Global Sphere, a UAE based investment company, has signed an AED 750 million (US $204.1 million) contract for a new luxury hotel on the northern coast of Egypt.
The 500-key property will be branded as GS International Hotel, and will be located in Egypt’s El Alamein area, which lies 106km west of Alexandria and 240km northwest of Cairo and is famous for the World War II battle between the Allied and the Axis forces.
This will be Global Sphere’s first hospitality project and the group chairman Dr Abdullah Al Sayegh said the company is also studying a number of future investment projects including education, tourism and agriculture sectors.
Al Sayegh said: "The opportunities in emerging markets and in the Middle East markets are promising. We are looking forward to tapping these opportunities. The new hotel is the first tourism project for the company in Egypt."
He confirmed that Egypt is one of the most attractive countries for investors in the Middle East region, and that the UAE has played a vital role in supporting the development plans in Egypt.
Global Sphere was established in 2001 and helps arrange funds for projects for commercial companies and governments.
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