Arab Finance: Pickalbatros Group will establish two new hotels this year, one in Hurghada and the other in Marsa Alam, with investments amounting to EGP 2 billion, Chairperson of Pickalbatros Kamel Abou Ali told Asharq Business on February 12th.
Abou Ali revealed that the two hotels will add about 900 new hotel rooms to the group's portfolio.
Egypt aims to increase tourism sector revenues from the current average of $11- $12 billion annually, to $30 billion over the next three years, according to Egypt's Prime Minister Mostafa Madbouly's announcement in September 2022.