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Egypt’s Alkan Holding will invest 11 billion Egyptian pounds ($208 million) to build three new hotels in the Citadel area of Historic Cairo, the company chairman said.
Khaled Nossir told Zawya Projects that these investments will be carried out through Alkan Real Estate, the group’s property arm, as part of the ‘Citadel Plaza’ project, which aims to transform the Citadel district near Historic Cairo into an integrated tourism and hospitality destination.
The company had disclosed earlier that the mixed-use project, which will overlook the Citadel of Saladin, will include approximately 550 hotel rooms and 70 serviced apartments.
Spanning 60,000 square metres (sqm), the hospitality and tourism development is being developed in coordination with National Committee for the Protection and Development of Historic Cairo.
Nossir also noted that the company is studying the possibility of establishing two additional hotels near the Pyramids area as part of its expansion strategy in hospitality and tourism sector but didn’t elaborate on the timeline or costs.
(1 US Dollar = 52.93 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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