Arabia Developments will invest up to EGP 30 bn to build 2k hotel rooms and serviced apartments at its Sun Capital project in October Gardens by 2029, Vice President for Technical Affairs Amr Diab Radi told Asharq Business.

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REMEMBER- Egypt plans to nearly double tourist footfall to 30 mn tourists a year by 2030, from 15.7 mn in 2024. To achieve this goal, the government is working to expand room capacity to 500k from 228k.

About Sun Capital: The development spans 575 feddans, is located near the Giza Pyramids, and is being developed in partnership with the New Urban Communities Authority. It will house three hotels, including a Concorde-branded hotel set to open its doors in 2026 and the EGP 16 bn Fairmont Sun Capital, scheduled to launch in 2028.

How it’s being financed: The company lined up a EGP 5 bn credit facility from a local banking syndicate to help fund the Fairmont-branded hotel.

IN OTHER REAL ESTATE NEWS-

ELM Developments has launched its first residential project, ELM Tree in West Cairo with EGP 10 bn in investments, according to a statement. The project will offer apartments and duplexes, and will feature a 7-feddan private park and a luxury clubhouse.

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