Selling 39 percent shares of Rihana hotel at Red Sea

Uraskom Company for hotels decided sell 39% of the shares in the Rihana Hotel located in the El-Gouna region on the Red Sea to a major investor. The value of the shares floated up for sale amounts to 6 million pounds. These shares are promoted by a Cairo financial group.

The Rihana is a four-star hotel with a total value of 15 million pounds, in which Orascom owns 90% of its capital while the rest is owned by Belgian investors. The sale aims at upgrading the work of this hotel.