{"id":552738,"date":"2022-09-26T13:11:08","date_gmt":"2022-09-26T13:11:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/26\/this-evening-pickalbatros-plans-three-new-hotels-in-hurghada-the-gbp-is-tanking\/"},"modified":"2022-09-26T13:11:08","modified_gmt":"2022-09-26T13:11:08","slug":"this-evening-pickalbatros-plans-three-new-hotels-in-hurghada-the-gbp-is-tanking","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/26\/this-evening-pickalbatros-plans-three-new-hotels-in-hurghada-the-gbp-is-tanking\/","title":{"rendered":"THIS EVENING: Pickalbatros plans three new hotels in Hurghada + The GBP is tanking"},"content":{"rendered":"<p><strong>Happy Monday, wonderful people, and welcome to a slightly unorthodox issue of<\/strong><strong> EnterprisePM.<\/strong> Today, in place of our typical For Your Commute and Enterprise Recommends sections, we bring you the results of the Enterprise Fall 2022 Reader Poll, wherein we round up your outlooks on everything from investments and IPOs to the FX rate you plan to use as we kick of budgeting season.<\/p>\n<p><strong>THE BIG STORY TODAY<\/strong><\/p>\n<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>Pickalbatros is planning to open three new hotels in Hurghada<\/strong>, <a href=\"https:\/\/bit.ly\/3LLSaq4\">Al Mal<\/a> quotes Pickalbatros Group Chairman Kamel Abou Ali as saying. The company expects to invest USD 80-120k per room in each of the hotels, Abou Ali said.<\/p>\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><strong>The GBP plunged to record lows to trade at <\/strong><strong>USD 1.03, before paring losses to sit at USD 1.09<\/strong><strong>, on the biggest tax cut in 50 years<\/strong>, prompting speculation the currency will hit parity against USD before year end. UK Chancellor of the Exchequer Kwasi Kwarteng\u2019s move to eliminate the top rate of income tax and scrap plans to hike corporate takes is widely predicted to take UK\u2019s debt to unaffordable levels and fan the flames of inflation, which is at a four-decade high. These conditions are also expected to see the Bank of England call for an emergency interest rate hike.<\/p>\n<p><strong>The story is everywhere in the international press:<\/strong> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-26\/probability-of-pound-sliding-to-parity-this-year-jumps-to-60\">Bloomberg<\/a> | <a href=\"https:\/\/www.reuters.com\/markets\/europe\/global-markets-wrapup-3-2022-09-26\/\">Reuters<\/a> | <a href=\"https:\/\/www.theguardian.com\/business\/live\/2022\/sep\/26\/sterling-record-low-tax-cuts-investors-kwarteng-truss-ftse-stock-markets-business-live\">The Guardian<\/a> | <a href=\"https:\/\/www.ft.com\/content\/c7f815b6-e7f2-43d2-b160-b7b3182e63b4\">Financial Times<\/a><\/p>\n<hr class=\"grey-line\">\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>Gov\u2019t wants to raise USD 6 bn from stake sales by mid-2023:<\/strong> The Madbouly government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dde844b6-73f3-4d2f-8c09-d8a084b5720d\">expects to raise<\/a> as much as USD 6 bn by selling stakes in state-owned assets by mid-2023, said Planning Minister and Sovereign Fund of Egypt Chair Hala El Said.<\/li>\n<li><strong>Al Masry Sporting Club <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0cdefbf-3d30-42c3-be99-961a8df076b9\">has hired<\/a><\/strong><strong> Zilla Capital as financial adviser on a planned EGP 4 bn sports complex<\/strong> in Port Said.<\/li>\n<li><strong>Egypt\u2019s liquefied natural gas (LNG) exports <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/07ec2719-fb5c-4f99-9a3b-7cdfb2932928\">reached USD 8 bn<\/a><\/strong><strong> last fiscal year<\/strong>, according to an infographic released by the cabinet yesterday.<\/li>\n<\/ul>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>     <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>FOR TOMORROW-<\/strong><\/p>\n<p><strong>PSA-<\/strong> <strong>Get into (almost) all museums without charge tomorrow: <\/strong>The Tourism Ministry is celebrating World Tourism Day on 27 September by waiving entrance fees to almost all of its museums. The National Museum of Egyptian Civilization and cultural museums aren\u2019t participating. (Kelma Akhira | <a href=\"https:\/\/www.youtube.com\/watch?v=8LvvcmLfNCs\">watch, runtime: 7:01<\/a>)<\/p>\n<p><strong>Our friends at HSBC are hosting an energy transition webinar series tomorrow through<\/strong><strong> Thursday<\/strong> (27-29 September). The series will look at the \u201clatest climate analysis in relation to the global energy market and transition to net zero\u201d in six different sessions covering energy security, what is required to ensure the success of COP27, financing and investment needs for the energy transition, and the scaling up of renewables in the region, among other topics. <a href=\"https:\/\/www.hsbcscheduling.com\/eventweb.php?pid=PDFjNDU8MGUxPzFsMTU&amp;src=enterpriseam\">You can register for the series here<\/a>.