A team of the local Industrial Construction & Engineering Company (SIAC)and South Africa's WBHO Constructionis the low bidder for the project to build a five-star hotel at the Port Ghalib resort near Marsa Alam. The 350-room hotel is part of a $1,200 million tourism resort complex being developed along an 18-kilometre stretch of coastline on the Red Sea by the Kuwait-based Kharafi Group(MEED 14:11:03).
The SIAC/WBHO team priced the contract at £E 387 million ($63 million), ahead of a £E 445 million ($72 million) offer submitted by Lebanon's Arabian Construction Company (ACC). A third bid was submitted by a joint venture of the local Ginzaand Athens-based Consolidated Construction International Company (CCC).
US-based Millennium Hotels & Resortsin late September signed the management contract for another of the planned five-star hotels, the 120-room Coral Beach Diving Hotel, which is due to open in mid-2004. On completion of the first phase of the Port Ghalib project, the resort will include three five-star and two four-star hotels. The development also includes Egypt's only build-operate-transfer (BOT) airport, operated by Aeroports de Paris, which received its first international flights in May (MEED 9:8:03).
Egypt enjoyed a record level of tourist arrivals in August, with a high proportion of Gulf holidaymakers visiting Red Sea resorts.
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