INVESTMENT WATCH- Saudi Arabia’s Elaj Group is eyeing the defunct Siag Pyramids Hotel in Haram with a view to converting the building into a specialist hospital, unidentified sources close to the matter tell Al Mal. The hotel, which was repossessed in 2010 after its owners failed to repay loans owed to several banks, was most recently valued at around EGP 185 mn, according to the sources. Elaj Group plans to submit a proposal to the lenders to acquire the property after receiving government approval, the sources say. Separately, sources say that the Saudi group recently purchased an EGP 80 mn office building in Nasr City with the intention of also converting it into a specialized hospital. Elaj Group also announced last month its plans to build a EGP 500 mn oncology hospital in Cairo, following an acquisition spree at the end of last year.

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