Naguib Sawiris plans to develop $150M hotels in Pyramids area
Updated 12/9/2024 3:16:00 PM
Arab Finance: Businessman Naguib Sawiris unveiled plans to build one or two hotels near the Pyramids area and Sphinx Airport with a combined investment value of $150 million, according to press release.
Sawiris’ announcement was made in an interview with Hapi newspaper on the sidelines of the 6th Annual Hapi Conference.
He underlined that the Pyramids area suffers from a shortage of hotel rooms, adding that the proximity of the new hotels expected to be launched near Sphinx Airport saves time for tourists.
In the same vein, the businessman indicated that the Egyptian real estate market is still far from self-sufficiency regarding the currently built residential units in light of the increasing population growth.
This is shown by the annual sales performance of 10 real estate companies in the market, which hit EGP 30 billion, he added.
The engineer said that the units get sold over long periods of up to 10 years and accordingly they are being finalized within three or four years.
The developer obtains a loan valued between EGP 5 billion and EGP 7 billion to start building the housing units, Sawiris pointed out.
He also noted that the current interest rates lead to degrading the achieved profits, particularly in light of the price increases on imported components.
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