Emaar Misr for Development (EMD) intends to establish two new hotels in the North Coast Marassi project, with investments worth EGP 3.5 billion.
Mohamed Alabbar, Chairman of Emaar Misr, said that the group is interested in expanding the hotel and tourism activities inside Marassi, so it has established two new hotels under the name of the international hotel operators "The Address" and "Vida".
Alabbar added that contracts were signed with Hassan Allam Holding Company to construct "The Address" Hotel, and Orascom Construction Group to implement the "Vida".
He indicated in press statements during the laying of the foundation stone of the two new projects that the Egyptian market is one of the most prominent and promising investment markets, and that the Egyptian real estate sector was able to withstand and recover from the Corona pandemic, which drives the continuation of expansion.
He pointed out that the new Address Hotel will be built on an area of 57 thousand meters, at an investment cost of EGP 1,250 billion, and will be completed within 35 months, with 240 rooms and suites.
Alabbar noted that Emaar Group’s investments amounted to EGP 200 billion during the last fifteen years in the Egyptian market.
He added that about 5 billion pounds are invested annually, while its total investments are currently 20 billion in Cairo and North Coast projects.
Alabbar confirmed that the group is interested in obtaining new land plots in Cairo, Alexandria and the Red Sea, and that 500 feddans are currently being negotiated in New Cairo.
He stressed that the group is about to finalize the final details of the plans for developing the lands obtained in Sheikh Zayed area.