Saudi Seera refutes investing in Egypt-based hotel project

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Seera stated that it had not made any investment in that hotel development project in Egypt

Staff Writer, Mubasher

November 28, 2023

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Riyadh – Saudi Arabia’s Seera Group Holding denied media reports published on 14 November 2023 and claimed that it was seeking to invest EGP 5.50 billion in a hotel project in Egypt, according to a bourse filing.

The company said the news published by Asharq Business website and accordingly got cited by other media outlets was “false”, adding that it had no involvement in nor association with the project mentioned.

Seera stated that it had not made any investment in that hotel development project in Egypt.

In the first nine months (9M) of 2023, Seera's net profits reached SAR 149 million against net losses in 9M-22, while its revenues amounted to SAR 2.27 billion.

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