Egypt approves $4.6mln for hotel expansion

Egypt approves $4.6mln for hotel expansion

The Holding Company for Tourism and Hotels (HOTAC), a subsidiary of the Egyptian Ministry of Public Business Sector, has approved 142 million Egyptian pounds ($4.6 million) for the expansion of Romance Alexandria Hotel. The 4-star hotel in the Mediterranean Port of Alexandria is owned by Misr Travel, which is an affiliate of HOTAC. In a report on Thursday, the Arabic language daily Addustour said HOTAC agreed on the allocations as part of its 2023-2024 development plan. It noted that Misr Travel targets revenues of around EGP893 million ($29 million) and net profits of EGP65 million ($2.1 million) during fiscal year 2023-2024. (Writing by Nadim Kawach; Editing by Anoop Menon) ([email protected]) Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa. Egypt approves $4.6mln for hotel expansion