Arab Finance: Abu Soma Touristic Development Company (ASDC), developer of Somabay hotels, is planning to inaugurate two new hotels within the coming two years, with around EGP 1.6 billion worth of investments and a total capacity of 380 rooms, Al Borsa News reported, citing the firm’s CEO Ibrahim El Missiri on June 11^th.

The first hotel will be inaugurated in September 2024 with a capacity of 180 rooms, while the other one will be launched in 2025 with a capacity of 200 rooms, El Missiri said.

He noted that nearly 30% of the company’s properties are directed toward foreigners, while the remaining are destined to Egyptians residing in Egypt or abroad.

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