Company plans a 500-room five-star resort on El Alamein area
Dubai, Monday, Dubai: Global Sphere, a prominent UAE investment company, has signed a contract to build a 500-room five-star resort, GS International Hotel, in El Alamein area on the northern coast of Egypt, with an investment outlay of Dh750 million.
El Alamein is a town in the northern Matrouh Governorate of Egypt. Located on the Mediterranean Sea, it lies 106 kilometres west of Alexandria and 240 kilometres northwest of Cairo. El Alamein is famous for the epic World War II battle between the Allied and the Axis forces in which the Allied forces emerged eventual victor and halted Adolf Hitler's ambitions to conquer the rest of the world.
GS International Hotel is the company's first hospitality project in a variety of other developments there.
The new five-star property will be comprised of about 500 rooms with an estimated investment of around Dh750 million.
Dr Abdullah Al Sayegh, Chairman of Global Sphere, said: "The opportunities in emerging markets and in the Middle East markets are promising. We are looking forward to tap these opportunities. The new hotel is the first tourism project for the company in the Egypt."
The number of UAE companies operating in Egypt is more than 717, according to data from the Egyptian government and the UAE investments in Egypt is estimated at $6 billion, covering a range of sectors such as real estate, oil exploration, tourism, chemical and food industries and agriculture. Such investments contribute to the Egyptian economy and provide job opportunities.
The UAE investors have increased their involvement in Egypt in recent years due to growing opportunities in the north African Arab states where political stability has improved the investment climate as well.
Al Sayegh confirmed that Egypt is one of the most attractive countries for investors in the Middle East region. He said that his company is studying a number of future investment projects in Egypt. They are also planning to invest in education, tourism and also an agriculture sectors.
He noted that the UAE has played a vital role in supporting the development plans in Egypt.
Al Sayegh explained that the company's strategy is based on investing in all the big development projects in order to create jobs.
The company's projects are not linked to geographical extent , but are linked to excellent investment opportunities that we aim at seizing," Al Sayegh said, pointing out that the company is ready to invest and share in several projects in the UAE and outside it.
Al Sayegh and a delegation from institutions and private equity funds representatives in the UAE, attended the ceremony of signing the contract, along with a delegation from (I.C.Y) headed by Engineer Yusuf Islam, the company's chairman.
Press Release 2015
