Dubai – Mubasher: UAE’s Al Habtoor Group is planning to launch a project worth $8.5 billion in Egypt, Chairamn Khalaf Ahmad Al-Habtoor said on Wednesday.
The project will comprise a 1,476-roomed hotel over a 3 million sqm area, in addition to 274 apartments and villas, a gold club and an equestrian club, the top official told Alarabiya TV satellite channel.
Al-Habtoor also stressed the details of the project will be defined as per the vision of officials in Egypt. He called upon GCC businessmen to team up with the group in this project as well as other investments in Egypt.
Asked about the financing method for the project, the chairman said his group would rely on its owned cash flows in phase one, while bank loans may be sought in other phases.
In December, 2015, Al-Habtoor held talks with Egypt’s President Abdel Fattah El-Sisi over investment opportunities in the Arab World’s most populous country.
