HOSPITALITY-

Somabay to bring Marriott’s Autograph Collection Hotels to the Red Sea: Our friends at Somabay have inked an agreement with hospitality giant Marriott International to bring the latter’s Autograph Collection brand to Somabay, according to a statement (pdf). Scheduled to open in 2027, the new beachfront resort marks Marriott’s second project in Somabay, following the opening of Sheraton Somabay in 1999.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

A look inside: Located near the Hurghada International Airport, the resort will offer 194 rooms, cabanas, and suites. Amenities will include several dining venues, meeting rooms, and recreational facilities such as a fitness center and diving center.

ICYMI- The Autograph Collection Hotel is also coming to Mogamma: Cairo House Egypt inked an agreement with Tourism Investment and Marriott International last week to turn the Mogamma building into an Autograph Collection Hotel.

REAL ESTATE-

A EGP 1 bn Egyptian-Saudi real estate investment fund in the works: Local real estate developer Dar Al Maghraby is partnering with an undisclosed Saudi investment fund to set up a real estate investment fund with a minimum capital of EGP 1 bn, the company’s chairman Mohamed Maghraby told Hapi Journal. The company is currently awaiting the green light from Egyptian regulators.

M&A-

EGX-listed Egyptian Modern Education Systems will acquire 90% of Al Arafa for Investment and Consultancies through a share swap, it said in a disclosure (pdf) to the EGX. Elite Financial Consulting has been appointed as an independent financial advisor to determine the fair value of both companies and determine the swap ratio.

Tags: