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Scope Properties will set up two hotels on Mokattam Corniche with investments of USD 190 mn, Scope Properties Managing Director Alaa Khedr told Asharq Business. Under the plan, the subsidiary of Saudi Arabia’s Al Swailem Holding Group will build a USD 120 mn 250-key hotel and another USD 60 mn 150-key hotel. Scope also just launched an EGP 5 bn commercial project in Mokattam called A40 that will house retail and administrative units as well as clinic units, Al Mal reports.
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The investments are part of a wider plan to develop the Mokattam Corniche, which will see the Saudi developer partner with state-owned El Nasr Housing and Development to carry out the project under an agreement inked in 2022. Al Swailem will contribute half of the project’s price tag, and the other half will come in the form of financing facilities from Saudi EXIM Bank, Khedr said. The project is expected to generate some EGP 125 bn in revenues over nine years, El Nasr’s CEO Mohamed Abdel Maksoud told Asharq Business.
AND- Abu Dhabi Tourism Investment Company (ADTIC) signed an agreement with French hospitality group Accor to manage and operate the Mercure Hurghada Resort following its development and rebrand, Hapi Journal reports, citing ADTIC CEO Yahia Kotub. The Egypt-focussed company, which is 84% owned by the Abu Dhabi Fund for Development, will invest EGP 2.5 bn to renovate the Mercure Hurghada hotel and rebrand it under the Movenpick brand.
The timeline: The project to develop the 469-key Hurghada hotel will kick off in 2H 2025, and the first phase is expected to be ready by March 2026. When the development plan was first unveiled early last year, Kotub said that the firm would start working on the project in April 2024.
PLUS- Local players are also part of this investment rush: Real estate developer Madaar will set up an EGP 30 bn project in New Sphinx City, CEO Ahmed Ehab told Al Borsa, adding that the project will house residential units as well as commercial spaces and hotels. The company is eyeing EGP 50 bn in sales from the project and will disclose the final details in 2Q 2025 once the necessary licenses are secured.
