Cairo – Mubasher: Rowad Tourism is planning to develop a part of the land portfolio owned by its 85.2%-owned Rowad Dahab for Tourism Development in the Red City over an area of 3.6 million square metres (sqm).
The company considers building a number of hotels and a resort at an estimated cost of EGP 1 billion, according to a bourse disclosure on Sunday,
These plans are still under consideration and will be discussed after the formation of the board of directors during the ordinary general meeting (OGM) scheduled to be held on 4 October.
No procedures have been taken for upgrading and rehabilitating floating hotels in Maadi, Assiut, and Aswan owned by Rowad Tourism’s 94.3%-owned subsidiary MG Group as well as using the first-class tourism licence.
During the first half (H1) of 2021, Rowad Tourism logged about EGP 83,900 in net profits, down from EGP 6.96 million in H1-20.
