The company’s net profits were £E479m ($89m) in 2007, up from £E39m in the previous year. Revenues climbed by 120 per cent from £E862m to £E1.9bn over the same period.

Orascom’s number of rooms at its 21 hotels reached 5,063, up 18 per cent from the figure of 4,285 at the end of 2006.

The business won permission to build hotel complexes at three new sites during 2007.

The two new sites in Egypt are at 6th of October City, west of Cairo, where it has permission to develop a 8.4 million-square-metre site, and Al-Fayoum, an oasis town south of Cairo, where it will develop a 2.1 million-square-metre area.

Orascom Hotels was also awarded its first land in Morocco, the 15 million-square-metre Sahara Atlantique development.