<\/p>\n<p><strong>A Spanish business delegation will be in town tomorrow and Wednesday<\/strong> (27-28 September) for the Egypt-Spain Multilateral Partnership Forum, organized by the Spanish Institute for Export and Investment, according to <a href=\"https:\/\/ent.news\/2022\/9\/Press-Release-PRE-EVENTO-en-ingle%CC%81s.pdf\">a press release (pdf)<\/a>. The two-day conference will include seminars and panel discussions on trade and investment in transport, energy, and water with Egyptian ministers and representatives from government bodies, alongside officials from international financing institutions and Spanish Secretary of State for Trade Xiana M\u00e9ndez B\u00e9rtolo. The agenda for the conference is available <a href=\"https:\/\/ent.news\/2022\/9\/Program-Spain-Egypt-Multilateral-Partnership.pdf\">here (pdf)<\/a>.<\/p>\n<p><strong><img decoding=\"async\" draggable=\"false\" role=\"img\" class=\"emoji\" alt=\"?\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/14.0.0\/svg\/1f5d3.svg\"> CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>The UN World Food Program and the International Cooperation Ministry are hosting a<\/strong> <strong>two-day conference on food security at the St. Regis Cairo Hotel<\/strong> on Wednesday and Thursday, according to a <a href=\"https:\/\/ent.news\/2022\/9\/United-Nations-World-Food-Program-and-the-Ministry-of-International-Cooperation-confrence.pdf\">press release (pdf)<\/a>. The conference will mainly focus on the digitization of the agricultural sector, financial inclusion and social protection.<\/p>\n<p><strong>A call for women entrepreneurs: Looking for investors? Look no further. <\/strong>The <a href=\"https:\/\/invest-for-jobs.com\/\">Facility<\/a><a href=\"https:\/\/invest-for-jobs.com\/\">Investing for Employment<\/a> will select a number of Egyptian projects that contribute to sustainable job creation to award financing ranging between EUR 1-10 mn, with a focus on women entrepreneurs and women-led businesses, according to a <a href=\"https:\/\/ent.news\/2022\/9\/Press-Release-Pre-Announcement-WiB.pdf\">press release (pdf)<\/a>. Entrants can apply starting 14 November.<\/p>\n<p><img decoding=\"async\" draggable=\"false\" role=\"img\" class=\"emoji\" alt=\"\u2600\ufe0f\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/14.0.0\/svg\/2600.svg\"> <strong>TOMORROW\u2019S WEATHER- <\/strong>Expect the weather to be pretty much the same as it was today, with a daytime high of 36\u00b0C and a nighttime low of 25\u00b0C, our favorite weather app tells us.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Happy Monday, wonderful people, and welcome to a slightly unorthodox issue of EnterprisePM. Today, in place of our typical For Your Commute and Enterprise Recommends sections, we bring you the results of the Enterprise Fall 2022 Reader Poll, wherein we round up your outlooks on everything from investments and IPOs to the FX rate you [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7213],"tags":[380,633,2475,238,112,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-552738","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-currencies","tag-enterprisepm","tag-pickalbatros","tag-tourism","tag-uk","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"ba54c14d-fa1f-4e17-94b8-498070161b59","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[552736],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS EVENING: Pickalbatros plans three new hotels in Hurghada + The GBP is tanking - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/26\/this-evening-pickalbatros-plans-three-new-hotels-in-hurghada-the-gbp-is-tanking\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: Pickalbatros plans three new hotels in Hurghada + The GBP is tanking\" \/>\n<meta property=\"og:description\" content=\"Happy Monday, wonderful people, and welcome to a slightly unorthodox issue of EnterprisePM. 