Arab Finance: Banque Misr, Egypt’s second-largest state-owned bank, is set to partner with Saudi and Kuwaiti investors to construct a five-star hotel in Giza, an unnamed government official told Asharq Business.

The project, valued at approximately EGP 3 billion, will be developed on a 7,520-square-meter plot directly across from the Grand Egyptian Museum (GEM), with a view of the pyramids.

The hotel’s construction is a key part of Egypt's broader tourism strategy, which includes increasing the country's hotel room capacity from 230,000 to 500,000 by 2028.

This development comes as President Abdel Fattah El-Sisi recently approved the opening of the GEM on July 3rd, further boosting Egypt’s tourism infrastructure.

The new hotel will be built by Misr Abu Dhabi Real Estate Investment Company, a fully owned subsidiary of Banque Misr, and construction is set to begin in the fourth quarter (Q4) of this year. 

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