By: Abdullah Bedeir
Cairo - Mubasher: Al Dau Development, an arm of Sami Saad Holding, plans to build a tourism residential project in Giza with over EGP 1 billion in investments and estimated revenues of EGP 2 billion.
Located in a close proximity to the Grand Egyptian Museum and Mall of Egypt, the project will span over 40,000 square metres, the company’s CEO told Mubasher.
Construction of the project is scheduled to commence in the second quarter of 2019, Fahd Derbala added.
The project features a complex with 300 units, in addition to 250 rooms inside the Hyatt-operated hotel, Derbala remarked.
He further noted that Al Dau has obtained the hotel licence and it will start operation within few days, pointing out that the company will get another licence from the governorate of Giza for practicing the residential business within a month.
Al Dau’s senior director of operations Mohamed Salem previously told Mubasher that the company was looking to invest EGP 1 billion in a new residential tourism project under the name of “Al Dau Strand” in Hurghada.
In December, Al Dau Development announced the opening of a new Steigenberger Hotel in Hurghada, Steigenberger Pure Lifestyle, with EGP 350 million in investments.
Translated by: Mai Ezz El-Din
