Arab Finance: Orascom Development Egypt’s hotels in the Sinai Peninsula have seen a sharp decline in occupancy rates from 70-80% to just 10-20% amid escalating regional tensions due to the Gaza conflict, Egyptian businessman Samih Sawiris told Asharq Business.
Orascom’s Sinai portfolio includes Taba Heights Resort which comprises six hotels with over 2,360 rooms, alongside an international yacht port.
On the sidelines of El Gouna Film Festival’s opening ceremony, Sawiris added that the devaluation of the Egyptian pound and rising inflation have significantly impacted costs.