EMD assigns Hassan Allam and Oranscom to build two hotels
Emaar Misr for Development (EMD) has signedcontracts withHassan Allam Holding andOrascom Construction Plc to build two hotels ontheNorth Coastin 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 theinternational hotel operator'The Address' with292rooms and suitesatMarassivillage 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 EGP975 million.
The hotel will be built under the name of theinternational hotel operators'Vida'.
Both hotels are expected to be operated in 2023.
It is noteworthy to mention thatin 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 EGP628.99million, 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.
