12 December 2019
Rotana, one of the leading hotel management companies in the region, is planning to open its second property in Egypt by 2023, the company chairman said.
The company currently operates the 5-star Grand Rotana Resort and Spa in Sharm El Sheikh.
Nasser Al Nowais told Thomson Reuters Projects that the feasibility study for the second hotel, a 200-key property, is already underway.
"The hotel would be located in the Fifth Settlement of New Cairo. We hope to start construction in 2020 and open in 2023," he said on the side lines of Egypt - UAE Trade and Investments Forum in Cairo on Wednesday.
He said the two hotels would take Rotana's total investments in Egypt to $100 million, adding that the operator is looking closely at the country's hospitality market.
He said: "Egypt is one of the most promising countries in the field of tourism. There is tremendous potential to increase the number of tourists from the current 12 million to 40 million."
Nowais said the company would be opening two new hotels in the UAE in Dubai and Fujairah without elaborating further.
Jamal Saif Al-Jarwan, Secretary-General of the UAE International Investors Council said at the forum that the UAE's investments in Egypt is expected to double in the next five years.
He said: "The UAE is the second biggest investor in Egypt. We expect investments by UAE companies in Egypt to reach $15 billion by 2024 from current $7.2 billion."
Abdullah bin Ahmed Al Saleh, Undersecretary for Foreign Trade, UAE Ministry of Economy pointed out that Dubai-based real estate developer Emaar has invested $3.3 billion in Egypt and intends to invest additional $2.5 billion; mall operator Majid Al Futtaim has invested $1.7 billion with another $1 billion planned while Al Khaleej Sugar is planning to open a $1 billion plant in Egypt.
In his speech, Egypt's Minister of Industry and Trade, Amr Nassar said the volume of trade exchange between the two sides reached $3 billion in 2018.
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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