EMD assigns Hassan Allam and Oranscom to build two hotels

Emaar Misr for Development (EMD) has signed contracts with Hassan Allam Holding and Orascom Construction Plc to build two hotels on the North Coast in Egypt.

According to a bourse filing on Thursday, Hassan Allam will construct a five-star hotel in a deal worth EGP 1.207 billion  under the name of the international hotel operator 'The Address' with 292 rooms and suites at Marassi village in the North Coast.

Meanwhile, Emaar Misr agreed with Orascom Construction to establish a four-star hotel with 214 rooms and suites at a total value of EGP 975 million.

The hotel will be built under the name of the international hotel operators 'Vida'.

Both hotels are expected to be operated in 2023.

It is noteworthy to mention that in the first nine months of 2020, Emaar Misr recorded a 62% year-on-year leap in its net profits, logging EGP 1.02 billion, up from EGP 628.99 million, including minority shareholders’ rights.

The company's revenues retreated marginally in the first nine months to EGP2.27bn, down from EGP2.34bn in the same period last year.