Egypt developer to revive hotel construction projects

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Egypt’s Orascom Hotels & Development is planning to revive stalled projects in the country. These projects were put on hold following the 2011 political unrest that ousted President Hosni Mubarak.

According to Eskandar Tooma, the chief financial officer of the parent company Orascom Development Holding AG (ODHN), the developer is consulting with investors to resume construction as a step to attract tourists in the country.

The new hotel construction projects will be expected to gain from improved tourism activities in the country. Tourism industry is gradually picking up in Egypt as the more and more people check into hotels and the data from Egypt’s central bank showing revenue has also increased to $ 2.1 billion.

“We always said that we will be coming back to the Egyptian market when the situation stabilizes and now things are becoming more stable,” Tooma said.

ORASCOM is the largest hotel owners and developers in the Middle East and North Africa region. The group partners with Rotana, Starwood, Intercontinental, Club Med, GHM and Movenpick.

The group has around 30 hotel and over 8,000 guest rooms in Egypt, Jordan, Oman, UAE and lately Switzerland.