Word of the Chairman of the Holding Company for Tourism, Hotels
In the name of Allah the Merciful
The Holding Company for Tourism, Hotels is one of the Ministry of investment companies, the company has nine Subsidiaries as follows:
Five companies in the field of hotels, tourism which are:
1. The General Egyptian Company for Tourism and Hotels "EGOTH"
2. Misr Hotels Company
3. Egypt Tourism Company
4. Al Mamoura company for reconstruction and development of tourism
5. Egypt Company for Sound, light and cinema
Four internal trading companies which are:
1. The fine fashion houses company
2. The modern fashion company
3. The Egyptian Industries Selling Company
4. Garments and consumer products company Sednawy
The completion of development projects
Despite the lack of liquidity and resources of the holding company and its subsidiaries due to the low occupancy rates in hotels and the low numbers of foreign tourist groups coming to Egypt after the month of January 2011, yet it was imperative for the holding company and its subsidiaries to complete projects that have received large investments in order to preserve the public money. The Novotel airport extension has been developed and inaugurated with investment cost of 95 million pounds and Movenpick pyramid extension with investment cost of 113 million pounds in 2013
Suite A the extension of Mina House palace owned by EGOTH company has been inaugurated in March 2015 with investment cost 60 million pounds in preparation for the development of the palace with investment cost of 250 million pounds.
In addition to completion of the project of establishing a tourist four-star hotel with 295 rooms capacity and an administrative building of 12 floors in Tahrir Square owned by the Holding Company, and Luxor Hotel in Luxor in partnership with EGOTH company and the Egyptian Endowments, as well as the completion of Alvantin Hotel in Aswan with 178 rooms at an investment cost of 194 million pounds.
The completion of Scheherazade Hotel development after resolving the old dispute that continued for over twenty-five years with Efadco company, the hotel tenant, and during its management the hotel stardom has been reduced and closed several times for the violating all standards and specifications, as:
A tripartite contract has been signed on 03.07.2014 between EGOTH Company and Efadco, the previous tenant of the hotel, and Horizon company, where Horizon Company for resorts Management paid the amount of 6.96 million pounds, which represents the value of the previous debt on Efadco company after scrutiny and increase of the rental value from 1.8 million pounds to 3 million pounds, subject to 10% annual increase starting from the fourth year and developing the hotel to a three-star level at an investment cost of 65 million pounds without any burdens on EGOTH company and operating the hotel after a hiatus of several years. The investor has injected to date investments amounted to 20 million pounds.
Furthermore, Misr Hotels has completed the comprehensive development work of Nile Ritz-Carlton hotel, which includes the hotel main building with capacity 331 rooms and suites and the creation of a conference hall with capacity 1,100 persons and a garage covering the entire building area and the hotel scheduled to be inaugurated in October 2015.
Optimization of assets
A contract was signed between EGOTH Company and Wadi Degla Real Estate Development for real estate partnership in a land and hotel in Ain Sokhna owned by EGOTH company to build a 4-star Hotel with the capacity of 110 rooms, a health club (SPA), tourist accommodation, commercial center and restaurants, the project achieved a profit of 1.3 billion pounds with a yield on investment of 270% on the value of the land, which had the greatest impact to cover the losses of EGOTH company and achieving a profit.
The Holding Company, represented by Misr Company for Sound, Light and cinema with Prism International Co., the global company responsible for the New Year celebrations in Burj Khalifa in Dubai to participate in the development of the sound and light show at the pyramid at investment cost of $50 million dollars borne by Prism company. It is expected to hold the New Year's Eve concert on 31/12/2015 at the pyramids.
Furthermore, Misr Company for Sound, Light and cinema has established the first fountain of its kind in the Middle East and North Africa which operates through multimedia based on the latest technologies at the family garden in New Cairo at a cost of 14 million pounds in cooperation with the National Service Department in Armed Forces
The holding company and its subsidiaries shall continue to implement the plans of development and modernization already taking place and exert the effort in order to maximize the return for the benefit of the company and our beloved Egypt.
