Al Masry Club contracted with Zilla Capital to be the exclusive financial coordinator in launching a new project to develop a stadium complex at an investment cost of up to EGP 4bn.
President of the Club Kamel Abu Ali and the Board of Directors of the Albatros Hotels Group announced that they will launch a project to develop a new stadium complex with an investment value exceeding EGP 4bn, explaining that the project consists of an integrated sports area in Port Said that includes an international stadium built to international standards in cooperation with the largest engineering companies.
The stadium will have a capacity of more than 20,000 spectators and span an area of 40,000 sqm with a total built-up area of 160,000 sqm. It will also include a hotel annex consisting of 400 rooms, in addition to commercial spaces and 800 luxury hotel apartments within 30,000 sqm. Furthermore, someone will will be contracted to manage the hotel annex and apartments.
Abu Ali pointed out that the club currently has enough finances to start development work on the stadium. The commercial project, however, will begin at a later stage in parallel with the completion of the stadium, explaining that the entire project’s implementation will take three years and the investment cost of developing the stadium is EGP 1.5bn, while the cost of the commercial annex consisting of the hotel and commercial areas is about EGP 2.5bn, adding that the project will contribute to strengthening and doubling the club’s budget.
For his part, CEO of Zilla Capital Wael Ziada explained that this new hybrid project is the first of its kind in Port Said and will bring about a boom in the city and the volume of investments directed to it.
Furthermore, Mostafa Al-Shenety — Head of the Investment Banking Sector at Zilla Capital — added that his company will contribute to providing financing for the project by contracting with sponsors of the club and through bank loans, as well as studying other non-banking ways of financing.
He also pointed out that the revenues of the commercial project will achieve a good and sustainable investment return that will be relied upon to permanently secure the exchange on the club during the coming years to meet all its needs and future requirements to be able to compete and develop permanently.