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Although Abou Ali did not disclose the total investment value for the projects, he did say that the cost per room is USD 80-120k.\u2026","rel":"","context":"In &quot;Tourism&quot;","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/394.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":643928,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/local-hospitality-player-pickalbatros-expands-across-morocco\/","url_meta":{"origin":552738,"position":1},"title":"Local hospitality player Pickalbatros expands across Morocco","author":"enterpriseam admin","date":"17 September 2024","format":false,"excerpt":"Good afternoon, friends. The day is off to a calmer than usual start as we start counting down to the weekend. THE BIG STORY TODAY- Pickalbatros had a busy year expanding across Morocco: Egypt-based hospitality group Pickalbatros Hotels & Resorts acquired four hotels in Morocco this year, pushing its portfolio\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1300.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":652396,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/08\/pickalbatros-hotels-building-new-hotel-in-new-cairo\/","url_meta":{"origin":552738,"position":2},"title":"Pickalbatros Hotels building new hotel in New Cairo","author":"enterpriseam admin","date":"8 January 2017","format":false,"excerpt":"Pickalbatros Hotels have purchased a 50k sqm land plot in New Cairo to build a hotel that includes an aqua park, Chairman Kamel Abou Ali told Al Borsa. The company will complete the necessary studies this quarter, and aims to begin building by 2Q2017, he added. Pickalbatros are set to\u2026","rel":"","context":"In &quot;Tourism&quot;","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":643963,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/18\/jaz-hotel-group-to-invest-usd-215-mn-to-open-six-new-hotels-in-2025-plus-pickalbatros-expands-hotel-portfolio-across-morocco\/","url_meta":{"origin":552738,"position":3},"title":"Jaz Hotel Group to invest USD 215 mn to open six new hotels in 2025. PLUS: Pickalbatros expands hotel portfolio across Morocco","author":"enterpriseam admin","date":"18 September 2024","format":false,"excerpt":"The hospitality player currently owns seven hotels across Morocco","rel":"","context":"In \"EnterpriseAM\"","block_context":{"text":"EnterpriseAM","link":"https:\/\/enterpriseam.com\/egypt\/tag\/enterpriseam\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1360.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":606782,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/21\/pickalbatros-to-invest-usd-140-mn-in-morocco\/","url_meta":{"origin":552738,"position":4},"title":"Pickalbatros to invest USD 140 mn in Morocco","author":"enterpriseam admin","date":"21 September 2023","format":false,"excerpt":"The company will raise its hotel capacity in Morocco by 43%","rel":"","context":"In &quot;Investment Watch&quot;","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/9\/1309.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566034,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/24\/pickalbatros-hotels-secures-usd-23-mn-loan-from-vantage-capital\/","url_meta":{"origin":552738,"position":5},"title":"PickAlbatros Hotels secures USD 23 mn loan from Vantage Capital","author":"enterpriseam admin","date":"24 May 2021","format":false,"excerpt":"Egypt-based PickAlbatrosHotels has obtained USD 23 mn worth of mezzanine loan from South African fund manager Vantage Capital, according to a joint statement (pdf). The hotel owner and operator will use the financing to fund its working capital and renovate five hotels it recently acquired.The funding transaction marks Vantage\u2019s \u201cinaugural\u2026","rel":"","context":"In &quot;SPEED ROUND: INVESTMENT WATCH&quot;","block_context":{"text":"SPEED ROUND: INVESTMENT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/430.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/552738","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=552738"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/552738\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/552736"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=552738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=552738"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=552738"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=552738"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=552738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}