Cairo - Mubasher: Emaar Misr for Development has signed two contracts with “The Address” and “Vida” to run two luxury hotels in Marassi with investments of more than EGP 3 billion.
The company said in a statement to the Egyptian Exchange (EGX) on Monday that construction is set to begin in the fourth quarter of 2018, with the two hotels expected to begin operating in the second half of 2022.
It is expected that the first stage of the Emaar Square project, by Emaar Misr for Development, will be launched in the first half of 2017, the company’s chairman Mohammed Al Abbar said in March.
Investments in the Emaar Square project, which is currently in the tendering phase, total EGP 76.4 million.
