 20m sqm. Kharafi is one of the largest Arab investors in the tourism sector in Egypt, injecting $2.1bn to establish the Marsa Alam Airport, which is managed in accordance with the build-operate-transfer system for 40 years. Investors have estimated the value
of the projects owned by the group to be around $3bn, distributed over four hotels, and two of them were sold. Additionally, there is Marina Porto Ghaleb near Marsa Alam, with a capacity of 1,050 yachts on a water area of 277,000 sqm, in addition to a berth of 5,300 metres, and a tourism housing project.
One of the investors in Marsa Alam said that the group has a plan to establish six new hotels with a capacity of 1,800 rooms, which may make it sell one of its hotels to provide the necessary liquidity for new projects.
He said that currently there is disparity in tourist occupancy in the region, ranging from 25% to 64%, how- ever, there has been noticeable improvement over the past three years, and growth is expected in winter.
Inbound tourism in Egypt increased over the past seven months to 6.1 mil- lion tourists, with 42% growth com- pared to the same period last year.
"Kharafi selling one of its hotels does not mean exiting the sector given the company's desire to develop the rest of the areas it owns in Marsa Alam, which is still a large and promising portfolio," he added.


Clic here to read the story from its source.