ERC to shift focus towards real estate development outside of Sahl Hasheesh for the first time?

ERC to shift focus towards real estate development outside of Sahl Hasheesh for the first time? Egyptian Resorts Company is considering shifting its strategic focus towards real estate development beyond its flagship project of Sahl Hasheesh while the tourism industry recovers, CEO Wael Hatow tells Bloomberg in an interview. The company is too exposed to the risks of the tourism industry, as ERC’s strategy has relied on selling land to sub-developers in Sahl Hasheesh on the Red Sea coast, “but this business has been hit by the drop-off in tourist arrivals since the 2011 uprising that toppled President Hosni Mubarak.” While Sahl Hasheesh will remain a “major part” of ERC’s business, Hatow says a full rebound in the tourism industry is still years away, which means the company is going to develop new revenue streams while that happens.