|18 February, 2020

MAK Group’s unit to build new hotel in Egypt with $32mln investments

Port Ghalib spans over 30 million square meters

Image used for illustrative purpose. A machine works at the construction site of the future Light Rail Train (LTR) project "Al-Salam - New Administrative Capital (NAC)" to link with 10th of Ramadan and the El-Salam district in east Cairo, Egypt July 9, 2019.

Image used for illustrative purpose. A machine works at the construction site of the future Light Rail Train (LTR) project "Al-Salam - New Administrative Capital (NAC)" to link with 10th of Ramadan and the El-Salam district in east Cairo, Egypt July 9, 2019.

REUTERS/Shokry Hussien

Cairo – Mubasher: MAK Investments Holding, a subsidiary of Mohammed Abdulmohsin Al Kharafi and Sons Company (MAK Group), signed a contract to build a new M?venpick hotel in Port Ghalib on the Red Sea’s western shore.

With total investments of EGP 500 million, the new hotel is scheduled for completion within two years, according to a statement by the Egyptian General Authority for Investment and Free Zones (GAFI) on Tuesday.

In a separate statement, MAK revealed that Port Ghalib consists of three phases, spanning over 30 million square meters, with expected investments of EGP 2 billion.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Construction