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Arab Company for Tourism Projects has awarded contract to renovate and retrofit its 5-star Sheraton Cairo hotel to Egyptian engineering services company Korra Energi.
Korra Energi’s chairman Ayman Korra told Zawya Projects that the project involves full renovation of Nefertiti Tower including external and internal finishing works, electrical systems, fire alarms, communication systems, air conditioning, sanitary works, and firefighting systems.
He said the total project value is 1 billion Egyptian pounds ($33 million).
Sheraton Cairo Hotel and Casino, built in 1970, consists of two towers, namely the 326-key Cleopatra Tower, and the 325-key Nefertiti Tower and a casino.
In November 2022, Banque Misr had announced that it is extending an EGP 500 million ($16 million) loan to Arab Company for Tourism Projects to finance the renovation of Nefertiti Tower. The total cost of the renovation project was estimated at EGP 839 million ($27 million), according to the Bank’s press statement.
(1 US Dollar = 30.62 Egyptian Pounds)
(Reporting by Marwa Abo Majd; Editing by Anoop Menon)
