Egyptian developer Arabia Holding is planning to start construction of Fairmont Pyramids Hotels & Residences project, located within its mixed-use Sun Capital development in 6th of October City in 2020, the company chairman and CEO told Zawya Projects.

In March 2017, Zawya Projects had reported that project would feature 250 hotel rooms and 200 branded residences and would open in 2022.

"We are planning to start construction of Fairmont Hotel in 2020 as its designs are close to completion," said Tariq Shokry without elaborating further.

He said the company is planning to invest one billion Egyptian pounds ($64 million) in its Sun Capital development in 2020.

The $3.6 billion project includes 100 residential buildings, 120 villas, an international university and a hospital, and is scheduled for completion in 2022, he added.

(1 US Dollar = 15.56 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)


Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© Thomson Reuters Projects News 2020