Pyramisa Hotels and Resorts is earmarking EGP 500 mn to develop and upgrade its hotels in Cairo, Luxor, Aswan, Sharm El Sheikh, and Sahl Hasheesh next year, chairman Magdy Azab tells Al Mal. The company plans to self-finance the upgrades rather than rely on loans, which Azab says require collateral the company cannot afford. Separately, the company expects to complete developing its USD 10 mn hotel in Dubai by March 2019 and inaugurate it by that summer, while its EGP 150 mn Bay View hotel and residential complex in Sahl Hasheesh is expected to be complete by the end of 2019.

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