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Image used for illustrative purpose. View Of Cityscape With River In Foreground.
Egypt’s AFG Developments is planning to launch two new projects in 2022 at a total investment of 2 billion Egyptian pounds ($127 million), the company CEO said.
Salah El Din El Helaly told Zawya Projects that the company is planning to develop a 30-acre residential compound in the New Administrative Capital (NAC) and a hospitality project in the North Coast.
He said the company is currently developing the 5-star Sky Bridge Hotel in the NAC at an investment of 250 million pounds ($16 million). The 12-storey, 113-key hotel is in the Downtown area.
El Helaly said the company has contracted Dubai-based FACIL, which provides hospitality management services to global hospitality operators like Movenpick, Radisson and Hilton, to operate and manage the hotel.
“We are targeting 300 million pounds ($19 million) in revenues,” the AFG Developments CEO said.
Cairo-based DCI PLUS Architects is the designer of the Hotel, which will be completed in 2025.
1 US Dollar = 15.71 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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