Al-Kharafi Group’s Egypt investments will not be sold: Company official

Abdel Razek Al-Shuwekhi
2 Min Read

ma_kharafi_1Al-Kharafi Group plans to establish 1,800 hotel rooms in Masra Alam with investments exceeding EGP 2bn, according to a company official.

He said the company signed a contract with an Egyptian businessman and will announce its details at the earliest opportunity along with the opening of another hotel in the middle of this year.

Al Kharafi is considered one of the biggest tourism investment companies in Egypt and established Marsa Alam International Airport, running it through the POT system, according to the official.

“It is not true that the company plans to exit from tourism projects and enter the automotive industry in Egypt. We carry a positive outlook for Egypt, especially with the current improvement in tourism indicators,” he added.

The company’s investments in the region are very important and were developed for that reason, especially after Marsa Alam International Airport was built.

According to the Chamber of Hotels, the hotel capacity in the region reached 15,000 rooms, with investments at more than EGP 2bn.

The government relies on attracting international investments worth between $15m to $20m in the upcoming Economic Summit in March, to support and develop the Egyptian economy.

The Ministry of Tourism assured that five investment opportunities worth EGP 5.2bn will be on offer, including two projects in Marsa Alam. The official added: “Al-Kharafi supported the infrastructure in the area and will not withdraw after this success.”

“During the previous four years, we faced a lot of obstacles, but, like others working in the sector and all economic activities, due to political instability, we will work on expanding investments, whether in technology or the automotive sectors,” the official said.

Hotel occupancies in the area range from 30% to 40%, added the official.

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