Talaat Moustafa Group (TMG) chaired by Hisham Talaat Moustafa signed a contract to establish Four Seasons-branded hotel in Luxor with the EGP 1.5bn of investments. The contract was signed between the Egyptian General Company for Tourism and Hotels (EGOTH) and TMG subsidiary Icon under a PPP framework. Hisham Talaat Moustafa said that the signing is an indicator of the great development witnessed in Egypt's public sector, "partnership between private and public sector is better than ever, which will positively impact the Egyptian economy." He praised the efforts of the Minister of Public Enterprise Sector Hisham Tawfik, saying that his efforts lead to the signing of the contract. "This hotel will play a positive role and promote tourism in Upper Egypt and Luxor. The same thing happened when we established our hotels in Cairo and Sharm El-Sheikh, as they raised the standards of available hotels and in turn lead to an increase in spending per night," He added. Before TMG established the Cairo Four Seasons hotel, the average price per night stood at $90, now it average at about $460-470 per night, Hisham Talaat Moustafa stated. "Such developments had a positive effect on the category of incoming tourists, higher-spending tourists arrivals increased, which lead to an increase in income in foreign currency. Our Luxor hotel will hopefully boost tourism in Egypt," he explained." The full cost of the 200-room hotel will be covered by TMG. Construction works are expected to be completed within three and a half years. The company will raise the necessary funds through equity. The hotel building will be owned by TMG, while EGOTH will provide and retain ownership of the land for the hotel, under a revenue-sharing model. TMG is Egypt's largest listed real estate developer and the company has established several real estate projects including Madinaty, Rehab, and Celia.
