Investment firm planning luxury hotel near Alexandria
- Global Sphere set to develop $204m project
- GCC investments continue to support Egypt
UAE-based investment firm Global Sphere has signed a $204m agreement to develop a luxury hotel in Egypts North Coast area. The 500-room hotel will be developed in the El-Alamein area, about 100 kilometres from Alexandria.
Global Sphere is currently studying several education, tourism and agriculture schemes across Egypt, according to a company statement.
Egypts real estate market has been buoyant since the investment conference held in Sharm el-Sheikh in March, with several tourism projects announced in recent months. A statement from USbased JLL in June says: The growing confidence in the Egyptian economy in general, and the real estate market in particular, has resulted in a number of major investment projects with the backing of Arab governments from the GCC.
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