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An Egyptian company for tourism investment of $150 million
Egypt, Business, 4/27/2000
Accor international group for hotels started establishing a holding company for tourism investment in Egypt with a capital of $150 million to establish many hotels, resorts and floating hotels all over Egypt .
Acore is participating with 20% in this company, while El-Mansour, El-Maghrebi for investment with 10%, the international commercial company for investment with 30%, while the rest-- 50%-- will be left for Arab and foreign investors.
Omar Mehana, general manager of Accor Egypt, stated that this new company will establish and purchase four hotels in Cairo, two in Alexandria and four in Hurghada, Sharm El-Sheikh and Taba, in addition to a set economy hotels (two stars).
Accor Egypt contributes 26 hotels in all Egypt.
Previous Stories:
First Four Seasons Hotel to open in Cairo
(3/27/2000)
Establishing the first tourism and hotel institute in Hurghada
(3/15/2000)
Contracts for six new hotels in Egypt
(3/2/2000)
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