{"id":586377,"date":"2023-05-10T00:00:00","date_gmt":"2023-05-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/10\/emaar-to-open-three-new-hotels-in-egypt-by-2024-plus-new-gasc-tender-and-a-fresh-acquisition\/"},"modified":"2023-05-10T00:00:00","modified_gmt":"2023-05-10T00:00:00","slug":"emaar-to-open-three-new-hotels-in-egypt-by-2024-plus-new-gasc-tender-and-a-fresh-acquisition","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/10\/emaar-to-open-three-new-hotels-in-egypt-by-2024-plus-new-gasc-tender-and-a-fresh-acquisition\/","title":{"rendered":"Emaar to open three new hotels in Egypt by 2024. PLUS: New GASC tender and a Fresh acquisition"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">HOSPITALITY-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">New Emaar hotels this year: <\/span><span style=\"\">Emaar Hospitality will open two new hotels on the North <\/span><span>Coast in 2023, the Address Marassi Beach Resort and the Vida Marina Resort & Yacht Club Marassi, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/www.tradearabia.com\/news\/CONS_408883.html\" style=\"\">Trade Arabia<\/a><\/span><span style=\"font-weight:400;\">. Emaar is also building the new Vida Residences Cairo Gate, which will open its doors in 2024. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">M&A-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Fresh acquires majority stake in Misr Compressor:<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/fresh.com.eg\/en\" style=\"\">Fresh<\/a><\/span><span style=\"\"> has acquired an 80% <\/span><span>stake in air compressor manufacturer <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/misrcompressor.com\/en\/\" style=\"\">Misr Compressor<\/a><\/span><span> for an undisclosed sum, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3Bec1Ka\" style=\"\">Al Mal<\/a><\/span><span> reports, citing anonymous sources. The home appliances manufacturer acquired a 40% stake in the firm through the exit of Saudi investment group <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/hc.dallah.com\/erec\/\" style=\"\">Dallah Albaraka<\/a><\/span><span>, 9% through the exit of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/seii.com.eg\/\" style=\"\">Saudi-Egyptian Industrial Investment<\/a><\/span><span>, and another 9% through the exit of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/midbank.com.eg\/\" style=\"\">MidBank<\/a><\/span><span style=\"font-weight:400;\">, with the remaining shares coming from undisclosed investors. National Bank of Egypt, Suez Canal Bank, and Misr Ins. hold the remaining 20% in the company.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What\u2019s next:<\/span><span style=\"\"> Fresh plans to invest some USD 40 mn in the company within two years t<\/span><span style=\"\">o boost <\/span><span>its performance and up its annual production capacity from 350k refrigerator and freezer compressors to 5 mn by 2026, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3Mdn4cT\" style=\"\">the newspaper<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">COMMODITIES-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">GASC on the hunt for local, int\u2019l vegetable oil: <\/span><span style=\"\">State grains buyer GASC has <\/span><span>launched an international vegetable oil tender for delivery between 25 June and 10 July, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.nasdaq.com\/articles\/export-summary-egypt-seeks-vegetable-oils-china-cancels-u.s.-corn-sale\" style=\"\">Reuters<\/a><\/span><span> reported yesterday. GASC also launched a tender for local vegetable oil, seeking 1k tons of soybean oil and 500 tons of sunflower oil for delivery between 1-20 July, the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/msitgovegypt\/posts\/pfbid02cJwpAeh7HcYxvquNWVGv8rpiaf6bEbVm7j5gaJxhKixg5UHcxbr1G5DXSZz5ZYgal\" style=\"\">Supply Ministry said<\/a><\/span><span style=\"font-weight:400;\">. Traders have until Thursday to submit offers in the tenders.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">VENTURE CAPITAL- <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The African Private Equity and Venture Capital Association\u2019s <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/www.avcaconference.com\/\" style=\"\">annual summit<\/a><\/span><span style=\"font-weight:700\"> last <\/span><span style=\"font-weight:700\">week <\/span><span>brought together more than 400 investors and entrepreneurs to discuss how to maintain investment flows to African startups amid heightened global uncertainty, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/517.pdf\" style=\"\">p<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/517.pdf\" style=\"\">ress release<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/517.pdf\" style=\"\">(pdf)<\/a><\/span><span>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Two hotels will open their doors this year<\/p>\n","protected":false},"author":1,"featured_media":586378,"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":[7209],"tags":[111,317,2096,72,10596,550,955,131,7052],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586377","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-commodities","tag-emaar-properties","tag-enterpriseam","tag-fresh","tag-gasc","tag-hospitality","tag-manufacturing","tag-misr-compressor","wpautop","entry"],"acf":{"mongo_id":"b3641844-c35d-4a79-863a-99a5c31fe07e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/546.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Emaar to open three new hotels in Egypt by 2024. 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