Saudi Elaj Group to turn Egyptian hotel into hospital

Saudi Elaj Group to turn Egyptian hotel into hospital
The last evaluation for the Egyptian hotel stood at around EGP 185 million

Cairo – Mubasher: Saudi-based Elaj Group is planning to buy Siag Pyramids Hotel in Al Haram Street, Egypt to turn it into a full-fledged and specialised hospital.

The hotel is closed since September 2010 due to financial crises between its former owner Rami Siag and a number of banks, sources familiar with the matter told Almal News.

The last evaluation for the Egyptian hotel stood at around EGP 185 million, sources added.

The Saudi group aims at submitting offers to the creditors to purchase the hotel and turn it into a hospital after obtaining the regulators' approvals.

Elaj Group recently bought an administrative building at a value of EGP 80 million from El Nasr for Civil Works to turn it into an integrated and specialised hospital as well, sources said.

Source: Mubasher

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