{"id":657647,"date":"2024-12-24T00:00:00","date_gmt":"2024-12-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/24\/sunrise-resorts-cruises-plans-to-add-4k-hotel-rooms-in-2025\/"},"modified":"2024-12-24T00:00:00","modified_gmt":"2024-12-24T00:00:00","slug":"sunrise-resorts-cruises-plans-to-add-4k-hotel-rooms-in-2025","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/24\/sunrise-resorts-cruises-plans-to-add-4k-hotel-rooms-in-2025\/","title":{"rendered":"Sunrise Resorts & Cruises plans to add 4k hotel rooms in 2025"},"content":{"rendered":"

HOSPITALITY-<\/p>\n

Egyptian hotel chain Sunrise Resorts & Cruises plans to add 4k hotel rooms to its hotel <\/strong>capacity next year<\/strong>, increasing it by 50%, Founder and Chairman Hossam El Shaer told Asharq Business<\/a>. Of the planned capacity, 1k will be added to existing hotels, while the remaining 3k will be spread across new hotels. The company plans to launch a handful of new hotels through 2027 in Cairo, Sharm El Sheikh, Marsa Allam, and the North Coast. <\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

Remember:<\/strong> The government aims to attract some 25 mn tourists annually<\/a> by 2030. To that end, it plans to add some 240-250k rooms to existing hotel room capacity. That\u2019s at least 20% more than the 200k hotel rooms<\/a> that were initially planned. The finance and tourism ministries launched the EGP 50 bn subsidized loan program for hospitality players<\/a> last month.<\/p>\n

PROPTECH-<\/p>\n

Madinet Masr has launched its <\/strong>SAFE Investments<\/a><\/strong> app<\/strong>, its platform for fractional property ownership investments, according to a press rele<\/a>ase (pdf)<\/a>. The app allows multiple investors to purchase shares in a single property and will enable investors to benefit from property ownership without taking on full responsibility.<\/p>\n

ENERGY-<\/p>\n

#1- <\/strong>Korra Energi<\/strong> to invest USD 90 mn in two power plants: <\/strong>Energy solutions firm Korra Energi plans to build a turbine-based power plant and a solar plant at Damietta Port\u2019s biofuel complex with investments of USD 90 mn, Al Arabiya<\/a> reports. The turbine power plant will have a capacity of 16 MW and will cost USD 30 mn, while the 30 MW solar plant will require investments exceeding USD 60 mn. The implementation timeline will be clarified at the beginning of FY 2025-26.<\/p>\n

\n

#2- Kicking off work at the ethane pipeline: <\/strong>The consortium setting up the USD 40 mn<\/a>pipeline to transport imported liquified ethane gas<\/a> derived from US shale gas from Alexandria's Dekheila Port to Sidi Kerir Petrochemicals (Sidpec) and the Egyptian Ethylene and Derivatives Company (Ethydco) has started working on the pipeline\u2019s infrastructure, Al Borsa<\/a> reports citing unnamed sources. The pipeline will be operational during the summer of 2026. <\/p>\n

DIPLOMACY-<\/p>\n

Egypt to send troops to Somalia peacekeeping mission: <\/strong>Egypt will deploy troops to the African Union Somalia Stabilisation and Support Mission (AUSSOM), Foreign Minister Badr Abdelatty said<\/a> during a presser. The mission will replace an anti-terror initiative set to wrap up operations this year. \u201cEgypt has decided to participate in the mission based on the Somali government's request and welcoming of the African Union's Peace and Security Council,\u201d the minister said. <\/p>\n

Remember:<\/strong>Egypt and Somalia inked a military cooperation protocol<\/a> earlier this year. <\/p>\n

REAL ESTATE-<\/p>\n

#1- A record year for 2024:<\/strong> Talaat Moustafa Group reported a record EGP 500 bn in sales in 2024, up nearly 250% y-o-y, according to an EGX disclosure (pdf)<\/a>. TMG launched two major projects this year: the Benan city<\/a> project in Saudi Arabia and the North Coast\u2019s SouthMed<\/a> \u2014 TMG raked in over EGP 64 bn in sales for Benan and over EGP 280 bn for SouthMed. <\/p>\n

In the pipeline for next year: <\/strong>TMG will launch its Spine project<\/a> in 2H 2025, offering Madinaty a mixed-use downtown area that will include residential, retail, administrative, and hospitality spaces.<\/p>\n

