Scope Properties to invest USD 190 mn in two hotels on Egypt’s Mokattam Corniche

Al Swailem Holding Group’s subsidiary Scope Properties will set up two hotels on Egypt’s Mokattam Corniche with investments of USD 190 mn, Scope Properties’ Managing Director Alaa Khedr told Asharq Business. Under the plan, Scope Properties will build a USD 120 mn, 250-key hotel and another USD 60 mn, 150-key hotel. Scope also 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.

The investments are part of a wider plan to develop the Mokattam Corniche in partnership with Egypt’s state-owned El Nasr Housing and Development under a 2022 agreement. Al Swailem will contribute half of the project’s USD 1.7 bn price tag, with the other half financed by 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.