The Clap
Naguib Sawiris, CEO of Orascom Investments, said the company plans to establish 3 to 4 new hotels in the coming period as part of its increased efforts in the hospitality sector.
The Deets
Sawiris said that two hotels will be established on the North Coast, a third hotel next to the Grand Egyptian Museum, and a fourth hotel in Cairo.
The investments directed to each project will be between $200-$300 million, but the figure may increase due to the rising prices of raw materials.
Why this Matters
Sawiris said that investment opportunities in tourism are increasing during the upcoming period, with foreigners interested to visit Egypt during the coming winter due to the global energy crisis, leading to the lack of heating in their home countries.
