Arab Finance: Egypt received three offers from Gulf and European alliances to enter into a partnership aimed at developing and reconstructing the historic Continental Hotel in the Opera Square in Downtown Cairo, Arab World News Agency reported, citing a government official.

The project is set to be implemented at an estimated investment cost of more than EGP 3 billion, excluding the value of the land, the official said.

The partnership will be through the establishment of a joint venture (JV), in which the government will hold a 60% stake and the rest will be owned by the winning consortium, the source pointed out.

The hotel, owned by the Egyptian General Company for Tourism and Hotels (EGOTH), affiliated to the Ministry of Public Business Sector, will accommodate 230 rooms and suites on an area of 10,073 square meters, according to the source.

After reconstruction, it will include a commercial center and entertainment spaces on an area of 5,000 square meters, the official added.

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