\n

#2- A new EGP 2 bn Sheikh Zayed project: <\/strong>Real estate player Garnet Developments has inked a cooperation agreement with Raya Smart Buildings to set up a mixed-use commercial real estate project in Sheikh Zayed dubbed Flare Plaza, according to a press release<\/a>. The project will feature offices, retail spaces, and F&B outlets and is set for completion within two years.<\/p>\n

BANKING-<\/p>\n

Banque Misr has cut rates on its three-year USD CDs<\/strong>, Al Qema and Elite. The state-owned lender has lowered interest rates by 0.5 percentage points to 6% and 8%, according to a press release (pdf)<\/a>. Banque Misr slashed rates a similar 0.5 percentage points in October<\/a>. <\/p>\n

Remember:<\/strong> The lender rolled out high-interest three-year USD certificates last year<\/a> designed to attract FX especially from remittances.<\/p>\n

INVESTMENT-<\/p>\n

Gold Era\u2019s EGP 1 bn bullion factory to open its doors next quarter:<\/strong> Gold bars and coins manufacturer Gold Era Egypt<\/a> \u2019s EGP 1 bn gold manufacturing facility will kick off operations in 1Q 2025, Al Borsa<\/a> reports. The new factory will have a production capacity of 4-5 tons per month to meet local market needs. <\/p>\n

Also in the pipeline: <\/strong>The company plans to start exporting its products to the US market next year \u2014 it currently exports to the UAE, Saudi Arabia, and a number of other Arab nations. <\/p>\n

DEBT-<\/p>\n

Remco\u2019s board approves debt settlement with Technolease: <\/strong>Remco Tourism Villages Construction\u2019s board has approved a debt settlement framework with Technolease for Financial Leasing to resolve EGP 1.19 bn in outstanding liabilities, according to EGX disclosures (pdf)<\/a> | (pdf)<\/a>. The settlement includes a cash payment of EGP 320 mn in installments, with the remaining amount to be cleared through asset transfers, including the Golf Hotel, Stella Di Mare Sea Club Hotel, and 140 units in the Sokhna 2 project. <\/p>\n

EXPANSION-<\/p>\n

MPCO, UAE\u2019s United Eastern Group to establish JV for egg production: <\/strong>Mansoura Poultry Company (MPCO) and the UAE\u2019s United Eastern Group have agreed to set up a JV for poultry farming and table egg production in the UAE, according to an EGX disclosure (pdf)<\/a>. The venture, with a 60\/40 capital split favoring the Emirati partner, aims to reduce egg imports and meet growing Emirati demand. <\/p>\n","protected":false},"excerpt":{"rendered":"

PLUS: Talaat Moustafa Group reported a record EGP 500 bn in sales in 2024<\/p>\n","protected":false},"author":1,"featured_media":657648,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[111,7106,93,72,8962,83,151,1517],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-657647","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-debt","tag-energy","tag-enterpriseam","tag-proptech","tag-real-estate","tag-renewables","tag-talaat-moustafa-group","wpautop","entry"],"acf":{"mongo_id":"25e6ad3b-dbed-489a-87b2-f30662243a1f","order":"10","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/2116.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Sunrise Resorts & Cruises plans to add 4k hotel rooms in 2025","related_issue":[657631],"teaser":"PLUS: Talaat Moustafa Group reported a record EGP 500 bn in sales in 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/1\/.6799fd27-2aaa-4058-bdf7-076d88dc682b.mp3"},"yoast_head":"\nSunrise Resorts & Cruises plans to add 4k hotel rooms in 2025 - 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Sawiris is leading a consortium of four investors, the news agency says.The players: Sawiris will invest through SOSTNT, his\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/beach-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569343,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/20\/talaat-moustafa-to-set-up-four-seasons-branded-luxor-hotel-under-ppp-contract\/","url_meta":{"origin":657647,"position":2},"title":"Talaat Moustafa to set up Four Seasons-branded Luxor hotel under PPP contract","author":"enterpriseam admin","date":"20 February 2020","format":false,"excerpt":"Talaat Moustafa Group (TMG) signed a contract with the Egyptian General Company for Tourism and Hotels (EGOTH) that will see TMG subsidiary Icon establish the planned Four Seasons-branded hotel in Luxor under a PPP framework, TMG said in a regulatory filing (pdf). 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